Are you worried about losing your home? We can help you explore your options for saving your home from foreclosure. Mortgage loan modification might be something that we can explore together. Please keep reading to learn more about loan modification, and then give us a call right away to set up a free consultation.
We can discuss your worries and come up with a plan for you to get in a place where you do not have to worry about losing your home.
What is Mortgage Loan Modification
When you first bought your home, you probably did not know that you had the option to modify your loan after you signed all of the papers. What you need to know is that you have an agreement with your lender and that is open for negotiation in some circumstances.
A modification for your loan means that you are changing certain aspects of your agreement with your lender. It will sometimes mean that your monthly payment changes and lengthen the timeline of your loan. It will be something that you discuss with us during our first meeting together.
You and your lender will likely benefit from a modification to your loan if you are in a position where you are not currently able to keep up with your mortgage. Lenders often want to avoid foreclosure. If they believe that a modification can prevent foreclosure, they are likely to be amiable to the idea.
Forbes says that the worst thing that you can do is avoid talking to your lender.
Common Options for Mortgage Loan Modification
There are several things that you can do when you are drowning financially. When you are exploring the option of modifying your loan, know that there are many options within the option of changing your loan agreement.
You might be looking to lower your interest rate, change your monthly payment, lengthen the timeline of your loan, forgive past payments on the loan balance, etc.
This is just a sample of possibilities that could happen when you talk with your lender about mortgage loan modification. The most often offered solution for borrowers in sticky financial situations is for there to be a lower monthly payment.
They want to be able to get some sort of payment from you monthly and most lenders consider a lower payment better than no payment.
You should know that this is distinctly different than refinancing your mortgage. When you refinance, you are essentially recreating a new loan. Loan modification simply means you are changing the terms of the mortgage you already have.
Call Our Florida Foreclosure Defense Lawyers
If you are worried about losing your home and want to talk to our Florida foreclosure defense lawyers, please call our office right away. We would be happy to set up a consultation with you right away so that we can discuss a mortgage loan modification. Get in touch with us right away. We want to help.