Home Mortgage Modification: Know Your Options
Are you looking into getting a Home Mortgage Loan Modification? How does a borrower qualify a home mortgage loan modification? What do you need to know about getting a home mortgage loan modification?
For one thing, there’s the Home Affordable Modification Program, or Hamp. to qualify for HAMP, here’s some of the criteria:
- Have enough documented income to your mortgage in the case of modification.
- You must owe a maximum of $729,750 on your primary residence.
- You must have a financial hardship which makes you delinquent or in danger of becoming delinquent on your mortgage payments. Be sure you have the documentation to back up your claim.
Furthermore, homeowners will more than likely require the following documents to provide to lenders to be considered for a loan modification:
- Tax returns.
- Pay stubs and other documentation of income.
- A list of assets along with their estimated values.
- Credits Card Statements.
- Hardship letter.
Once that information is provided to the lender, borrowers should then contact their mortgage provide to request a loan modification. You do not have to be in default to qualify for a loan modification or to request one; you simply need to prove that you are in danger of becoming late or defaulting on your home mortgage payments.
Those participating in the Home Affordable Modification Program may not suffer a detriment to their credit score, because there are government protections in place to lessen the chance of this happening. However, this does not guarantee that you will not see a negative impact on you credit score in some form.
There may also be other alternatives to home mortgage loan modification if you do not qualify for a loan modification. Some of these include:
- Finding a tenant.
- Forbearance.
- Short selling the home.
- Deed-in-lieu of foreclosure.
The Lawyers and experts at the Law Firm of Anderson and Ferrin are experienced in Loan Modifications and can help you along the right path to getting a Home Mortgage Loan Modification. Contact your Orlando, Florida attorneys today at 407-412-7041.
Orlando, Florida Home Mortgage Loan Modification Lawyers
Call Loan Modification Attorneys for a Free Consultation at 407-412-7041
