Florida Applications for Mortgage Modification Picking Up. Are You Eligible?

Florida homeowners are no strangers to the idea of mortgage modification, as put forth via wide-spread publicity efforts announcing home loan modification as part of President Obama’s foreclosure-prevention program.

As recently as last week, Chase Mortgage, the servicing side of JP Morgan Chase, had negotiated more than 15,000 modifications under this program. Chase Mortgage isn’t’ the only major bank facilitating mortgage modifications.

Back in April of 2009, Bank of America delivered as many as 100,000 letters to borrowers who could potentially benefit from home loan modification. Although BOA has yet to release information as to how many mortgage modifications it’s performed, the lender is clearly involved in the process.

Making Home Affordable - Key Goals and Intended Outcomes When the Making Home Affordable plan went into effect on March 4, the Obama administration believed that it could help as many as 4 million people steer clear of mortgage default and/or foreclosure. The plan’s key focus involved encouraging lenders to help past-due borrowers or those at-risk of falling into this category lower their interest rates to levels where their monthly housing payments would not exceed 31 percent of their gross monthly income. While the Making Home Affordable program isn’t available to all Florida mortgage borrowers, it may very well be an option for you.

To find out if this program fits your individual situation, follow these important home loan modification steps...