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.
Home Affordable Modification Program (HAMP) The largest program within MHA is the Home Affordable Modification Program (HAMP). HAMPâs goal is to offer homeowners who are at risk of foreclosure reduced monthly mortgage payments that are affordable and sustainable over the long-term. An ability to make their monthly mortgage payments after a modification.