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.
Technically, borrowers can request the servicer to cancel mortgage insurance based on the current value of the home. But, generally, the borrower has to wait two to five years after taking out the loan to make the request, and the lender can reject it for a number of reasons, depending on which investors own your loan.