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.
A modification involves one or more of the following: 1  Changing the mortgage loan type (e.g., changing an Adjustable Rate Mortgage to a Fixed-Rate Mortgage). 2  Extending the term of the mortgage (e.g., from a 30-year term to a 40-year term). 3  Reducing the interest rate either temporarily or permanently.