Financial struggles are very familiar to many people. If you are struggling to make your mortgage payments, you are certainly not alone. Many people are worried about losing their homes to foreclosure. If you need to learn about how to prevent foreclosure, please keep reading to find out what options you have. To set up a free consultation with one of our experienced Florida foreclosure defense lawyers, please give us a call right away.
Get Time to Get Your Finances in Order
Are you struggling with your money, and you can’t help but think that if you just had enough time, you could get your finances together? Fortunately, there is an option that you may be interested in. To prevent foreclosure, you may be interested in pursuing a loan forbearance.
This was especially common during the peak of people getting laid off during the COVID pandemic. Lenders can temporarily pause your mortgage payments without penalizing you for this brief pause. It is a great option for someone who is dealing with financial troubles that are temporary.
For example, if you lost your job and you need a little bit of time to look for a new job, a forbearance can help you avoid foreclosure. If you were seriously injured and get swamped with medical expenses, a forbearance can give you a break you need to build your finances back up enough to pay your mortgage.
Lower Your Monthly Mortgage Payment
If you have been struggling with a change in your finances that is going to affect you for the foreseeable future, you are likely looking to make your mortgage payment more affordable. A loan modification can be what you are searching for to prevent foreclosure.
It is important to know that you will not be granted a loan modification if the lender determines that you technically can still afford the payments, as is based on the information you have provided them in your application.
A loan modification may be right for you if you lost your spouse, went through an unexpected divorce, or have been diagnosed with a disease that is going to have a major long-term impact on your finances. In order to be granted a permanent change to your mortgage agreement, your lender is going to have to see proof that justifies this change.
You may be able to lower your payment by extending the length of your loan, for example, from 30 to 40 years. You may also be able to lower your payment by adjusting the interest rate.
If you would like to learn more about your options and how we can help you, please give us a call right away.
Call Our Florida Foreclosure Defense Lawyers Today
If you need more information on how to prevent foreclosure and would like to take actionable steps towards saving your home, please give our office a call right away. Our Florida foreclosure defense lawyers have many years of experience helping people keep their homes safe from foreclosure. You have options. We want to help you learn more. Set up a free consultation when you give us a call today.