Few things are as frightening as the possibility of losing your home. Our homes are often an extension of ourselves and hold just as much of a personal investment as a financial one. If you are at risk of losing your house, you are likely willing to do whatever it takes to avoid foreclosure. In Florida, loan modification is one option that may be beneficial for you and your lender. However, if you previously applied for a loan modification and was unsuccessful, you may be thinking you are out of luck. In reality, there is no limit to how many times you may apply for a loan modification in Florida. However, many lenders have a limit on how many loan modifications they may approve for a single loan.
At The Law Offices of Daryl L. Jones, P.A., our South Florida real estate law firm has experience helping clients avoid losing their homes. Even if you applied for a loan modification and were denied, Attorney Daryl L. Jones may be able to help you build a strong loan modification application, and negotiate an approval from your lender.
Is There a Limit for How Many Times You May Apply for a Loan Modification?
The potential of losing one’s home to foreclosure can leave a homeowner feeling helpless. A borrower may negotiate a loan modification as a great option to obtain affordable mortgage payments. However, it is not easy to navigate the approval process for a loan modification. Whether your lender denied your previous loan modification applications or you received a loan modification and are facing foreclosure again, you may be concerned about applying again. While the process of applying for a loan modification can be daunting, homeowners may apply an unlimited number of times. Our law firm usually obtains approval for a client’s loan modification on the first or second submission.
If you have previously been granted a modification to your mortgage loan but are in need of another, your lender can use their underwriting process to determine if you are eligible for another modification. Lenders frequently limit borrowers to three loan modification approvals. With most lenders the qualifications for an additional loan modification are very similar to the requirements that were in place the first time you applied:
- Sufficient Income
- Manageable Expenses
- Bank statements demonstrating you have enough available income to make payments
- Taxes filed with the IRS
In addition to providing the above information, it is also recommended that you write your lender a hardship letter explaining the circumstances that caused you to need another modification to your mortgage loan. Regardless of why you are applying for a loan modification an additional time, a Florida real estate lawyer may be able to help you get approved.
How Can a Lawyer Help With Your Florida Loan Modification Application?
The process of applying for a loan modification can be daunting. Since real estate law can easily become convoluted, it can leave homeowners feeling overwhelmed as they try to navigate the many steps of applying for a loan modification in Florida. This is why it is crucial that you work with an experienced real estate lawyer. When you work with a real estate lawyer that has knowledge of Florida’s loan modification process, they may be able to help you if:
- You are unsure whether a loan modification can prevent the foreclosure of your home
- You do not understand how to fill out the loss mitigation application
- Your loan servicer violates federal or state laws during the modification process
- Your loan servicer has failed to comply with Florida foreclosure laws
- Your request for a loan modification has been denied by your servicer
If you are at risk of losing your home and believe a loan modification may be the best option for you, contact a Florida real estate lawyer who may help you get your loan modification application approved.
Get Help From a Florida Loan Modification Lawyer
The Florida loan modification process can be highly stressful. That is why Attorney Daryl L. Jones of The Law Offices of Daryl L. Jones, P.A. is dedicated to providing clients with the trusted representation that wields outstanding results. With over 30 years of experience practicing law, our legal team will communicate with you every step of the way. To schedule a free initial strategy session, contact us here or call 305-969-3602.