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An Introduction to the Five Criteria Required to get a Florida Loan
Modification
If you do some research on Florida loan modification laws, you will soon realize that you do
not need to lose your home. In fact, today, millions of people can benefit from these
programs once they know how to use them. Without a question, if you are a distressed
homeowner, you can get the kind of help that you need from programs that were recently
set up by the federal government. That said, if you are wondering whether or not you
qualify for Florida loan modifications programs, you should evaluate the following criteria and
see if they match your situation.
Do you have a financial hardship? If your debts exceed your income, or you experienced a
medically related hardship, you may qualify for the Florida loan modification program. It will
be to your advantage to ask a loan officer for additional information. In general, you will
need to provide a detailed written statement about the nature of your hardship.
Are you working, or otherwise able to pay the new mortgage amount? Even though you
may be having financial problems, you may still be able to afford a lower monthly mortgage
payment. If you are working, or have some other type of income, it will be worth your while
to see if you can use that money to keep your home.
Has your home dropped in value? As you may be aware, most homeowners can answer
"yes" to this question. In fact, even if your home value did not start to go down in 2005,
you may find that the value has gone down drastically in the last year or two. Depending
on the amount of loss, you may be able to get a lower mortgage payment based on your
loss of equity.
Does the balance on your mortgage exceed the current value of your property? If your
mortgage is almost paid off, you may find that you will not owe enough money to qualify
for Florida loan modification. On the other hand, if you can show that your mortgage value
is higher than than the value of your home, you may be able to get some relief.
Have you been late making mortgage payments? In general, once you start falling behind
on your mortgage payments, it is impossible to catch up on them. Unlike other debts, the
bank will move very quickly to foreclose and take possession of your property. Florida loan
modification laws are there to help you put a stop to the foreclosure process without
sacrificing your future financial well being.
If you talk to a credit counselor, they may tell you that it isn't worthwhile to try and save
your home. That said, if you think that you can get some help from the Florida loan
modification program, there is no reason to let this opportunity pass you by. Without
question, if you meet the criteria for obtaining this type of assistance, at least you will not
have to worry about losing all of the money and effort you already put into your current
home.
Contact us if you are interested in hearing about how we can help save your home our
Loan Modification Dept has the touch. Call Suzie 352-213-3424 or fill out your information
below and I will contact you within 24 hours.
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