Understanding Loan Modification Process by Jacksonville, FL Attorney
Applying for a loan modification involves changing the original terms of your mortgage note) to better suit the capabilities of the borrower. Loan modification is a complicated multi-step process. It is best to seek advice and counsel from The Law Offices of Justin McMurray, P.A. for your loan modification concerns and other bankruptcy and foreclosure issues to ensure that you indeed doing everything possible to stay in your home.
Our lawyers can help you determine if you may be eligible
To be qualified for a loan modification program in Jacksonville, you must have income. By itself, unemployment benefits are not enough to qualify you for a loan modification. Having a positive budget means having extra money left after paying off all your monthly expenses. Some pre-qualification criteria for a Jacksonville loan modification include: non vacant homes, suffering financial hardship that makes mortgage payment unaffordable, having a steady income, and having a desire to keep your property.
Our lawyers will also help you formulate an action plan
Lenders will be more willing to agree on modified loan terms if they see that you are willing to reduce your expenses, find new sources of income and do everything in your power to manage your problem. Our lawyers can help you draft a hardship letter that should not only explain to the lender why you fell behind on your loan or mortgage payments, but also how you are working to manage the crisis. We will also talk to your lender to explain your situation in a clear and brief manner. Having a lawyer who specializes in loan modifications will allow you to get all the information you need to start on your application, ranging from tax forms to income verification stubs, your hardship letter, positive household budget, current bank statements, tax returns, and important IRS forms.
Finally, we can demonstrate to your lenders that you are proactive about your application and are keen in keeping your property. The process does not stop at simply sending the documentary requirements and forgetting about the application. The Law Offices of Justin McMurray will continue to contact your lender to follow up on your application, ensuring a response within the predetermined period all while keeping you well informed.