Most loss mitigation companies are delegated, means they have the ability to work most cases and exceptional cases which are defined in a P&S Agreement. The general rule for the Fannie and Freddie are no more than 115% of original loan balance for a Loan Modification, otherwise you have to have approval. Remember it is not current value but original loan balance, depreciating real estate is not impacted because again it is original loan balance.
Income this again varies depending on investor, typically you must have a surplus and it is based on modified balance not current loan balance.
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