What is a Loan Modification? A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose of a loan modification is to help make your loan more affordable. Usually it is in the form of a rate reduction, principle reduction and/or a fixing of the rate for a certain amount of time. In the past, this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc. Now borrowers can obtain mortgage help from their lender for unaffordable rate adjustments on adjustable rate mortgages or because of significant reductions in the value of the collateral. The earlier you get started, the better your chances are of negotiating a new low fixed rate and a payment that you can manage. If you can afford your home and not just your loan, then you may be eligible for a loan modification. Most importantly, our loan work out programs has no impact on your credit score while helping you avoid foreclosure.
How Can We Modify Your Loan If You Owe More Than Your Home is Worth? Our loan modification programs are designed for homeowners regardless of your equity position. If you are upside down on your home or have been recently turned down for a refinance, we can still help you modify your loan into new payments you can afford. Additionally if you have suffered a recent layoff, divorce and this has impacted your ability to pay your mortgage, a loan modification may be the answer to your mortgage problems. If you find yourself unable to keep up with your mortgage payments because of rising interest rates, homeowners insurance and property taxes contact us at 1 (866) 60-MODIFY to speak to a mitigation specialist for more information.
At UpsideDownFlorida, we work with your lender(s) to accept a loan modification so you can get a low fixed payment you can afford, avoid foreclosure and truly enjoy the benefits of home ownership. For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM that’s resetting higher), up to now the only option was letting the bank foreclose and walking away. That is not a good option since a foreclosure remains on your credit record for at least 10 years and becomes public record available to everyone including future employers. Let UpsideDownFlorida help you stay in your home with loan modification program that will give you new payments you can afford.
How Do You Get My Lender(s) to Approve the Loan Modification? Your bank will have to be convinced that you deserve to be approved for a modification. At UpsideDownFlorida, we work directly with your lender’s loss mitigation department to expedite the process and get results. Our team of real estate attorneys, realtors, mortgage professionals and loss mitigation specialists with over 40 years of combined experience servicing our clients, work frequently with all of the top servicers, lenders and banks and leverage these relationships to solve your mortgage problems.
While this may seem obvious, now is not the time to rack up the purchase of luxury items, like fancy cars or jewelry. Your lender will see these debts on your credit report and become convinced you're a loose spender who doesn't deserve a break. It may also be necessary to provide the lender documentation of your financial hardship, such as paystubs, bank statements and so forth. While this may seem like an invasion of your privacy, try to think of it as the fastest way out of an otherwise overwhelming debt.
Loan modifications take longer to close than most refinances, so plan accordingly. At UpsideDownFlorida, however, we do our best to make the process fast and easy. When we get a loan modification approved, you've gotten a new low fixed payment you can afford and avoided an ugly mark on your credit report. If it doesn't work, you'll know that you've done everything you could to avoid foreclosure and/or bankruptcy.
 
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