Loan Modification can sometimes be used to lower your monthly payments and help you catch up on missed mortgage payments in order to prevent a foreclosure. It is an important tool that our loan modification lawyers use to try and save your home.
There are government-backed loan modifications programs (HAMP) and more information on those programs can be found at makinghomeaffordable.gov.
Many banks also have private in house loan modification programs. These modifications can be discussed prior to a foreclosure being filed, or in a foreclosure defense case, an attempt at loan modification is oftentimes pursued by our foreclosure defense attorney if at all possible: This is usually brought up during a foreclosure mediation hearing in a foreclosure case.
Loan modification can also be pursued when you file for a chapter 13 bankruptcy. That is why usually our Bankruptcy & Foreclosure Lawyer requests mediation in the Bankruptcy courts to try and work things out with the bank.
If the home is worth considerably less than the mortgage(s) then it can be possible to explore the possibility of principal reduction. While this is difficult to obtain it does happen on occasion.
So, as you can see, there are many benefits that a loan modification can have for you; lower your payments, receive a principal reduction, catch up on missed payments, stop a foreclosure.
And, oftentimes it is one tool, out of a number of tools, that we at the Law Firm of ALEJANDRO RIVERA P.A., an experienced loan modification, foreclosure defense, & bankruptcy law firm located in Kissimmee Florida, use to attempt to get the best outcome for you as can be possible.
If you would like a free consultation you can call our experienced loan modification, bankruptcy, and foreclosure defense attorneys at 407 518 - 7160