Lately, many US homeowners have been struggling to make their mortgage payments due to financial circumstances. It can be scary as you fall behind on your payments and become unsure of how long you will be able to stay in your Orlando home. You may be wondering “Is there any way to stop or slow down the Florida foreclosure proceedings?” One option to avoid foreclosure is a loan modification.
If you can afford your home, but just not the current loan, you may qualify for a loan modification. A loan modification is a permanent restructuring of your current loan that places delinquent payments at the back end of the loan, extends the number of years, lowers the interest rate, and therefore lowers the monthly payment. With a loan modification, your defaulting mortgage becomes current once again.
Before you attempt to apply for a loan modification, you must provide a hardship to your lender as a reason why you are currently having difficulties paying your monthly mortgage payments. You are required to write a detailed letter that explains the reasons why you are facing these difficulties. Some examples of hardships lenders consider include imprisonment, illness, loss of job, reduced income, major medical bills, death in family, and/or substantial damage to your property.
Now the question is - can a foreclosure attorney help with loan modification?
They can, however our foreclosure attorneys do not perform loan modifications of any kind. We can walk you through the process but we will not do the loan mod on behalf of the homeowner.
Here is why we do not perform loan modifications:
Negotiating with the bank requires waiting on the phone for hours at a time. It’s a mundane process of being placed on hold and being transferred before finally reaching who you need to talk to. The firm feels it would not be right to charge our clients $300.00 an hour just to have an attorney sit on hold. Our skills are better put to use in court defending your home against the lender. It is up to you to work with your lender while we defend your home in court.
Our goal is to remain affordable so we can help as many distressed homeowners as possible.
Foreclosure defense attorneys can help borrowers understand their legal rights, negotiate with their lender, complete the required paperwork for a loan modification, and even stop a foreclosure sale. In addition, a foreclosure attorney can help borrowers to file for bankruptcy to stop the foreclosure if their finances warrant it or file an order to show cause to stop the foreclosure sale.
Our law firm does not perform loan modifications of any kind.
However, we can walk you through the process. Our job is to fight the bank in court while the home owner works with the lender to get a loan modification.
Call 407-883-2618 today to speak with one of our experienced Orlando foreclosure attorneys at The Freedom Law Firm to discuss the options regarding your foreclosure. We want to help you – call anytime, day or night!