LOAN MODIFICATION
What is a Loan Modification? A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose of a loan modification is to help make your loan more affordable so you do not lose your home to foreclosure. Usually it is in the form of a rate reduction, principle reduction and/or a fixing of the rate for a certain amount of time. The earlier you get started, the better your chances are of negotiating a new low fixed rate and a payment that you can manage. If you can afford your home and not just your loan, then you may be eligible for a loan modification.
Lenders, though difficult to get through to, will negotiate loan modifications when presented properly and the borrowers are facing financial difficulties and cannot obtain alternative financing options. An experienced attorney will show the lender why it is int he lenders best interest to modify the loan while vigorously negotiating the most beneficial terms for his / her client. Ultimately this leads to the lender reducing your monthly payments or changing the overall loan terms which allow homeowners to avoid foreclosure.
FORECLOSURE DEFENSE
Aaron Resnick, Esq., is a Florida Real Estate attorney who focuses on foreclosure defense and he works toward providing solutions for Florida home owners with mortgage problems. Proper legal representation can help you make informed choices during trying times. Lenders have attorneys to assist them during a foreclosure, and you should, too!
- Foreclosure Defense
- Loan Modification Negotiation
- Reinstatement Plans
- Deed in Lieu of Foreclosure/Short Sale Negotiation
- Repayment Plan Negotiation
- Assumption/Forbearance