Florida home owners may be able to modify mortgage and reduce monthly payments

The President's housing plan may help Florida home owners who are struggling to make their mortgage payments. An increase in a borrower's interest rate or a decrease in the borrower's income may get relief from a mortgage modification.

There are requirements you must meet before qualifying for a loan modification.

1. The loan you wish to modify must be on your primary home.
2. You first mortgage must not exceed $729,750.
3. You are having problems paying your mortgage because of an increase in payment, loss of income or other hardship.
4. Your loan was originated prior to January 1, 2009.

If you have answered yes to all of the above you will need to contact your current loan service provider and ask about the loan modification program. You will need to provide your lender information that includes:

• Documentation or pay stubs that provide information about your gross monthly income.
• Recent income tax return
• Information about what you own, your assets
• Do you have a second mortgage? They will need to know.
• Account information of all of your additional debt.
• A detailed letter addressing what has happened to cause you to struggle with your home loan.

If you are having troubles and believe you qualify for this government program, contact your lender immediately. You can find more information of the President's plan by visiting here.

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