LOAN MODIFICATION HELP (ESPAŅOL)

What is a loan modification program?

Mortgage loan modification (home loan modification) is where the lender may lower your mortgage rate, or add any dues to the mortgage balance and extend your loan period. This is to ensure that your monthly payments are reduced.

There can also be a reduction in the principal balance you owe. The purpose is to make your payments affordable so that you can save your credit and keep your home.

 

When is loan modification suitable for you?

Loan modifications (mortgage modifications) are suitable for you when:
  • You have experienced a long-term reduction in income.
  • Your monthly expenses have increased.
  • You don't have enough income to pay off mortgage dues

Are you eligible for mortgage modifications?

You may be eligible if:
  • The lender hasn't declared a foreclosure yet and even if he has done so, he should have removed the loan from the foreclosure status.
  • You're delinquent on the loan for 3 months or more.
  • The loan has been originated for more than 12 months.
  • You have stable surplus income to help you pay at the modified rate/terms.
  • The property is in good physical condition.

 

 

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Do you need professional help?

If you cannot negotiate mortgage loan modification on your own, Elena Tauler our attorney can communicate on your behalf. Any foreclosure action is stopped while the attorney negotiates with your lender.

 

Contact our attorneys for Loan Modification help at info@taulerlawfirm.com



Elena C. Tauler, Esquire is also a member of The Fund, the leading title insurance underwriter in Florida and the sixth largest in the country.


1HOW DOES A LOAN MODIFICATION WORKS?
  • Review your financial situation: Prepare a Financial statement including a detailed list of your expenses (food, gas, credit cards and other financial obligations) in a spreadsheet and calculate the average costs on each item for the past 3 months or so. This is important because most lenders would ask you questions on your financial situation and require you to submit a Financial Statement.

  • Hardship letter: Prepare a Hardship letter of not more than 2 pages wherein you'll put down why you aren't able to carry on with the usual payments and why need a loan modification. Know how to write hardship letter.

  • Collect documents: You need to gather certain documents which the lender may review when you request for mortgage loan modification. The documents are:
  • Contact your lender: Call up the lender and make him aware of your situation. An even better way to communicate is by sending a hardship letter. It is easier to get a home loan modification if you're behind on payments. However, you may get approved even though you're not yet late but are not sure whether you can keep up the payments.

  • Fill out paperwork:

  • Written Agreement:

  • Stop gap repayment plan: