Law Office of Kimberly A. Abrams & Associates, P.A.

What are some of the keys to get a mortgage loan modification?

Not everyone is able to cruise through life without the specter of financial problems clouding difficult times in their lives. In fact, most people in South Florida would probably admit that they have had some scary times to deal with, financially speaking. For some of our readers, that scary time may have been during the darkest days of the so-called "burst" of the housing bubble a few years back. And, unfortunately, there are still many Florida residents who are trying to figure out their options when it comes to dealing with their mortgage.

However, the good news is that some people may be able to qualify for a mortgage loan modification. For those who don't know, this type of modification is essentially an agreement between the borrower and the lender for a change in the original terms of the mortgage agreement. The changes are usually temporary until the borrower meets some pre-determined milestone. So, what are some of the keys to getting a mortgage loan modification?

Well, for starters, if a borrower is going to engage a lender in negotiations for a mortgage loan modification, the lender is probably going to want to see some documentation as to why the change is needed. Typically, the lender will want to see paycheck stubs and a household budget, along with a letter that explains the hardship that the borrower is going through. It is important to make sure that lenders have everything they request.

But, perhaps most importantly, borrowers who want a mortgage loan modification will need to stay in contact with the lender and be persistent. Remember, lenders don't really have much motivation to change the terms of the original mortgage, besides making sure someone is living in the home and not defaulting on the mortgage. So, be persistent in your attempt to get the modification.

Source:, "Tips for getting a mortgage loan modification," Marcie Geffner, Accessed Aug. 22, 2016

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