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I called in mid-August to see if I qualified for new promotions, since my current promotion was ending.
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Comment: *May qualify for New York State contract pricing.
But Anthony Hsieh, chief executive of LoanDepot.com, an online lender, said they might qualify for new loans.
But interest rates are higher than they were and lending standards have tightened, making it harder for borrowers to qualify for new loans.
And the unemployed (and underemployed) are worried about staying current on their existing debts, and probably would not qualify for new loans anyway.
Homeowners fell behind on their loans and could not qualify for new ones: There was no value left in their house to borrow against.
Mr. Baker said those who can qualify for new mortgages in the tightened credit market are probably well served not to pump cash into expensive home improvements.
Many make too much to qualify for new federal subsidies provided by the law but not enough to absorb the rising costs without hardship.
The basic notion is to ease refinancing rules for borrowers who are current in their payments but can't qualify for new lower-rate loans because their home values have declined.
Nor did the reviews focus on faulty loan-modification processes, like instances in which bank employees wrongly told borrowers they needed to be delinquent to qualify for new loan terms.
The changes, which will take effect over several months, will let people qualify for new loans no matter how far the values of their homes have fallen, so long as they have made at least six consecutive monthly payments.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com