|
|
|
|||||||||||||||
|
|
|||||||||||||||||
|
LOAN MODIFICATION
PROGRAM DISCONTINUED = NOT AVAILABLE
|
|
NATIONWIDE APPROVAL - 50 STATES LOAN MOD HOME PAGE ▪ LOAN MOD CONDITIONS ▪ LOAN MOD QUESTIONS ▪ LOAN MOD SUCCESS ▪ LOAN MOD CONCERNS Florida Mortgage Corporation offers a Loan Modification Program Nationwide -- 50 States
Loan modifications are designed to keep homeowners in their home by renegotiating the terms of their loan to create a more affordable and manageable payment.
We do
NOT accept any home or mortgage that is already in foreclosure.
Be very cautious if anyone
A loan modification is an agreement between a lender and a borrower to change the original terms of a loan to make the payments more affordable. This can be accomplished by temporarily or permanently reducing the interest rate on a loan, changing an adjustable interest rate to a fixed interest rate, or increasing the term of a loan. In a few cases, the lender may reduce the principal balance of a loan. Any of these modifications will serve to create a lower payment for the borrower. A loan modification is much like a mortgage refinance in that the objective is to find you a more affordable mortgage payment for your financial situation. In fact, it is often called a modified refinance. The primary difference is that instead of looking for a "new" loan you will just simply "modify" the terms of you existing mortgage. When successful, a loan modification provides benefits for both the lender and the borrower. The lender will avoid potentially greater losses on the loan by modifying the payment. If a loan defaults and the lender must foreclose, the costs of the legal work and losses on the homes sale would usually outweigh the costs of a modification. The borrower receives the benefit of a lower monthly payment, which should help him retain ownership of the home.
Over 50% of foreclosures could be avoided
if borrowers made an effort and tried to work something out before it
becomes too late. Unfortunately, lenders today are overwhelmed and
unresponsive and as many borrowers discover, just getting through to the
appropriate person or department is next to impossible. FINANCIAL HARDSHIP: Any homeowner with a financial hardship MAY be considered for loan modification, NO MATTER WHAT KIND OF MORTGAGE PROGRAM THEY HAVE! We do NOT accept any home or mortgage that is already in foreclosure. Lenders STRONGLY PREFER to work with mortgage professionals because we understand the business! Your lender does not want to waste their valuable time in dealing with just anyone. We understand what lenders are thinking, the formulas they are using, and how their processes work.Other: Our Loan Modification specialists have had success in modifying commercial loans, hard equity loans, private mortgages, fixed rate second mortgages, sub-prime second mortgages and more.
LOAN MOD HOME PAGE ▪ LOAN MOD CONDITIONS ▪ LOAN MOD QUESTIONS ▪ LOAN MOD SUCCESS ▪ LOAN MOD CONCERNS © MCMXCVIII Florida Mortgage Corporation, All Rights Reserved - SiteMap - Site Map1 - SiteMap2 |
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 you upside down on your mortgage? Is
the current value of your home LESS than your current loan amount? Home
values have plummeted leaving some homeowners unable to qualify for a
refinance. Underwriting guidelines require your current home value be
"higher" than your current loan balance. We may be able to help with a
loan modification program.