Loan Modification

DO YOU WANT TO KEEP YOUR HOME? 1-800-300-HOME (4663) FLORIDAHOMEOWNERSOLUTIONS.COM

WE HELP YOU KEEP YOUR HOME, SELL YOUR HOME, OR WE BUY YOUR HOME!

ABOUT US

WHY CHOOSE FLORIDA HOME OWNER SOLUTIONS? As South Florida residents, we care deeply about our neighbors and community. We understand that, due to circumstances beyond our control, we sometimes find ourselves at risk of losing our most valuable investment, our home. Our families lost homes to the bank. This devastating experience inspired us to start Florida Homeowner Solutions, where we can serve as a free resource to families and homeowners who find themselves in the same situation.

Navigating through the process can be an overwhelming and emotional task, but you don't have to go through it alone.

We offer services FREE OF CHARGE that equip you with the information needed to avoid foreclosure and possibly keep your home. We also help others who need to sell their homes whether due to divorce, probate, or even fire or water damage. All you have to do is call us, and you will quickly learn what our only motivation is; to serve you and help you find relief.

We specialize in helping homeowners of all types facing all types of issues with their properties. With our experience, we will help you keep your home if your lender will allow it.

Not all lenders will allow a “workout” plan for you. So in some cases, your lender will decide if you get to keep your home or not. If not, then we will come up with the best financial solution for you to either sell your house or we will buy it cash if that is what it is inyour best interest.

1-800-300-HOME (4663)

EVEN IF YOU HAVE ALREADY STARTED A LOAN MODIFICATION, WE MAY BE ABLE TO HELP YOU GET APPROVED!!

WE HAVE HELPED MORE THAN 2,000 HOMEOWNERS IN THE PAST 10 YEARS! LET US HELP GUIDE YOU THROUGH THE PROCESS AND AVOID FORECLOSURE!

1-800-300-HOME (4663)

LOAN MODIFICATION FACT SHEET

LOAN MODIFICATIONS ARE BASED ON THE DIFFERENCE BETWEEN INCOME AND EXPENSES. If you are not currently employed, you cannot be qualified for a loan modification.

LOAN MODIFICATIONS TAKE BETWEEN 2-5 MONTHS. If you have been working with your bank for more than 5 months, they are most likely stalling the process in order to eventually foreclose on your home!

If you are working with an attorney, paying them monthly, they are most likely stalling the process in order to make more money.

LOAN MODIFICATIONS THAT ARE APPROVED WILL HAVE HIGHER PAYMENTS IN 18-24 MONTHS! The payment that you agree to now will most likely not be the payment next year. 65% of homeowners that qualify for a loan modification go back into foreclosure within 18-24 months, so you would have to do this process all over again.

1-800-300-HOME (4663)

LOAN MODIFICATION

LET US HELP YOU KEEP YOUR HOME!!!

A loan modification is a permanent restructuring of the mortgage where one or more of the terms of a borrower's loan are changed to provide a more affordable payment, although, the payment is not always affordable.

HOW DOES A LOAN MODIFICATION WORK? STEP #1

Your lender allows you to apply for a Loan Modification.

STEP #2

You will send in the following: A request for the Mortgage Assistance Form A complete signed IRS Form 4506-T or 4506-T EZ Your most recent signed and filed Federal Tax Return Most recent paystubs Bank statements

STEP #3:

Your lender allows you to apply for Loan Modification. The modification process should take 2-5 months.

Unfortunately, many banks have made getting a Loan Modification far more difficult than it is meant to be. Some banks will only consider borrowers who are two to three months behind on their mortgages, even though Federal guidelines clearly do not require this. Your lender may "lose" your paperwork repeatedly or claim that you never sent in the requested documents.

1-800-300-HOME (4663)

LOAN MODIFICATION

WHAT

PROS

ARE

THE

PROS

AND

CONS?

+ You will be able to remain in your home + Your loan will be reinstated

- Less than 20% of loan modifications are ever approved

- If using an attorney, this will cost $3,000-$6,000 - You will most likely never see equity in your home - You will be making payments on a bad debt

CONS

-

Your home will be worth less than what you owe Your mortgage will now include:

- late fees, penalties, interest and attorney fees If you miss any payments, your loan will not be

- reinstated during trial period

It can delay other possibilities to get cash - from sale of property

LOAN MODIFICATION WORKSHEET

Fill out this form and see if you would be approved for a loan modification.

I. HOMEOWNER'S CURRENT MONTHLY GROSS INCOME II. The LOWEST PROPOSED MONTHLY PAYMENT would be at least 31% of the current monthly gross income III. Calculate the MONTHLY EXPENSES

Add up the HOMEOWNER'S OTHER IV. DEBT that appears on their credit report.

This includes personal loans, car loans, credit cards, student loans, etc.

Add together the TOTAL MONTHLY V. DEBT along with the new proposed monthly mortgage payment to determine TOTAL MONTHLY DEBT. Current MONTHLY GROSS INCOME VI. multiplied by .55

$___________ MONTHLY GROSS INCOME X .31 = MONTHLY PAYMENT

$___________ MONTHLY EXPENSES

$___________ MONTHLY + OTHER DEBT = TOTAL DEBT

$___________ TOTAL DEBT + PROPOSED MONTHLY PAYMENT = TOTAL MONTHYL DEBT

$___________ $___________

If the TOTAL MONTHLY DEBT amount EXCEEDS THE 55%, then there VII. will be no possible loan modification no matter who the lender is per federal guidelines.

If the difference between the ORIGINAL MORTGAGE PAYMENT VIII. and the 31% new proposed payment is MORE THAN 40%, the bank would mitigate losses better by foreclosing on the property.

1-800-300-HOME (4663)

STOP FORECLOSURE A 5 MINUTE CALL COULD CHANGE EVERYTHING. CALL US TODAY! JO COLONNA jo@floridahomeownersolutions.com 954-684-1368 VICTOR CARRERA victor@floridahomeownersolutions.com 305-998-9212

FLORIDAHOMEOWNERSOLUTIONS.COM 1-800-300-HOME (4663) Before using this service, consider the following information.

Florida Homeowner Solutions is not associated with the government, and our service is not approved by the government or your lender.

Even if you accept this offer and use our service, your lender may not agree to change your loan.

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