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Loan Modification in Clearwater

Have you fallen behind in your mortgage payment?

Foreclosure is a stressful and costly process for all parties involved. With the large number of homeowners that are unable to afford their house, lenders have become more willing to negotiate the original terms of the homeowner's agreement in order to avoid foreclosure. This way, the bank does not lose money, and the homeowner's credit does not suffer. If one is able to receive a loan modification, the original terms of the homeowner's agreement and promissory note with the bank are altered. Lenders are able to offer monthly payments that are more affordable by changing the interest rate, principal balance, late fees, and adjusting other consequences homeowners might be facing.

If borrowers cannot make mortgage payments that are greater than 38% of their monthly income, a loan modification may be able to help. Modifications are able to reduce mortgage payments to 31% of the homeowner's gross income. Banks may be able to temporarily or permanently change the amount of money homeowners pay towards their mortgage every month, in order for homeowners to start financially recovering. It may result in a higher interest over the life of the loan, but it may be worth the cost if a homeowner gets to keep their home. If you are worried about your house being foreclosed due to delinquent payments, contact a Clearwater bankruptcy attorney as soon as possible.

Loan modifications are not available for people who bought a house for investment purposes. All houses must be owner/occupied in order for one to receive a loan modification. Mortgages that exceed the conforming loan limits are also not eligible. Banks would rather a homeowner make less payments for a property then to have it foreclosed and receive nothing. Depending on the lender, people who are one to three months behind on their mortgage may be able to receive a loan modification. One who is behind on their mortgage payments should be completely honest with their bank when looking to modify their loan.

Lenders will need to know the monthly gross income of the household before tax, most recent income-tax return, information about savings, information about the first and any second mortgage, account balances on credit cards and loans, as well as a letter stating any and all circumstances that caused a reduce in income or something that caused an increase in expenses. Forms and letters with incorrect information may delay and decrease one's chances of receiving a loan modification.

How a Clearwater Bankruptcy Lawyer Can Help

Applying for a loan modification may be difficult without the help of an experienced attorney. If paperwork is filled out incorrectly, a loan modification may be denied. I will make sure all of your paperwork is filled out properly, and turned in on time to the appropriate parties. I will negotiate with the lenders on your behalf, and fight aggressively for you and your home. Banks approve loan modifications because they do not want to lose money. The bank's bottom line is their first priority, and they don't take their clients' interests into account. If hired, your best interests will be my priority.

I will develop a payment plan with the bank that you will be able to afford, and I will be your biggest advocate. I have been a member of the Florida Bar since 1994, and have represented clients facing all types of bankruptcy issues. My phone is on 24 hours a day, seven days a week, and my firm offers free initial consultations. If you are facing foreclosure, do not give up hope. Contact my firm today and see if I can help you receive the best loan modification available to suit your financial obligations.

The Mercury Insurance Building, 1901 Ulmerton Road, Suite 400, Clearwater, FL 33762

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Address: The Mercury Insurance Building, 1901 Ulmerton Road, Suite 435, Clearwater, FL 33762 Phone: (727) 424-2279