Whether you call it a loan modification, mortgage modification, restructuring, or workout plan, it’s when a borrower — who is facing great financial hardship and is having difficulty making their mortgage payments — works with their lender to change the terms of their mortgage loan.

 

The workout plan could result in temporary or permanent changes to the mortgage rates, term and monthly payment of the loan. The plan’s goal is to help the borrower reduce their monthly mortgage payments to 31% of their gross income.  Mortgage modification may be the most effective and affordable way to avoid foreclosure.

 

Florida is one the top states effected by the current mortgage crisis.  By working with a mortgage modification attorney, you can work with the mortgage company and work out a payment plan that you can actually handle.  Attorneys understand what tactics work in negotiating with the mortgage company and how to reach an agreement that suits your budget. With the help of a lawyer at our firm, you do not have to lose your home! You can take immediate action and come up with a plan that saves your home. However, you do not have much time. You need to take action before your home actually forecloses and you are left out of options.

Have you fallen victim to unscrupulous mortgage lenders? Contact a Florida Mortgage Loan Modification attorney today for a free, no obligation consultation.