Do you need a Florida foreclosure attorney to help with loan modification procedures? A qualified attorney may be able to facilitate the loan modification process. Obama’s Home Affordable Modification Program (HAMP) is a great way to avoid foreclosure, though HAMP guidelines must be adhered to in order to qualify for this program.
HAMP Guidelines
Loan modification begins with understanding who can qualify for HAMP. All applicants must fit into the following criteria:
- Modifications must apply to a borrower’s primary place of residence.
- In order to be adjusted, a loan must have been issued prior to January 1st, 2009.
- A single home monthly loan amount must equate to less than $729, 750.
- A monthly loan must be more than 31% of a borrower’s income.
- Legal documents detailing financial hardship must be in place.
Some people may not qualify for HAMP. Thus, it is important for a borrower to contact a lender in order to gain qualification information. In the instance that a borrower does qualify for HAMP, a hardship letter must be sent to a lender prior to missing any mortgage payments.
Applying for Loan Modification
Applying for the loan modification program is not as easy as it may sound. In fact, contacting a lender in order to obtain a modification application can be complicated. At present, lenders are overloaded with modification applications, which may mean that many borrowers might not be able to reach a lender in time.
Therefore, the best way to gain lender attention is not through the phone or email. Instead, sending a registered letter to a lender that details the need for a loan modification is wise. Following this notification letter, any borrower who cannot gain lender attention should contact a Florida foreclosure attorney. These specialists can help a borrower contact a lender, which will help the loan modification process move swiftly.
Finding a Florida Foreclosure Attorney
Be careful when choosing a foreclosure attorney. Due to Florida’s current economic state, many people are attempting to take advantage of desperate borrowers. Find an attorney who has been practicing for a number of years, and look for someone who has a good reputation. You can also contact the Better Business Bureau for detailed business information.
Any reputable attorney should be able to provide you with detailed loan modification information. You should also be able to gain pricing information right away. Allowing a Florida foreclosure attorney to help you modify your loan is a great idea – just make sure you select the right expert for the job.