Florida is one of the states most hardest hit by the economic crisis that is causing homeowners to lose their homes. Luckily, there is relief for Florida home owners in the form of loan modification. A loan modification allows a homeowner to renegotiate their mortgage payments to stay in their home, preserve their equity, and avoid foreclosure. There are a number of ways to qualify for a loan modification, and you can apply using a specialized agent or by doing the paperwork yourself.
Loan Modification Qualifications
- Minimum of 12 months elapsed since loan origination date.
- Default due to a verifiable loss of income or increase in livingexpenses.
- The Loan Modification mortgage must remain in first lien position.
- Loan may not be in foreclosure when executed.
- Owner-occupant, committed to occupying property as primary residence.
- Mortgagor has stabilized surplus income sufficient to support the Loan
Modification mortgage. - Does not have another FHA-insured mortgage
If you qualify for any of the above reasons, you can be granted a loan modification. The banks, often times, may not offer you a loan modification, even if you do qualify. In these cases, you must fight on your behalf, file the paperwork, and preserve your right to get a loan modification on your home. Our agents can help you in this process, and we can save you time and money during the loan modification process.
