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.
âIt will be more work for borrowers and mortgage companies,â says reverse-mortgage lender Stevenson. He estimates that at his firm, for the next six months or so, applicants might need to wait about six weeks altogether compared to four weeks before the new rules kicked in.