Mortgage Foreclosure and What You Can Do About It

Is A Loan Modification An Option Worth Pursuing?

A loan modification is when a lender changes one or more terms of the mortgage. The goal is to lower your payment to one you can afford. The lender may lower your interest rate, change the rate from adjustable to fixed, increase the amount of years to pay off the mortgage, and may actually decrease the principal balance owed on the loan.

The financial disclosure requirements are similar to those in a short sale. Lenders typically take four months or more to determine whether they will modify your loan. Eventually the lender will come to you with modified loan terms. Sometimes you will be able to negotiate the modification proposal to more favorable ones. Using an attorney for those negotiations can help you do this.

The bottom line on loan modification is that it is worth trying, but it will take the lender a long time to get back to you, and the plan the lender comes up with may still not be one you can afford.

Finally, you should be very careful of companies which advertise that they will negotiate the modification for you. Some of these companies are fraudulent, and their goal is merely to part you from your money.

If you have any questions about Mortgage Foreclosures in Florida, contact us today.

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