The Palm Beach Post is reporting that there have only been 8,405 permanent loan modifications in the State of Florida. Overwhelmed lenders and home owners failing to qualify are reasons given for the low number of permanent modifications. The government has offered incentives to lenders that encourage modification instead of foreclosure so please if you want to keep your home and are in a distressed situation, contact your lender immediately.
If you have been turned down for a home loan modification you do have other options that may help you avoid foreclosure. One such option is listing your home subject to a short sale. The short sale process involves negotiating with the lender to accept less that you owe on the house.
The short sale process can be time consuming. You will need to complete several documents that will then be sent to the lender for review along with an accepted contract from a qualified buyer.
If you are interested in learning more about the short sale process, give me a call. 407-204-0255.
Related Florida real estate blog posts on loan modification
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