Mortgage Loan Modification
If you’ve gone well behind your loan repayments or are having trouble keeping up, a loan modification may be the cure. A loan modification modifies one or more of the conditions of your existing mortgage permanently. By removing late fines, decreasing your rate of interest, increase the time to repay, and reducing your principal balance, a loan modification can decrease your monthly payment.
A loan modification is designed to give an easy fix to a homeowner’s mortgage difficulty. Obtaining a loan modification, on the other hand, is not always a straightforward procedure. If you’re looking for a loan modification, you shouldn’t go at it alone. The likelihood of the lender granting your request and making the conditions of the modification more beneficial to you can both be increased with a competent Florida loan modification attorney At Serrano, Farah Law, LP.
Foreclosure benefits no one; your lender will suffer a setback, and you will, of course, be evicted from your house after a long time of paying the mortgage with nothing to back it up. The bank may be theoretically on your side and wish to prevent foreclosure if at all feasible, this is not always the case. During loan modification negotiations that seem to be going nowhere, it feels as if your lender is working against you. Even if your lender refuses to cooperate or appears incapable of understanding your situation, the law allows loan modifications when you request them.
A borrower must evaluate if you are entitled to loan modifications. The bank/lender can analyze your position individually and submit a loan modification application. It’s critical to meet all deadlines and provide all required papers, such as pay stubs, tax returns, and bank statements. Before approving any change, the bank/lender needs to be sure you are truly in financial distress.
When a loan modification has been accepted and all parties have agreed to the conditions, the borrower may be placed on a trial modification plan, which requires the borrower to make the first 3 payments installments to the Bank/Lender before a final modification is granted. The Bank/Lender wants to make sure the borrower can afford the additional installments without going further into debt or missing any.
Make sure you understand all of the possible dangers and advantages before selecting loan modification. At Serrano, Farah Law, LP, our loan modification attorneys are here to help you reduce your risks and maximize your rewards while negotiating a loan modification with your lender to avoid foreclosure in Florida. Whatever Florida foreclosure option you select, you must have a strong, competent, and professional Florida Foreclosure Attorney on your side to protect your rights.
