Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this mechanism bankrupt been completed the mortgagee should then consult with their constitutional Oklahoma Loan Modification counsel to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.
These loan modification changes include temporary diversion rate reduction, permanent interest proportion reduction, adding an affection only option, stretching of amortization, principal tension reduction, a forbearance accession or a combination of changes.