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.
Trial Period. Three-month trial plan. If you're eligible for the Home Affordable Modification ProgramSM (HAMPÂ®), your mortgage company will usually put you on a three-month trial plan to let you demonstrate your ability to make timely payments at the new monthly payment level.