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Are you a Brickell condominium owner facing foreclosure? Do you qualify for a HAMP loan modification?

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Are you a Brickell condominium owner facing foreclosure? Do you qualify for a HAMP loan modification?

It is no secret that the South Florida housing market has been subject to an increasing amount of foreclosures. Specifically, many condominiums in the Brickell area have been faced with foreclosure at an unprecedented rate. There are several options a condo owner can look to in the event they are facing financial difficulty and on the verge of losing their home. Many banks reach out with their borrowers and are willing to enter into a loan modification. However, in order to determine whether you qualify for a loan modification, it is important to determine what type of loan you were provided when you purchased your condominium. Certain loans do not qualify for federal financial assistance.

For example, in 2009, the federal government created the Making Home Affordable Program, otherwise known as HAMP. If you qualify for a HAMP loan, this can substantially reduce your monthly payment while allowing you to retain ownership of your condominium. It is a common misconception that a homeowner can automatically receive a HAMP loan modification if they are facing financial difficulty. Please keep in mind that there are certain guidelines mandated by the federal government that limit who may receive financial relief. To determine whether you qualify for a HAMP loan modification, please contact the lawyers at Hutchison & Tubiana, PLLC.