For Floridians considering loan modifications, no bank is obligated to offer you a mortgage loan modification, but with the recent legislation being brought in by President Obama, there are now new federal guidelines that can help homeowners more easily modify their mortgages.

The bank will be incentivized to offer loan modifications to homeowners like yourself, giving both sides reason to go through with the transaction.

What You Need to Qualify For a Loan Modification

The bank is going to look at your personal financial situation and see if you are a candidate by the books only. When preparing for the loan modification process, you should have all of your application forms triple-checked by you and your family, and include a letter of hardship that details exactly why you are not and will not be able to maintain your mortgage payments going forward.

The banks do not want to foreclosure on homes, however, if you are not a good fit for loan modifications, the bank would be forced to foreclose on your home.

If you are seeking a loan modification specialist to help you with your loan modification, be sure to ask them their success ratio and what their process is to help you get a loan modification. Most loan modification companies have similar procedures, so be sure to ask them why should they help you with the loan modification?.

Modify To The End Of The Mortgage

If you are late on your mortgage payments, you can take the past due payments and put it on the back of your loan. Let’s say you have a $200,000 mortgage and you are 3 months behind at $1,000 each. If there was a temporary reason you are behind on your mortgage, like a job loss, and are now making income again, the bank can put the past due at the end of the loan and give you a fresh start as a homeowner.

Re-Cast Your ARM Mortgage

If you have an adjustable rate mortgage (ARM) and it recently went up after a specific period of time, 2, 3 or 5 years, and your payments suddenly jumped up on you, you can work with you rbank to “re-cast” the mortgage for a longer period of time, essentially prolonging the adjustable period giving you more time to pay your mortgage without having to deal with higher interest rates.

These types of adjustments are almost always consistent on being current on your payments prior to your rate adjusting.

Mortgage Debt Forgiveness or Principal Reduction

Payment or rate reduction One last type is payment reduction or rate reduction. If somebody is struggling, but the bank believes they could stay current with a lower rate or smaller payment, they might agree to it because it is the lesser of two evils. They are making less on the loan, but it beats foreclosure.

If you are making less income now, your bank may agree to lower the payments to help the homeowner stay current and another way is to lower the payments, strech out the mortgage note for 40 or 50 years. Many banks will do this in lieu of lowering the interest rate because then they can lower the payments to help the homeowner and still make the same interest. In a settlement with the State of Illinois, mortgage giant Countrywide had to re-cast all of its stated loans that their retail branches originated to do the new payments on full documentation, and give homeowners payments they could actually afford. There were people who got 2 or 3% over 40 or 50 years because of this.

Our firms help Florida and Miami residents to save their homes from foreclosure and help get them a Miami loan modification.

5 Questions To Ask For a Loan Modification

1-Credit is not a issue. It won’t matter if you are on time or if you are late with your mortgage or have an excellent credit history, you can qualify for a loan modification either way.

2-Equity in your home is not required either. It does not matter if you have tons of equity or owe more than your house is worth-upsidedown. Sometimes, having little or no equity can actually help you with a principle reduction.

3-Length of Employment is not a factor. Employment gaps, change of jobs and reduction in income are not significant factors.

4-You don’t need to have a bad interest rate, or be in an ARM Loan. Many times this is a great alternative for consumer that is looking to refinancing, but does not have the money, equity, or credit to do so.

5-Lastly, you need to present your case in the strongest possible way in order to qualify for a Loan Modification. If you are not prepared, don’t understand the qualifying process, or fill out the budget forms incorrectly, you will be denied. It’s that simple. The Bank only gives you one chance to qualify. You can’t go back and change the numbers.

For more help on loan modifications, please use our contact forms on our site to receive a free loan mod evaluation.

The mortgage modification offers the best options for homeowners whose mortgage monthly payment has doubled over the past year, and whose value on their home has fallen by up to 50% or more in some areas, especially in Florida and California.

For homeowners like yourself, the monthly payments can be upwards of 50% of your monthly income, and the Obama Loan Modification Program is suited specially for struggling homeowners like yourself.

Mortgage Rates As Low as 2%

With the introduction of this modification plan, homeowners will be able to receive mortgages as low as 2% according to Forbes.com. These mortgages are designed for homeowners who have 31% of their monthly incomes going to mortgage payment, and are used only in situations where homeowners have lost their jobs, or suffered other financial hardships.

If you are at risk of foreclosure, and are seeking help, please get in contact with one of our loan modification specialists so we can help you with the Obama loan modification program.

AMG has been helping homeowners in highly impacted areas and beyond overcome mortgage struggles. Programs like loan modification and short sale can be negotiated with your lender and our expertise allows us to achieve a high success rate.
Get Help Now!

Even the slightest hint of trouble is cause for concern. A missed payment, an impending rate hike, increased monthly payments and others are all signs that you may need to take action. The sooner you decide to do something, the better chance we have of helping.
Michigan Housing Outlook

It’s hard to say when the housing market will right itself, but it’s unlikely to happen any time soon. Michigan, being at the front of the problem, will probably take quite some time to recover.

Residents in the following areas as well as others should seek help for their home loans:

* Detroit
* Warren
* Flint
* Sterling Heights
* Lansing
* Ann Arbor
* Livonia
* Dearborn

That being said, loan modifications present an increasingly higher chance of re-defaulting, making homeowners that much more likely to face foreclosure on their homes.

Obama’s original loan modification plan called for homeowners to …subsidize principal or interest rate reductions that lower a monthly mortgage payment to 31% of the borrower’s income. But there is no maximum for the total debt-to-income ratio a borrower may carry to be eligible for a modification. Nor is there any requirement or incentive for a consumer’s other creditors to write down their loans.

Borrowers with 55% Debt Loads Are Not Salvageable

For some homeowners, foreclosure might be the best option. According to Laurie Goodman of Amhrest Holdings homeowners with 55% debt-to-income ration, even with all the counseling in the world aren’t going to save their homes.

Not all homeowners are in such dire straits, and we shouldn’t pool all loan modifications similar to this situation. For the majority of homeowners, loan modifications are successful and do save homes from foreclosure.

“It’s everyone’s expectation that people should pay their mortgage before anything else, but that’s easy to say when you don’t have credit card collectors hounding you and you might care more about keeping your car than keeping your house,” Brauneis said.

Edward Morrison, a law professor at Columbia University, said the Obama administration plan will fail unless it addresses second liens.

Roughly 8.9 million homes have both second liens and debt exceeding 92% of the home’s net present value, he said. “There’s little incentive to modify the first mortgage if that just frees up cash for the second lien.”

For Miami homeowners, the foreclosure crisis is happening right in your backyard. Homes in Miami are foreclosing on a daily basis, and homeowners need a way to save their homes from foreclosure.

Our firm specializes in helping families like yourself with loan modifications. Loan modifications can halt foreclosure proceedings and allow homeowners to avoid foreclosure and to save their homes.

Loan modification works by providing home owners with a drastically reduced monthly mortgage payment that is designed for a permanent solution to their financial situation.

We work with lenders to reduce interest rates, extend the length of mortgages, and reduce principal all with the goal of creating manageable payments for homeowners and to allow you to stay in your home, avoid bankruptcy, default, and avoid foreclosure.

With housing prices at all time lows, and foreclosures all around you, it’s hard to find the way out of this crisis, but we are here to help.

If you are interested in receiving free information on loan modifications, please fill out our contact form and get free advice TODAY.

Carolyn Flanery and her husband Bill bought their dream home in Brentwood back in 2005 for $605,000, when the real estate market was booming. They put down 20% of the purchase price, and to start, got a 5-year interest only mortgage, with a payment of about $3,300 a month.

Bill then lost his job, and soon the mortgage payments started piling up, and then the Recession hit in and housing prices dropped. A similar home to their was listed for $319,000, and soon the couple owed more on the home than it was worth.

Loan Modification Saved Their Home

This situation is not uncommon for the majority of homeowners that turn to loan modifications.

Good candidates for loan modifications have one of the following conditions:

- Owe more on their home than it’s worth
- Interest rates are 8%+
- Adjustable rate mortgage that is set to adjust or already has
- Have suffered a financial hardship that affects their ability to pay their mortgage (loss of job, medical emergency)

For these homeowners, we can help you with a loan modification. A loan modification can reduce your interest rates, reduce your overall principal, and create a monthly payment that allows you to save your home from foreclosure and secure your family’s financial future.

For more information on loan modifications, please call us at (352) 514-5927 or click here to get started.

A loan modification is a process by which a bank or lender reduces your mortgage payments to a manageable level, allowing you to avoid defaulting on your payments, and save your home from foreclosure.

The Florida Keys

The Keys are known to most as a destination spot, but for residents and investors who own properties in the Keys, you know better than others that sinking home prices and even increasing mortgage rates could spell the end to the paradise location.

But with a decrease in tourism in the area, many people are losing their jobs, and their mortgages are becoming difficult to manage. As a result, we have been working with an increasingly greater number of residents from the Key West, Florida area.

Our team can help you:

- Reduce interest rates on your mortgage
- Reduce overall principal on your mortgage
- Stop foreclosure proceedings
- Drastically reduce your mortgage monthly payments

Please, if you are in need of help or just have a couple of questions, give us a call, it’s free, and we wish the best in these trying times.