When doing a modification on a loan all accrued late fees are waived by the mortgagee at the time of the modification.

The mortgagee may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact the mortgagor’s continued ability to support the modified mortgage payment.

Mortgagee is not focused on how much your mortgage is but lowering monthly payments, which should be no more than 38% of the borrowers gross monthly income.

Only a primary residence with a balance of less than $729,750 may be modified.