Central Florida Educators Federal Credit Union Loan Modification

Central Florida Educators (CFE) FCU is a Federal Credit Union specializing in retail banking in the Central Florida area since 1937. If your mortgage is currently held by CFEFCU and you are behind on your mortgage, or if you are worried about becoming behind and having trouble making your monthly payments, this information may help you.

Central Florida Educators Federal Credit Union has accepted TARP Bailout funds from the Federal Government, and now participates in Obama’s Making Home Affordable Program. Making Home Affordable is a Government Program designed to help homeowners avoid foreclosure and lower their mortgage payments through a process called loan modification.

A loan modification is the single best way to stop foreclosure and truly find financial stability; by definition, a mortgage modification is an agreement between borrower and lender to lower the payment of the borrower to an affordable amount, so both parties can avoid the cost and inconvenience of foreclosure.

Loan modifications can lower the interest rate of the existing mortgage, change the duration (number of years) of the loan, decrease the monthly payment, possibly decrease the total amount owed (principal balance) of the loan, forgive legal and late fees, and restructure overdue debt.

Loan modifications help many homeowners are able to lower their monthly mortgage payments by multiple hundreds if not thousands of dollars each and every month.

If your mortgage is currently held or being serviced by Central Florida Educators Federal Credit Union, and you are looking for more information or help on getting a loan modification, we’d be happy to take a look at your case and help you qualify for a loan modification that meets Making Home Affordable Guidelines.  Apply here!

Quite obviously, the first step in getting a loan modification from CFE FCU is to determine whether or not you financially qualify for a loan modification. For more in depth information on how to qualify for a loan modification under the Home Affordable Modification Program (HAMP), a detailed article can be found here, or additional guidelines can be found by visiting makinghomeaffordable.gov.

To determine whether or not you qualify for a loan modification, draw up a detailed list of all sources of income, each and every monthly expense, and total all available assets. Document the information that you are listing by gathering the documentation required by the Central Florida Educators Federal Credit Union loan modification program, which is:

Last 2 years tax returns2 Years W-2s2 months paystubs3 months bank statements3 month Profit & Loss statement (if self-employed)

Additionally, you will need to write a hardship letter; more information on how to write a hardship letter can be found here.

When you have gathered all the required documentation, created your financial prospectus and hardship letter, and made sure that the information you are presenting does in fact qualify you for a loan modification with Central Florida Educators FCU, now it is time to contact the loss mitigation department, which can be reached at (800) 771-9411 or (407) 896-9411.

Present the information that you have gathered above in a clear concise manner, and explain that you do in fact qualify for a loan modification under Making Home Affordable. Be sure to write down and log each and every date or notable event in the loan modification process, including the date and time of submission of documents, follow up calls, and expected time table.

A loss mitigation specialist will be assigned to negotiate the terms of your loan modification. When negotiating, re-iterate your intent to keep your home, your inability to make the current payment, and your ability to pay the lower payment that you are asking for. Stick to your guns, and don’t be tricked into agreeing to a higher payment than you can afford under program guidelines.

If at any point during the loan modification process you are having a tough time, and you want an immediate expert opinion, complete a contact form on the top right of each and every page of modificationzoom.com. We are happy to help you qualify for a loan modification and answering any questions you may have.

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