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.
There is no set time frame for a lock on an FHA-backed mortgage rate. Most banks will offer a free lock period that amounts to 30 to 45 days for an original loan. Refinance locks last 60 to 90 days. After that, you can extend the rate lock, if youâre willing to pay. According to BankRate, many lenders will extend the lock for a quarter of a point. A point is equal to 1 percent of the loan amount. You usually can buy points to lower your interest rate at closing.