Florida's do-it-Yourself Loan Modification Process Listen to someone who has had not one but two loan modifications approved by Bank of America in the last 3 years. I have heard horror stories from people who have tried unsuccessfully to get a loan modification due to loss of household income or lack of income to repay the debt. My advice is be persistent, provide the requested documentation and don't give up. Once you are given a trail modification period make the required payments on time and in return you will be awarded a permanent modification.
If you are attempting to get a loan modification because you are solely upside down on your mortgage then forget it. However if you have had a reduction in your income, job change or other type hardship or change of circumstance and the property is your primary residence then it is easy to get an affordable change in the terms of your loan as long as you have an income of some amount. In other words if you can afford to pay someone rent then you can afford to keep your home.
My first change of circumstance came when I closed my mortgage company in 2008 and went to work as a charter boat Captain (seasonal) and at a local golf course for a fraction of my prior income. My loan was modified. Then when I lost the job at the golf course to a layoff we were solely dependent on my wife's income. I re-applied and the loan was re-modified based on her income alone.
I am back to work now as a loan originator but my income is less then 1/4 of what is use to be. In fact it is only slightly higher then it was when I worked at the golf course and ran the fishing charter; but I have an affordable house payment and a place to live until things improve. I am grateful but it has been a difficult road. We are underwater on our mortgage like so many other Americans with no end in sight of the economy or the housing market improving and we are still struggling to make ends meet. But we have each other and we will prevail. To all else who read this God speed and don't give up.