Hi

I have a VA widow with 3 jobs and caregiving a disabled niece at her house to make ends meet. Her loan is 706K but her home is only $690K Market Value. 

Can she still do a loan mod? She tried to apply for loan mod several times but they said she did not have enough income. Are they not doing principal reduction anymore to qualify for more manageable payments. Right now she has interest only ARM with total PITI at $2700/month. 

My last Short Sale Listing was 3 years ago. Not sure what is still available now that we have a new admin. 

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If you're saying her home is worth 690 and her balance is 706k, you're looking at theoretically likely in the best case scenario a forgiveness or deferral of 26k. Those types of modifications are always less common to begin with and what many consider winning the loan modification lottery. Without knowing her income, it's unclear on if she is a strong candidate; With that being said if she is a w2 employee and was denied for low income multiple times, as they say, if nothing changes, nothing changes. 

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