An unusually prolonged or complex illness, esp. one that causes severe organ dysfunction or threatens life. Catastrophic illnesses often make exceptional demands on patients, caregivers, families, and health care resources.
However, if your current mortgage lender has discounted your current mortgage loan balance, the mandatory waiting period after loan modification is 12 months from the effective date of the loan modification with a 12 months on time payment history which is reflected on your credit report.
Examples of situations that could warrant modification include: 1  Involuntary loss of employment. 2  Reduction or increase in income. 3  Change in residential responsibility or parenting time. 4  Child graduating from high school or turning 18, while younger still children still require child support. 5  A parent returning to school.