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Is Mortgage Modification by an Attorney experinced in Loan Modifications right for you?
A successful mortgage modification will lower your monthly mortgage payments to a level you can afford so that you may keep your home. This is accomplished by lowering the interest rate on your loan, extending the amount of time in which you have to repay or reducing the amount owed.
Why would the banks want to to modify your mortgage?
The answer is simple. As lenders have discovered, foreclosing multiple homes can cause them tremendous expense. When a bank forecloses, they invariably become the owner of the home. As the home owner, the lender is then obligated to assume all the responsibilities for the home, including maintenance, taxes, insurance, home owner’s association fees, and any other liabilities attendant with home ownership.
Moreover, to initiate and complete the foreclosure process, the lender will have to hire an attorney to represent them in court. If the lenders attempt to sell the home in this soft market, they are often forced to place it in an auction which provides them little hope of getting anything close to what the original loan was on the home. The obligations of owning the home must be carried on the lender’s financial books, which then further limits the lenders ability to engage in the lending business. In sum, the foreclosure process in the aggregate for a lender is more expensive than just modifying the original loan to more sensible terms for the homeowner.
You should consider a modification if any of the following applies:
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If your home is worth less than the amount you owe and are struggling to meet your payments.
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You are falling behind on your mortgage payments.
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Are being foreclosed by your lender.
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If you have an adjustable rate mortgage that adjusted higher and you cannot now meet the higher monthly payments.
What You Need To Do
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Your gross and net income, including salaries and other sources of income.
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Any other assets you may have.
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Your monthly expenses.
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Determine if there if there are any recurring expenses that you can eliminate.
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Provide documentation of each of the above, such as pay stubs, Tax returns, monthly bills, and bank statements.
What We Will Do
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Our Mortgage modification attorneys will megotiate with the lender from a legal and financial position to attempt to lower your monthly payments to a level you can afford by a reduction of interest rate, conversion to a fixed rate loan, or a reduction in the amount of principal outstanding on the loan.
For a free initial phone consultation, Contact Us Here
From our offices located in Sarasota County and Broward County, our mortgage modification attorneys offer homeowner's Foreclosure defense legal services including Mortgage Modification and Short Sale negotiation, throughout Florida, including Miami, Fort Lauderdale, Florida Keys, Weston, Davie, Oakland Park, Boca Raton, Naples, Pompano, Hallandale, Aventura, Plantation, Sunrise, Coral Springs, Lake Worth, Boynton Beach, Deerfield Beach, Orlando, Longwood, Sanford, Gainesville, Jacksonville, Daytona, Melbourne, Jupiter, Stewart, Homestead, Pembroke Pines, Tampa, ST. Petersburg, Lake Worth, Tallahassee, and the surrounding cities.
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