Information on Loan Modification

Ask a St. Petersburg Bankruptcy Lawyer

If live in Tampa, Clearwater, St. Petersburg or any of the surrounding areas in Florida and are at risk of facing foreclosure, loan modification may be one of the best courses of action you can take to save your home. There are different choices available to help find a resolution to debts. As opposed to filing for bankruptcy or losing your home through a short sale or deed in lieu of foreclosure, you may actually be able to negotiate the terms of your mortgage to better suit your financial situation.

This process can be difficult, however, and it is important to have the guidance and protection that a St. Petersburg bankruptcy attorney can provide. A loan modification lawyer with experience in this field can guide you through the process as swiftly and effectively as possible - all while protecting your legal rights.

What is a loan modification?

This process involves negotiating with a lender to alter the terms of a mortgage loan. This may include extending the length of the loan, adding past due payments into the overall loan amount or reducing a mortgage rate, allowing a homeowner to pay his or her mortgage every month and therefore avoid defaulting on the loan and facing foreclosure.

When homeowners forgo legal representation and try to handle their loan modification on their own, lenders may find them easy prey to negotiate new terms that are not actually in the homeowner's best interests. An attorney will know who to talk to and will know exactly what steps need to be taken to successfully modify your mortgage. Get started in receiving the guidance you need to save your home. At LeavenLaw, we represent homeowners throughout St. Petersburg and the surrounding cities, including Tampa and Clearwater. Your initial consultation is free and strictly confidential so call us today!