How to Modify Your Mortgage Loans: 3 Tips to Be Successful

For most homeowners, it is not uncommon for them to utilize a mortgage loan to purchase their home. While qualifying for a mortgage loan allows most homebuyers to purchase their home, the reality is that unexpected changes to a person’s financial situation can make it difficult to stay current on loan payments. If this is the case for your situation, you should know the best tips to successfully modify your mortgage loans. 

At The Law Offices of Daryl L. Jones, P.A, one of our goals is to educate clients about the mortgage loan modification process and requirements in Florida. Attorney Daryl L. Jones has 30+ years practicing real estate law and is passionate about helping his clients successfully navigate through each stage of the real estate process. 

The Best Steps for Success When Modifying a Mortgage Loan

There are many reasons a person may need to look into modifying their mortgage loan. Whether you have lost your job or are suffering a financial hardship, a loan modification may give you the opportunity to keep your home by negotiating affordable mortgage payments. 

To obtain approval for a loan modification in Florida, there are several tips that may help you submit a successful application.

Have Important Documents in Order

When applying for a mortgage loan modification in Florida, you will need to gather important documents. These documents may consist of the following:

  • Recent bank statements
  • Tax returns (last two years)
  • Pay stubs

It may also be helpful to keep any evidence that may prove that you were dealing with financial hardship. Most lenders want to know that either your financial hardship has been resolved, or that you can afford to make a lower mortgage payment. This will increase your chances of being approved for the modification. To get help gathering the right documentation for your loan modification, contact a trusted real estate lawyer.

Contact Your Loan Servicer

When applying for a mortgage loan modification, it is important to speak with your loan servicer to better understand your options. Loan modification criteria vary from lender to lender. While some lenders require proof of financial hardship, others may require applicants to present a letter of hardship detailing why you need the modification. To get assistance in providing this proof or writing the letter of hardship, contact a Florida loan modification lawyer.

Contact a Mortgage Loan Modification Lawyer For Help

The laws and regulations that concern different areas of real estate law are convoluted and easily misunderstood. The process of applying for a loan modification in Florida may be especially overwhelming and confusing whether you are a first-time owner or have been in the real estate game for years. Having a trusted mortgage loan modification lawyer on your side may help ensure you, the homeowner, have the experience necessary to help you succeed. Whether you have requested a loan modification to avoid foreclosure of your home, or you are trying to get ahead of a financial hardship, having the help of a knowledgeable legal professional helps ensure that you are completing all the right steps needed for a loan modification approval. 

Get Help From a Florida Loan Modification Lawyer Today

If you are considering applying for a mortgage loan modification, it is important that you follow the above tips to pursue success. To get help with your loan modification application, Daryl L. Jones has over 30 years of knowledge and experience helping clients keep their homes. His team has successfully negotiated thousands of loan modifications. 

The Law Offices of Daryl L. Jones, P.A, is a South Florida real estate law firm dedicated to helping clients with all their real estate needs. Attorney Daryl L. Jones is a retired Air Force Colonel, was on the board of a billion dollar bank, and previously served as a Florida State Senator. To schedule a free initial strategy session, contact us here or call 786-876-9604.

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