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.
For homeowners who do qualify for loan modification, there is a three-month trial period. You get a modified home loan payment for 90 days, with a new interest rate and payment level. Before you can be approved for a permanent loan modification agreement you must make all payments on time during the trial period. Don't miss any payments or make late payments--you will lose your eligibility to get an Obama mortgage.