Loan
Modification
The process time and the risk for error are reduced when a loan/mortgage modification is negotiated by a knowledgeable attorney.
The attorneys at Vanstone Law have experience working with lenders and homeowners to devise loan modification plans that satisfy both parties. They’ll review your mortgage and financial situation before guiding you through the loan modification process and negotiating with your lender.
Loan Modification Options
What is a loan/mortgage modification? It’s an agreement negotiated with your lender that changes the original terms and conditions of the promissory note secured by your mortgage. The possible changes include temporarily suspending mortgage payments OR lowering monthly payments by:
- Reducing the mortgage interest rate
- Increasing the loan
- Reducing the principal of the loan
These changes or modifications make the property more affordable for the homeowner.
Mortgage loan modifications have recently increased in popularity as mortgage companies have become more willing to work out payment reductions for those overburdened by their monthly payments. Rather than see borrowers face foreclosure or abandon their homes, lenders are inclined to offer a mortgage loan modification. The new payment is calculated a variety of ways. Mortgage companies may use their own guidelines and/or government programs such as HAMP, to evaluate and determine your ability to pay.
If you are considering a mortgage loan modification, whether behind or current on your loan, our Florida foreclosure defense attorneys can help you evaluate your options with your lender.
What’s Next?
Contact us today to speak with an attorney about your specific foreclosure defense situation.
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We have the experience to fight for your you, your family, and your home. Schedule a free case evaluation today with our foreclosure defense law firm.
Understanding Loan Modifications
In response to the economic devastation caused by the subprime mortgage crisis of 2008, the federal government created the Home Affordable Modification Program. The goal of this program is to provide homeowners who have distressed mortgages with assistance in obtaining a loan modification, which makes it easier for them to afford their monthly mortgage payments.
It’s run by the U.S. Department of the Treasury, and in essence, it works by offering incentives to mortgage lenders to modify distressed home loans rather than foreclose on them.
Our firm has had success with almost every bank and lender in the field, and we are ready to begin working on your case immediately.
What Should You Do?
The loan modification process can be confusing, but a Florida foreclosure attorney can examine your case and identify valuable defenses and options on your behalf.
If you have been served with a foreclosure complaint or are behind on your mortgage payments, you need to speak with a Florida Foreclosure Attorney about your case. We can discuss your options with you and develop a course of action that protects your financial and personal interests. Contact our offices today for a free consultation regarding your specific situation.
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How Can We Help?
Contact our legal team today to learn how we can help fight for your legal rights.
We are committed to your privacy. By submitting, you agree the phone number you provided may be used to contact you by the law firm and its affiliates (including autodialed, pre-recorded calls or text messages). If you want us to contact, you without consenting to these methods of communication, call or click here.
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