We are pleased to offer a Loan Modification program to ALL Homeowners Nationwide in all 50 states.  No matter "who" your lender is, or "where" your home is located, we can help modify your current mortgage.  Please call or email



What is a Loan Modification?

A Loan Modification is a negotiation between a lender and a borrower that results in the terms of the existing loan being restructured without refinancing. The rate and terms of your loan are restructured to fit your current financial situation.

How do you do it?

In these market conditions, the banks and lenders have been mandated by the Federal government to do everything possible to work out a payment plan with their borrowers. This is great for today's borrowers, especially for those who are running late on their payments or are having trouble making them on time. The banks and lenders would rather take less money and keep you in your home making a payment that you can afford, rather than go through the expense of foreclosing on the home, hiring a listing agent, rehabilitating a home, and letting it sit empty on the market for months, only to lose thousands in the process. We currently work with almost every major lender and several small lenders and banks in the USA (50-states) to secure a Loan Modification to help them help you. In many cases we have actually taught smaller banks and lenders how to go about completing a Loan Modification. Within 72 hours after receiving your complete package, we will contact your lender to notify them that we will be negotiating a Loan Modification on your behalf. From then on, we will be working with you and your lender in order to find a solution to your mortgage concerns.

What makes you different from other companies?

About Florida Mortgage CorporationWe have an Extensive Mortgage Background.  We understand what lenders are thinking, the formulas they are using, and how their processes work. We can easily read and understand mortgage documents and the different state and federal disclosures.  We have YEARS of extensive and broad experience with ALL the various loan programs in the mortgage industry.  We also have many years of knowledge and experience regarding all the lenders nationwide.  Whether it's working with the Bank's loss mitigation department, legal department, operations department, etc., we understand the language and procedure.   Modification companies that do NOT have a mortgage background are at a distinct DISADVANTAGE.  Lenders STRONGLY PREFER to work with mortgage professionals!

How do I know who is the right Loan Modification company for me?

Please visit: for detailed information about the Loan Modification industry and what to look for. Modifying a loan successfully, requires a professional Loan Modification specialist. "Credibility" is extremely important, otherwise how will you truly know if you can be helped. Our major advantage is that we are mortgage experts. Lenders STRONGLY PREFER to work with mortgage professionals!

Can you help me if I am already in foreclosure?

Unfortunately, NO. We do NOT accept any home or mortgage that is already in foreclosure. Be very cautious if anyone promises or guarantees to save your home. Or for that matter, anyone who "guarantees" a successful loan modification. Your lender has the final decision.

Are lenders and banks really willing to negotiate?

Definitely!  Lenders do not want to foreclose on your homeÖ unless they have no other alternative.  If you can present them with a realistic professional proposal that makes sense, they are very open and receptive to the Loan Modification process.


Who qualifies for a Loan Modification?Testimonials

Anyone who can prove they need a modification.  Depending on the situation, the homeowner can be either up to date on their payments, or behind. Homeowner's that are eligible for modification are those with negative amortizing loans, those with loans that are about to adjust, those who are upside down on their loan and those who would rather keep their home than do a short sale.  Basically, the bigger the hardship you are having, the more negotiating power you have with your lender.  Remember, they don't want to foreclose on you. They would rather keep you in your home and create a solution that will be affordable to you rather than have your loan go into delinquent status.

What if my credit is bad?

A loan modification is not based on credit. Lenders are trying to turn a non performing loan into a performing loan.

What about type of mortgage?

Subprime 2/28ís or 3/27ís:  These programs are the most common loans that are modified. If you have a sub-prime adjustable rate mortgage, contact us immediately no matter what the situation. Your chances of approval are the highest with this type of loan.

1, 3 and 5 year ARMS: Including "interest only". Lenders are becoming more and more aggressive with modifying these types of mortgage loans.

Pay Option Arms:  Modification results vary greatly. Some homeowners may receive a low fixed interest rate and others a hybrid arm that is a combination of arm and fixed interest rate.

HELOCS:  Homeowners with HELOCís have modification approval opportunities. The results can vary and depends upon the specific lender, loan amount, etc.

Why didn't my mortgage lender tell me about this?

Mortgage lenders have traditionally been in the business of originating and/or servicing loans.  Modifying existing loans has not been their focus until recently. Many lenders are now notifying their delinquent clients about the possibility of a loan modification.  However, lenders are very reluctant to spend the time educating each customer one by one regarding the qualifications for modifications, much less how to complete a case file.  They are relying on outside vendors to do all the work so the lender can process more requests.  Also, Lenders do not notify customers that are current, yet may be facing a significant problem in the future.  We can assist customers that are current or past due on their payments.


Why should I choose a Loan Modification?

A Loan Modification is a good solution if you cannot refinance because of numerous reasonsÖ poor credit, mortgage balance is higher than the value of the home, loss of income, etc. And, the closing costs are much less than refinancing!  Loan Modification is a permanent solution to your situation and is not meant to be used as a temporary stop to the foreclosure process.

Can I negotiate a Loan Modification myself?

Yes you can. You can contact your lender or your bank and see about going through the process of a Loan Modification. But, keep in mind that your bank has their own best interest at heart. They neither have the time nor the inclination to hear about what troubles you might be experiencing. What may occur, is that the bank will negotiate an agreement that helps them, but may still leave you with only a temporary solution. This also takes many hours of communication and back and forth information exchanges in order to accomplish.  It is not easy to complete on your own and the outcome may not be favorable to you.  When you contact the bank, they will ask for a "hardship letter" from you.  When they receive that letter, they will usually tell you that they will get back to you in about 8 weeks.  By the time you get back with them, or if you are lucky enough to get a call from them, you're already in worse shape than when you first started the process.  It is better to have an experienced  professional Loan Modification represent you in the negotiations.

Why do you have more success?About Florida Mortgage Corporation

Our very extensive mortgage background and mortgage industry experience is a tremendous advantage. We have open lines of communication with most lenders in the USA, which gives us the ability to negotiate directly with the person who is in charge of making a decision on your loan.  We also create a professional case file on your behalf, which includes all of your financial data such as income, assets, expenses, and unexpected intangible expenses.  We couple this with a full property analysis and package this together in a file that makes it easy for the lender to read and understand, allowing for a more comprehensive and quicker response than you would get through other forms of negotiation.  Our MORTGAGE experience truly sets us apart.

What about an "Attorney Backed" Loan Modification company?

Being "backed" by an attorney can mean anything from their being in the office a couple of hours a day - or more likely - a couple of hours a week to sign letters and deal with issues.  That is, if the attorney actually exists. If they are "attorney backed" or affiliated , ask for the name of the Law Firm and their address.  Also, ask for the name of the actual attorney (person) who is involved in the loan modification process.  And while you are trying to establish credibility, also ask them if the named attorney (person) can practice law in your state. Don't be surprised if you get NO information.  Loan Modification companies advertise "attorney backed", but rarely can provide any proof or verification.

How much does it cost?

CALL TODAY - TOLL FREE   1-888-825-6300The costs associated with a Loan Modification will vary depending on the amount of your current mortgage, the type of loan, the lender, and the number of loans held against your property. The modification cost usually comes close to equaling the same as about one month's mortgage payment. Since every Loan Modification is different, it requires a varied amount of negotiation. After your initial application is reviewed and accepted, your Loan Modification representative can help determine what the exact cost of your Loan Modification will be. Our primary goal is helping homeowners that want to keep their homes and find a permanent solution for their situation. We will work with you to ensure that we can obtain an affordable solution for your Loan Modification needs.

What do you need from me to get started?

If we believe we can help you and accept your application, then we will need to submit a complete Loan Modification file that outlines your current financial situation. We will contact you directly if other paperwork is required by the lender in order to negotiate a Loan Modification. We will also determine the current value of your property and put together a professional proposal for your lender.

Will I have to meet with my lender or deal with any of their paperwork?

Absolutely not. We take care of all the paperwork and all of the negotiating on your behalf.

How long does the process usually take?

It can be completed in as little as two weeks, but the "average" turn time is 45-90 days, depending on the lender, the lenderís current volume of requests, type of loan, and individual situation. Much depends upon how busy and how fast or slow the Lender processes the Loan Modification request.

What paperwork do I need to complete the process?

We provide you with a complete list of the loan documents that will be needed to complete the process and prepare the case file. After we receive these items from you, we can begin your Loan Modification process. Keep in mind, we are EXPERTS in loan documentation. We know what documents and information is required to submit to your lender for a successful Loan Modification Approval. Remember, your personal financial information is confidential and sensitive. Are you comfortable in submitting personal and confidential information to a company that is NOT in the mortgage business??

Remember that time is not on your side, so if you are unhappy with your mortgage payments, don't delay and call us immediately for a free and confidential consultation. We want to help you keep your home, period.

Will the Loan Modification option bring my mortgage loan current if I am behind on payments and can the lender include all existing late fees into the mortgage balance?

Yes. The payments and other charges are many times added on to the modified loan balance or waived completely to give you a fresh start at terms you can afford. Of course, your lender will have the final say.

If I have a current delinquency repayment plan from my lender to help me with my current situation, can I still modify my loan?

It is the lenderís decision. Remember, the lender wants a permanent solution and will look seriously at the modification proposal to achieve that.

What about type of property?

ALL TYPES Ė Primary, Second Home and Investment Income rental property,  W-2, 1099, self employed and bank statement verification. Lenders will want to make sure the clientís current income flow will reasonably support the modified loan amount to achieve a long term solution.


Can you help with a Short Refinance?

Yes. In a "Short Refinance" transaction, we approach your lender with an offer to accept less than the full amount owed. The lender reduces the principal balance of a homeowner's mortgage in order to permit the homeowner to refinance with a new lender. The reduction in principal is designed to meet the Loan-to-value guidelines of the new lender (which makes refinancing possible).

Can you help with a "Short Sale"?

Yes, a short sale is an option you will have if your current lender will not agree to do a loan modification and you still canít afford your mortgage payments. In a short sale, the lender agrees to settle the mortgage debt that is owed on the property for less than the full balance. In this situation, the seller sells their home on the open market for current market value, walks away from the property with no debt, pays no commissions and no closing costs, and is able to avoid foreclosure and save their credit. We can help you with this as well.

Do I need to be behind on my mortgage to do a short sale?

No, you donít need to be behind on your mortgage payments to do a short sale.

Will a second lien holder subordinate to the modified loan?

No subordination is necessary, as no new mortgage is being recorded. The existing mortgage is simply being modified.

Can I use other income sources to qualify for modification?

Yes. Unlike traditional mortgage underwriting guidelines, most lenders will consider alternative income when evaluating a modification request.

I'm unemployed. My spouse does have a job, but her name isn't on the mortgage. Can I qualify for a Loan Modification?

This isn't a simple question that can be answered "yes" or "no". What typically happens in situations like this is that the mortgagee - your lender - will conduct a financial review of your household income and expenses to determine if the spouse's income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed your lender will then get together with their legal counsel to determine if you're eligible for a Loan Modification, since the spouse is not on the original mortgage.

Are there any guarantees on the outcome of my Loan Modification?

NO. It would be impossible for us to guarantee that some other entity (the Lender) will do what we suggest that they do. We can say we have a VERY high success rate in obtaining modifications for our past clients. If no modification is achieved, then you are not charged the Modification Fee.

How does a Loan Modification affect my credit?

If we are successful in obtaining a modification for you, the loan will, from that point forward, be reported as being paid as agreed. Assuming you make all of your payments on time, you may see your credit begin to get better over time. Obtaining a Loan Modification is less damaging to your credit than a short sale or foreclosure.

Will having a Loan Modification affect my taxes?

We are not CPAís or enrolled agents and therefore canít offer you tax advice. We suggest you check with your tax professional.

Do I have to be behind on my mortgage to qualify?

No. Most lenders will consider a file for modification regardless of payment status.

Do I have to owe more than my house is worth to qualify?

No. The basic formula is to have less than 20% equity in your home. The less equity you have in your home, the more the investor stands to lose in a foreclosure situation. If you have negative equity, that is even more incentive for your lender to work with us. Lenders are also beginning to lower the principal balance of loans to get them more in line with todayís property values.

Can I have my 1st and 2nd mortgage combined?

Yes. In some cases where the first and second mortgage are with the same investor, that investor may elect to combine both mortgages into one. Keep in mind if the investors are different, a combined mortgage outcome is VERY unlikely.



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