When some people think about loan modifications and who may need to utilize this option, they may picture struggling homeowners hit hard by the recession, not necessarily the rich and famous. However, despite the income level of anyone or the size of the home they own, they may fall behind in mortgage payments or struggle to live up to the mortgage obligation they previously agreed upon. For internationally known rap artist, Lil Wayne (aka Dwayne M. Carter), a recent loan modification is helping him keep his Florida properties.

Lil Wayne currently owns two properties in Florida. One is an over 1,300 square foot condominium in Miami Beach and another is a 15,000 square foot, eight bedroom home on the water. The artist reportedly signed a loan modification that will add $2 million to his mortgage payments.

He is said to have a mortgage of $7.85 million for the two places. Lil Wayne also reportedly had issues with the IRS in the summer. It is unclear if those issues are directly related to the need to seek a loan modification for the properties he owns.

In this case, a loan modification on the Florida homes may help the artist keep properties that he may have had issues paying for. A loan modification can result in lower payments and lower interest rates on home loans. In addition, anyone struggling to pay their mortgage may benefit from understanding options such as bankruptcy protection, in addition to understanding how a loan modification may help them retain a home and protect their credit.

Source: bizjournals.com, Lil Wayne adds millions to Miami Beach mortgage, Brian Bandell, Dec. 27, 2014