3 Reasons Why You Should Consider Modifying Your Mortgage

Times are tough for many Floridians. With a practice focused on foreclosure defense, I often have people coming into my office describing how difficult their situation is, and how they have fallen behind on their mortgage.

Then, you have certain people that know that cannot afford their payment much longer. Whether that is because their interest rate has gone up, or because they have lost some of their income and are dipping into savings.

My advice for both parties above is to consider hiring a Florida loan modification lawyer, and here are three reasons why:

1) Potentially lower your monthly payments to a long term affordable amount

My first main goal in obtaining a loan modification is to lower people’s monthly payments. The reason I try and obtain this result is twofold: A) give the homeowner some breathing room with their monthly budget and B) long term comfortability. If someone is barely able to make their new loan modification payment, it doesn’t really help them. We are into helping homeowners keep their home, long term.

2) Lowering and obtaining a flat interest rate

I am baffled at some of the interest rates I have seen homeowners obtain from past loans. I have seen them as high as 8%. That is utterly ridiculous. Lately, it is no surprise that interest rates are starting to soar. However, my goal is to obtain an interest rate that is fixed and below 3.5%. Again, this is important for long term retention. All too often interest rates are adjustable and people simply can’t afford their new payments.

3) Possible principal reduction

Before you go and get too excited, this is rare that principal reductions occur. That being said, I have received principal reductions in probably 3-5% of our loan modification applications. Some of which have been over $100,000.00 in forgiveness. From my experience, this takes strategic negotiation to have any chance at receiving such. However, if obtained, it makes a huge difference in the loan moving forward.

If you are interested in modifying your loan, call me for a free consultation. I have handled thousands of loans and will be able to sum up your situation very quickly!

Whether you need a Miami loan modification lawyer, Fort Lauderdale loan modification lawyer, Palm Beach foreclosure surplus lawyer, Tampa loan modification lawyer, Pasco County loan modification lawyer, Osceola loan modification lawyer, Brevard County loan modification lawyer, Lake county loan modification lawyer, Duval County loan modification lawyer, North Miami Beach loan modification lawyer, Jacksonville loan modification lawyer, Lee County loan modification lawyer, Sarasota loan modification lawyer, Marion County loan modification lawyer, Fort Myers loan modification Lawyer, Orlando loan modification lawyer, or Orange county loan modification lawyer, we will represent parties in any county in the state of Florida!

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