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Individual Debt Services: Mortgage Modification Lawyers in Orlando, Florida
If you are falling behind on mortgage payments, or fear that you may soon fall behind, a mortgage modification may be able to help you stay on top of payments and avoid foreclosure. The best time to discuss a mortgage modification is immediately after you experience a financial hardship and before your lender begins the foreclosure process. It can be difficult to get a mortgage modification once the foreclosure process has begun. Mortgage modification is a proactive strategy to avoiding foreclosure. If you are having difficulty making mortgage payments or anticipate that you will soon have difficulty, Legal Counsel, P.A. employs a mortgage modification lawyer in Orlando, Florida.
A mortgage modification will change the terms of your mortgage, either by lowering or fixing your interest rate or by extending the repayment timeframe. In some cases, the lender may be willing to forgive part of your principal due. The effect is ultimately to lower your monthly payments, though, sometimes a modified mortgage may cost you more in the long run. Legal Counsel, P.A. employs a mortgage modification lawyer in Orlando, Florida who can help you with your mortgage modification. Our lawyer can help you gather documentation to prove financial hardship to your lender, help you appeal a denied mortgage modification application, and we can help you understand your options if you are having trouble paying your mortgage. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407.982.4321.
Do I Qualify for a Mortgage Modification?
If you are struggling to pay your mortgage, you may be wondering whether there are options to help you save your house and prevent foreclosure. A mortgage modification may be one option, but it is not available for everyone. Who qualifies for a mortgage modification?
In general, you must show your lender that you are facing a financial hardship. This must be a change in circumstances that is causing you to fall behind on your payments. The death of a spouse, the loss of a job, illness or disability may be a basis to get your lender to work with you. If variable-rate interest rates are impacting your ability to afford payments, you may also be able to get your lender to work with you. In order to qualify for a mortgage modification, your lender may require you to submit proof about your financial situation.
You may be required to submit detailed records to your lender, including information about your income, expenses, debts, fill out IRS forms, and write a letter to the lender detailing your hardship. Legal Counsel, P.A. employs a mortgage modification lawyer who can assist you with your hardship letter and help you put together a documentation package to support your case. Contact us today to learn more. Each lender’s loan modification program will have its own requirements, so, it is important to speak to your lender about their specific requirements.
Legal Counsel, P.A. employs a mortgage modification lawyer in Orlando, Florida who can help you apply for a mortgage modification and assist you if your application is denied. Our lawyer can work with your lender to learn about their requirements and assist you with gathering documentation. Contact us today to learn more. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
What Kinds of Mortgage Modifications Are Available?
There may be different types of mortgage modification options available to you. What type of mortgage modification you choose will depend on your needs, what modification your lender is willing to offer and your ability to pay. What types of mortgage modifications are possible? Here are a few:
- Principal Reduction: With a principal reduction, your lender might forgive a part of your mortgage debt. However, this type of loan modification is rare because it involves the forgiveness of the debt. One drawback to this type of modification is that you may owe taxes on the forgiven debt.
- Lowered Interest Rates: One of the more common ways that your lender may be willing to modify your loan is by lowering your interest rates or fixing your interest rates if you have a variable interest rate mortgage. Small changes in your interest rate can result in changes to your monthly payments. For families struggling to make ends meet and meet mortgage payments, lowered or fixed interest rate mortgage modifications can make a big difference.
- Extending the Term of Your Loan: Another popular way your lender may be willing to modify your mortgage is by extended the term. This means that you will have a longer time to repay the loan, resulting in lower monthly payments. For example, if you had a 15-year mortgage, your lender may be willing to work with you to put you on a 30-year mortgage.
These are just some of the mortgage modification options available. If you have a government-backed loan, you may have additional options and your lender may be legally required to offer you options. Legal Counsel, P.A. employs an Orlando, Florida mortgage modification lawyer who can help you understand your rights and work with your lender to possibly get you the mortgage modification you need. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Mortgage Modification or Other Options?
A mortgage modification might not be your only option. You may be able to refinance your loan or you may be better served by filing for bankruptcy if you have high credit card or consumer debt. If you have not yet fallen behind on payments, and if you have good credit, you might be able to ask the bank to help you refinance. Other options could include forbearance or a repayment plan. Legal Counsel, P.A. employs an individual debt settlement and mortgage modification lawyer in Orlando, Florida who may be able to help you evaluate your options and work with your lender to find the best solution for your needs.
Mortgage modification can come with some consequences, including impacting your credit report and extending the term of your mortgage, therefore, the cost of your mortgage. However, if you are facing foreclosure or have trouble making payments, a mortgage modification can save your home. Legal Counsel, P.A. employs a mortgage modification lawyer in Orlando, Florida who can help. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.