What Is a Mortgage Modification & Can It Help?

Posted on : May 11, 2015, By:  D.C. Higginbotham

If you’re having difficulty making your mortgage payments, you’re not alone. Many Florida residents experience financial hardships throughout their life, which makes it a challenge to meet all monetary obligations.

A mortgage modification may be a viable solution in your situation. Here’s how to modify a Florida house mortgage.

Who Is Eligible for a Mortgage Modification?

Not everyone is eligible for a modification to their mortgage. Basic eligibility requirements include, but may not be limited to, the following:

  • You must be unable to pay your house payments due to financial difficulties
  • You must already be in danger of falling behind on your mortgage, or are delinquent
  • You must not owe more than $729,750 on your mortgage for a primary residence
  • You must not have been convicted of a crime in the last 10 years that is in connection with real estate or mortgage transactions
  • Your property must not have been condemned
  • You must have obtained your mortgage before January 1, 2009

Every family’s situation is different, and it’s difficult to know if you will be eligible for a mortgage modification simply by evaluating the criteria. An experienced bankruptcy lawyer can help you determine if your scenario qualifies for a mortgage modification.

How to Apply For a Modification to Your Mortgage

Applying for a mortgage modification can be done without the help of an attorney, but it is not recommended. The forms that must be completed tend to be complex, and you must have a very good idea of what your financial situation and assets are.

By working with an attorney who specializes in mortgage modifications, you can ensure that your paperwork is completed properly and that it is sent to the appropriate entities.

The Importance of Successful Maintenance of Your Modification

Maintaining your mortgage modification is critical, since falling behind again can have a devastating impact on your life, including the loss of your home. Your attorney can help you go over the terms of your modification in order to help you better understand what is expected of you.

It is important that you make your mortgage modification payments on time and that you prepare for the future possibility of income and payment changes.

Contact a Veteran Mortgage Modification Attorney Today

If you want to learn how to modify a Florida house mortgage, contact the Law Firm of D.C. Higginbotham today. We understand the unique laws surrounding mortgage modifications and can provide you with the guidance you need to apply for and successfully obtain a mortgage modification.

Contact us today for a free initial consultation to discuss your needs and what your next step should be. Our caring, compassionate bankruptcy lawyers are available now to help you. Call (904) 354-6604.