Modifications to a Loan
When a borrower has fallen behind on his or her mortgage payments, it may
be difficult or impossible to see a way out. Fortunately, there is actually
a way for a homeowner to negotiate with a lender to seek a modified mortgage
agreement that will result in a payment that the homeowner can actually
afford. A loan modification is a permanent change in one or more of the
terms of a mortgage loan. The loan is reinstated with these changes in
effect, typically resulting in a lower payment. Following are some of
the changes that may be achieved through loan modification:
- Past due mortgage payments and penalties may be rolled into the new loan
- The length of the loan may be extended
- The interest rate may be reduced
The best way to approach a loan modification is with the assistance of
an attorney. A foreclosure defense lawyer will not only know who to contact
at your lender's office but will also know how to conduct negotiations
to seek a modification that is in your best interests. While some lenders
may try to take advantage of homeowners who do not have an attorney to
handle their case, with a competent legal professional you can rest assured
that your rights will be well protected.
Avoid Foreclosure: Loan Modification Lawyer Serving St. Petersburg, Clearwater,
Sarasota and Tampa
foreclosure looming on the horizon, it may seem that there are no options to save
your home. However, lenders as well as borrowers may find loan modification
Foreclosure is an expensive process for a lender to carry out. The lender may stand
to save money by helping a homeowner remain in the home and avoid a
short sale (where the lender would accept less than the value of the property) or
deed in lieu (where the lender would accept the property back and "forgive"
the balance owed by the borrower).
Make sure you have a legal professional who will be able to accurately
present your case to the lender in order to seek a modification that will
benefit you now and in the long run.