| An incarcerated person is somehow stripped off | | | | the contract. It should involve a longer payment |
| with some of the things they enjoy while living | | | | period at a low interest rate. Of course the |
| freely, such as getting personal loans. However, if | | | | underlying principle will still prevail, profit for lender |
| prior to this state, a housing loan was made, then | | | | and financial comfort for a borrower. |
| paying off a mortgage will be hard. | | | | Banks and lending institutions are expected to |
| An incarcerated person is somehow stripped off | | | | adhere to this kind of program. This is to make |
| with some of the things they enjoy while living | | | | sure that incarcerated individuals may be able to |
| freely, such as getting personal loans. However, if | | | | resume a normal life. However, take note that |
| prior to this state, a housing loan was made, then | | | | during incarceration a loan was simply put on hold, |
| paying off a mortgage will be hard. However, an | | | | not erased. Spouse or no spouse the loan still |
| incarcerated person may file for hardship status | | | | exists until paid off eventually. |
| to avail a loan modification program. In cases like | | | | Again, remember that it is only when released |
| this, a loan freeze will be entered, as soon the | | | | from prison that a person may avail of the loan |
| lender has known about the hardship face by the | | | | modification program. While incarcerated, he or |
| borrower. | | | | she can only give notice of hardship so that a loan |
| A married incarcerated person, and used to | | | | freeze can take effect. While loan modification will |
| cohabit prior to imprisonment, mortgage payment | | | | be arranged as soon as incarceration is over. |
| will be shouldered by the spouse. However, this | | | | The notice of hardship is a basic requirement to |
| left behind spouse may still claim for hardship as a | | | | avail a loan modification program. This should be |
| resulting to spouse incarceration. So he or she is | | | | written and send to the lender as soon as a |
| still eligible to apply for loan modification. | | | | hardship is at hand; incarceration is one of the |
| After incarceration, he or she has to report to | | | | identified hardships. The notice of hardship may be |
| the lending institution concern. A new mortgage | | | | written by the concern individual, or by the |
| contract must be drawn out. This contract may | | | | spouse. Attachment to the notice may include a |
| still consider the recent situation of this person, so | | | | copy of the court order of such incarceration. |
| comfortable payment scheme will be included in | | | | |