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.
As to what a loan modification isâ¦ itâs simply the lender modifying the terms of your existing note for a short period of time (usually 3-5 years).This is only done after you have shown a hardship (which basically means that you canât afford your current payment but you could afford a lower payment).o answer the second (and simpler) part of your question, a loan modification does not have any fees associated with it. You can pay a company a fee to do it for you but I would advise against this under most circumstances.