You may look at Florida as one of the ideal destination for tourists, but locally, it is also affected by the economic meltdown especially for the locals confronting the problem of foreclosure. Over 100.000 of foreclosure processes were initiated in the last few years. One cause is the big number of mortgages given to people who were unable to take the financial commitment from the start. Most zero down payment mortgages ended with this. Those who didn’t pay for down payment also found it hard to handle the monthly rates. The bank gives too much credit to people who were unable to keep up with it. Aside from that, the bank has to deal with huge number of houses and properties that is of no use in its financial transactions. Even though the price of foreclosed homes is way below the price of the houses on the market, interested buyers aren’t enough. The government enforced a new law that may salvage Florida’s economy. It involves the likelihood of loan modification following a determinate time in the interest of the borrower.
Before considering a loan modification, you should check your eligibility for the procedure. If you have taken the loan for less than a year, applying for a modification of the terms of the contract is not possible because your income state doesn’t changed in such a short time. However, if you are confronting unpredictable events, like dismissal from your work place, you can communicate with your lender and present the facts stating your situation. Key adjustments won’t be provided to your lease, but the bank will reduce it from the fees and penalties that you may have. It is in the bank’s interest that you pay your monthly rates. A failure from you is a loss for the bank as well. A good cooperation between you is an advantage to both sides of the agreement. If you are confused with the steps, you can ask from a lawyer to give you advice in this matter. Measures will be done so that the loan will be easier for you to acquit. The term in the contract can be prolonged or the interest rate can be reduced.
The Loan Modification program has been successful in its goal up until now. Many people have re-possessed their homes after they enter the program and re-negotiating with the bank. This proves that the proposed law by the government is capable and may solve the issue of foreclosed proprieties.
Central Florida Educators Federal Credit Union P.O. Box 958471 Lake Mary, Florida 32795-9814 Attn: Real Estate – HAMP Team www.mycfe.com Fax: 407-893-572
Florida Attorneys Saving Homes (FLASH)
Brevard County Legal Aid
Community Legal Services of Mid-Florida, Inc.
Legal Aid Society of the Orange County Bar Association, Inc
Legal Advocacy Center of Central Florida
Seminole County Bar Association – Legal Aid Society
Jacksonville Area Legal Aid
Three Rivers Legal Services
Wealth Watchers Inc.
Legal Services of North Florida
Northwest Florida Legal Services, Inc.
Coast to Coast Legal Aid of South Florida – Senior Citizen Law Project
Dade County Bar Association Legal Line
Florida Rural Legal Services
Legal Aid Service of Broward County
Legal Aid Society of Dade County Bar Association
Legal Aid Society of Palm Beach County, Inc.
Legal Services of Greater Miami – Mortgage Foreclosure Defense Project
Gulfcoast Legal Services
Legal Aid of Manasota
Legal Aid Service of Collier County
Lee County Foreclosure Task Force
Bay Area Legal Services
Community Law Program
Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.
Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)
