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Individual Debt Services: Mortgage Modifications Lawyer in Orlando, Florida
If you think you might lose your home to foreclosure, don’t lose hope. The mortgage modification lawyer at Legal Counsel, PA in Orlando, Florida may be able to assist you with working with your lender to find alternatives that don’t involve foreclosure. Financial troubles can hit all of us. Many homeowners aren’t aware that their lender may have programs available to prevent them from losing their home. From mortgage modifications to forbearance programs, lenders may have options available to you to help you prevent the loss of your home. Financial trouble can be embarrassing. Many don’t want to admit that they are facing difficulties. However, it is imperative that you speak to your lender and that you seek help. With the assistance of individual debt services and the mortgage modifications lawyer in Orlando, Florida at Legal Counsel, PA, you may be able to get the assistance you need to keep your home.
Mortgage modifications can reduce the amount you might owe every month, and might make your mortgage more affordable. In some cases, your lender may be able to give you more time to pay off the loan by extending the term of the loan. Adding another five to ten years to your repayment period could make your monthly payments more manageable. Or, your lender might reduce your interest rate to reduce the amount you might owe each month so that these payments can be more affordable. It is important to find a loan modification arrangement where you can meet the monthly mortgage obligation. Lenders might be willing to make a mortgage modification when foreclosure seems imminent or likely. If you are having difficulty paying your monthly mortgage payments, consider speaking to Legal Counsel, PA, a mortgage modifications law firm in Orlando, Florida. Have questions? We have answers. Contact Legal Counsel, PA today at 407.982.4321.
Understanding Mortgage Modifications
Mortgage modifications are different from refinancing. With refinancing, you take out a new mortgage to replace the old one, and the new mortgage repays the old. With a loan modification, the terms of the original loan are changed. You and your lender may need to work out the terms of the modification. In some cases, the loan terms can be extended, the interest rate lowered, or a variable rate loan can be made into a fixed-rate loan.
In order to qualify for a mortgage modification, you’ll need to prove to your lender that you are at risk of foreclosure without a modification. You’ll either need to be in default, or show your lender that you are at risk of default. In general, homeowners may need to write to their lender and explain any new hardships that have arisen, such as the loss of a job, the death of a spouse, sudden medical expenses, or an illness. Legal Counsel, PA may be able to assist you with writing letters to your mortgage lender, assist you with negotiating a mortgage modification, and help you understand your options under the law. If the lender is amenable to a loan modification, you may have to complete a trial period where you pay the new monthly amount regularly to show that you can afford the new amount. A lender won’t want to end up modifying a mortgage only to find that you end up again facing foreclosure. You may also need to supply your lender with documents to prove your hardship and demonstrate your changed financial situation. Some information may include current pay stubs, bank statements, tax returns, and a letter explaining the hardship. Legal Counsel, PA is a mortgage modification law firm in Orlando, Florida who may be able to help you supply your lender with documentation, letters, and other information to assist you with the loan modification process. Have questions? We have answers. Contact Legal Counsel, PA today at 407.982.4321.
Is a Mortgage Modification My Only Option?
A Mortgage modification is not your only option if you are facing foreclosure. For example, you may be able to work out a forbearance with your lender, which could give you time to find a new job if you’ve been fired, for example. Sometimes, during a forbearance period, you may be permitted to pay less each month, and in other instances, you may be able to suspend your payments entirely. Another option might be to get on a repayment plan with your lender to catch up on missed payments. Lenders might be willing to work with you if a temporary financial hardship caused you difficulty. Sometimes the amount due might be added to your mortgage over many months until you become current on amounts due. There may be other options available to you if too much debt is causing you to fall behind on your mortgage. For example, you may be able to file for Chapter 13 bankruptcy, which could allow you to keep your home. If you have assets you can sell, or if you can reduce your monthly spending in other ways, a mortgage modification along with changes to your spending habits might make it possible for you to keep your home. If you are concerned that you may lose your home to foreclosure, consider your options. Speak to the mortgage modification lawyer at Legal Counsel, PA in Orlando, Florida today. Have questions? We have answers. Contact Legal Counsel, PA today at 407.982.4321.
Avoid Foreclosure, Get Help
If you are concerned that you might face foreclosure in the coming weeks or months, it is important to be proactive. Don’t pretend that there is no problem. By letting your lender know ahead of time that financial troubles are ahead, you give yourself time to work out a solution with your lender. Lenders may have options available to help you. Like you, lenders only want to foreclose on a home as a last resort.
A mortgage modification lawyer at Legal Counsel, PA in Orlando, Florida can review your budget, look at your financial situation, and help you understand your options and rights. We can help you determine what you can afford and assist you with writing a letter to your lender. Visit us at Legal Counsel, PA in Orlando, Florida, so that our mortgage modification lawyer can assist you today. Have questions? We have answers. Contact Legal Counsel, PA today at 407.982.4321.