Florida Loan Modifications has been serving families like yourself for more than 25 years. We serve loan modifications to clients locally here in Florida and Nationwide. Please use this site as a resource to learn more about loan modifications and how they can help your family save your home from foreclosure.
Homeowners are seeing a huge relief coming from the Making Home Affordable program just released by the Treasury department. The program will help homeowners who are facing foreclosure, by reducing the ability of current homeowners to modify their mortgages.
With the Make Homes Affordable program, it should help more than 9 million homeowners by making homes more affordable, stabilizing housing prices, and curbing the huge foreclosure rates we’re facing across the country.
We just covered how this affects Massachusetts Loan Modifications which was hit extremely hard by the foreclosure crisis, as well as other parts of the Northeast and the South.
This new program will help homeowners have an easier time with loan modifications and make the entire loan modification process more streamlined akin to the FDIC’s Mod in a Box program.
So who’s eligible for this program and how can you participate? The information below was taken from the WSJ article.
Loan Modification Eligibility
# Loans originated on or before January 1, 2009.
# First-lien loans on owner-occupied properties with unpaid principal balance up to $729,750. Higher limits allowed for owner-occupied properties with 2-4 units.
# All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
# Property owner occupancy status will be verified through borrower credit report and other documentation; no investor-owned, vacant, or condemned properties.
# Incentives to lenders and servicers to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.
# Modifications can start from now until December 31, 2012; loans can be modified only once under the program.
If you meet any of the above requirements, please give us a call or use our contact form to receive free advice from one of our professionals. Programs like Making Homes Affordable are designed to help homeowners like yourself, so please act now to save your home!
