Are you currently worried about your home going into foreclosure? Perhaps you have already had a notice from your lender that you are in pre-foreclosure. This is a reason to want to modify your mortgage. If you want to learn how to accomplish that so you can avoid foreclosure, please keep reading.
Our Florida foreclosure lawyers have been helping our clients deal with similar legal issues for many years. If you would like to get a free consultation set up with us, please give us a call right away. We would be happy to help.
Financial Struggles Putting You at Risk of Foreclosure?
Nearly everyone is susceptible to money troubles. While we are still in the midst of a pandemic that has kept many people out of work, you are certainly not alone in your concerns about going into foreclosure.
It can be scary to think about losing your home. Fortunately, you have options. You may want to modify your mortgage if you are worried about how your financial situation is going to affect your ability to keep up with your payments.
A mortgage modification can be right for you if your financial situation is not expected to get better any time soon. Maybe you have lost your spouse’s income after a divorce or their passing. Perhaps you have been seriously hurt and will have to be on disability for the foreseeable future.
Keep reading to learn how our lawyers can help you with this modification process.
How to Modify Your Mortgage
You and your lawyer will work to put together the proper documentation for your lender. They may ask for documents regarding your tax returns, debts, income, divorce, etc. This is so they can get a clear picture of why you are struggling to pay your mortgage and if a modification would be appropriate.
If you have all of your documents in order and you don’t have any missing information, you are quite likely to be granted a modification.
Most lenders are eager to avoid foreclosure, so if they can see that you are going to end up foreclosing if you don’t have a modification, they will be likely to help. That is because they can lose money during foreclosure.
What if I Get Denied a Loan Modification?
Have you received work from your lender that you have been denied the ability to modify your mortgage? This can be incredibly distressing if you have no idea how you are going to make this all work.
One common reason why you may have been denied a modification is due to an error in your application. You are more likely to have these types of errors if you do not have a skilled lawyer helping you through this process.
Your lender needs enough financial information from you to determine that you are eligible for a loan modification. If you have information missing, they may deny your request.
You should be very honest when reporting your financial information. Do not tell them you make more than you do. Do not downplay your debts. They need to be able to determine that you are in enough financial distress that a modification would make sense.
If your lender thinks you can afford your mortgage as is, they are not going to be willing to agree to a modification.
Call Our Florida Foreclosure Defense Lawyers
If you have been struggling to keep up with your finances and you are worried about how you are going to avoid foreclosure, please give our office a call right away. Our Florida foreclosure defense lawyers would be glad to walk you through how to modify your mortgage during a free consultation. We are here to help you deal with this difficult situation.