You may qualify for a mortgage modification in Fort Lauderdale if you can demonstrate to your lender that financial hardship prevents you from making your scheduled monthly mortgage payments. The attorneys at Loan Lawyers are here to help and answer any questions you have about your load modification options.
What is a Loan Modification?
Mortgage loan modification differs from refinancing. It is a change your lender makes to the terms of your existing mortgage if you cannot make timely payments under the original loan. An experienced loan modification attorney can help you by skillfully negotiating the modification with the mortgage company.
What are the Eligibility Requirements for Loan Modifications in Florida?
At Loan Lawyers, we assist homeowners seeking loan modification. We will evaluate whether you meet the loan modification requirements, which include demonstrating the following:
- Hardship – Our attorneys will draft a hardship letter in support of your financial statement detailing the hardship you are experiencing.
- Income – You must show your present income will continue and allow you to make the proposed new monthly mortgage payments.
- Decrease in Value – You need to show a significant decline in your home value.
- Lack of Equity – We will assist you in demonstrating that your loan exceeds the home’s current property value such that you have no equity in the home.
- Late payments – Showing a history of late payments may persuade the bank to modify your loan.
How to Get a Mortgage Loan Modification in Fort Lauderdale
Can you show the bank that your current financial circumstances prevent you from making your monthly payment? In that case, you may be able to demonstrate sufficient hardship to qualify for a mortgage loan modification, which could result in a lower monthly payment. A loan modification lawyer will help you pursue the modification you need as you complete these steps:
- Document your hardship – First, you should gather the necessary paperwork to demonstrate the nature of your hardship, the extent to which the hardship has affected your income and ability to pay the mortgage on time, and your ability to make monthly payments under the new loan terms. For example, if a family member is ill and you have been unable to work your regular hours, you may need to gather medical records and pay stubs for your meeting with the bank or lender.
- Schedule a meeting – Contact your lender to schedule a meeting to discuss your potential loan modification options.
- Submit an application – Your attorney can help you complete and submit a formal loan modification application, including all the necessary supporting paperwork. What you need to complete the loan modification application process depends on your circumstances. You should be prepared to provide copies of your tax returns and bank statements and to authorize the lender to run a credit check.
- Make trial payments – You must make timely and complete payments while your application is considered.
Contact Our Ft Lauderdale Loan Modification Lawyers for Help
At Loan Lawyers, we are committed to finding the right financial solution for you, whether you are seeking a mortgage loan modification, need assistance defending a lawsuit from a creditor, or are trying to avoid foreclosure. We understand you may feel intimidated by the loan modification process, and we want to alleviate some of the stress you may feel about your financial circumstances that prevent you from making a monthly mortgage payment.
Loan Lawyers is a dedicated foreclosure defense, debt defense, and bankruptcy law firm with a particular focus on foreclosure defense. Our skilled team of defense attorneys wants to pursue the best result for your circumstances, whatever that might be. Contact our Fort Lauderdale loan modification lawyer today to get started with a free consultation. You will always be able to speak to your attorney or support team about mortgage modifications, and all phone calls will promptly be returned within 24 hours.
