According to the details released by Freddie Mac Inc. delinquency of mortgage payment by three months of more initially qualifies for loan modification. All throughout the new loan modification primer, the word used to mean a homeowner is a borrower. Which means that homeowner as borrower need not be married to be eligible for loan modification.

The financial crisis of the country has seemed to picture only families in distress and fearing to be homeless. Single, unmarried and childless citizens might have a similar situation with married ones. Like the rest, they could have invested on residential properties, like a condominium. And getting a loan modification is probably brewing in their mind at this moment.

An application for a loan modification under the new scheme is basically the same with the old. It differs with some guidelines; the basis for a mortgage should be not more 31% of mortgagee's gross income. This is now true across all mortgaging institutions and likewise, more leeway in favor to the borrower. While an individual's eligibility is still the same, he or she is a homeowner with delinquent mortgage property.

Besides, even a literally single person is likely to be delinquent with mortgage payment if he or she just lost job. This person may live in a mortgaged condominium unit, now that income is no longer stable, mortgage issues have cropped up. In fairness to a single person, they must be able to apply for a loan modification.

What disqualifies him/her is if the situation doesn't fall under the pre-requisites of the new loan modification scheme. For example, in case of bankruptcy, a loan modification might not be granted to this individual. This is happens when there is no other person to consider as another source of income, to pay for a mortgage. The lender has no choice but to foreclose the property. Alternatively, allow a mortgagee to sell property and proceeds will be pro-rated between homeowner and lender.

Although foreclosing a real property from the point of view of a mortgagor is not a sound move, because such property is hard to sell. So in cases of bankruptcy, a mortgagor would possibly allow a homeowner to sell the property and be paid from the proceeds. The burden is now with the homeowner, single or married, childless or not.