Loan Modification Lawyer in Fort Lauderdale

mortgage loan modification paperwork

Suppose recent financial or personal hardship has left you struggling to afford your monthly mortgage payment. In that case, it is natural to suffer stress and anxiety over the prospect of losing your home. These hardships could be anything from losing your job or suffering a medical emergency to being called up for military deployment.

If you are having trouble making monthly mortgage payments, you should know that you have other options besides losing your home. You may be eligible to apply to a bank for a loan modification, providing you with a lower, more affordable monthly payment.

At Loan Lawyers, we have decades of experience helping homeowners keep their homes by obtaining mortgage modifications. Let us help you through the loan modification process. We’ll fight on your behalf to reduce your monthly payments and keep your home.

What is a Loan modification?

Mortgage modification is a process where the mortgage terms are modified outside the original contract terms agreed to by the lender and borrower (i.e., mortgagee and mortgagor in mortgage states; Trustee and Trustor in Trust Deed states). Generally, any loan can be modified, and the process is referred to as loan modification or debt rescheduling.

In the normal progression of a mortgage, payments are made according to the loan documents until the mortgage is paid in full (or paid off). The lender holds a lien on the property, and if the borrower sells the property before the mortgage is paid off, the unpaid balance is paid to the lender to release the lien. Any change to the mortgage terms is a modification. Changes may include a reduction of the yield (commonly referred to as the interest rate), an extension of the payment term (ex. extending 30 years to 40 years), or a reduction of the principal balance of the loan. (Wikipedia)

What sets Loan Lawyers apart from other law firms and modification firms is that we are not only counselors and advisors but battle-proven litigators and trial lawyers. By developing our reputation as fighters, we have taken over 200 foreclosure cases to trial and have achieved tremendous results for our clients at trial and in settlement negotiations. We always aggressively fight for our client’s rights and are willing to go to trial if we have to. Therefore, we can get our clients the maximum benefit and recovery in their cases.

Loan Lawyers has successfully gotten over 2,000 loan modifications for our clients. Often clients come to us from other law firms or companies that could not get them loan modifications. We succeed where others fail based on our detailed knowledge of the laws about loan modifications. Most people need to be made aware and well-versed in the complex rules of RESPA (The Real Estate Settlement Procedures Act), a Federal Statute that details specific procedures and laws that banks and loan servicers must adhere to when processing loan modifications. Banks and Loan Servicers know that when Loan Lawyers are involved in the modification procedure, we will sue them and hold them accountable if they don’t follow the law.

Contact us now for a free consultation.

What are the Options for Loan Modifications in Fort Lauderdale, Florida?

Any homeowner who needs to lower their monthly mortgage payments could have multiple options for a loan modification. Some common options may include:

  • Principal reduction. If you have cash or other liquid assets available, you can reduce your mortgage payments by lowering the principal left on your loan. By paying off a significant amount of the principal on your mortgage, you can renegotiate a much lower monthly payment for the remainder of the term of your mortgage.
  • Lower interest rates. Qualify for a lower interest rate and have sufficient equity in your home. You can refinance your mortgage at a lower interest rate, reducing your monthly payments to a more manageable level.
  • Extended loan terms. You may be able to negotiate to extend the time of your loan. By extending the time of the loan, you can reduce your monthly payments by spreading out the outstanding balance over a longer period. However, by extending the loan term, you will pay more in interest.
  • Changing from adjustable to fixed rates. Many people apply for adjustable-rate mortgages, enticed by the low teaser rates and payments. Once the interest rate begins increasing, however, they often need help to afford the higher monthly payments. It may be possible to reduce monthly costs to a lower, more manageable amount by converting or refinancing your mortgage from an adjustable to a fixed-rate mortgage. This also has the benefit of allowing you to plan for the long term secure in the knowledge that your mortgage payment will not vary or gradually increase over the years.
  • Postponement of payments. If you or a family member are experiencing a temporary hardship – such as losing your job, being temporarily disabled, suffering a medical emergency, or being called to military duty – you may be able to negotiate a temporary postponement or deferment of your mortgage payments. While this will allow you to stabilize your financial situation, bear in mind that postponing payments does not delay the interest. You will continue to accrue interest on the principal during your postponement, and this, in turn, will increase your monthly payments once the postponement period ends.