Florida Loan Modification Tips #1

In order to make Floridians more knowledgeable about the loan modification process, the Law Office of Ray Garcia, P.A. has published a series of tips that may help you in modifying your loan. These tips are not legal advice just actions to consider when attempting to do a loan modification.

Tip #1: Find out if your lender participates in the HAMP Program.

The Home Affordable Modification Program (HAMP) is the government sponsored loan modification program that many lenders are now participating in to modify loans for primary residences. When attempting to modify your loan you want to find out if your Florida lender provides HAMP loan modifications because if they do, you have a reference point for income and expense requirements along with qualification ratios. HAMP has published guidelines that allow you to determine what the lender is looking for and what calculations does your lender perform in order to determine whether you qualify for a loan modification. If you are able to determine whether or not your lender participates in the HAMP loan modification program you have a much better chance of modifying your loan, especially, if you are able to make this determination before you submit any financial information to your lender.