Mortgage Loan Modification

Mortgage loan modifications have recently increased in popularity as mortgage companies have become more willing to work out payment reductions for those overburdened by their monthly payments. Rather than see borrowers face foreclosure or abandon their homes, lenders are inclined to offer a mortgage loan modification directly to the debtor.

Due to the declining success rate, our firm has stopped negotiation of mortgage loan modifications. The lenders are just not providing us with anything worth signing. We advise our clients to not pay anyone for a loan modification at this time. Instead, just try to perform the loan modification yourself. But, give the lender a deadline. If the lender doesn't meet this deadline, seek another alternative like chapter 13 bankruptcy (before you can't afford to save the home). The further you get behind, the higher your plan payment will be in a chapter 13. Making it less feasible to save the home.

Mortgage Attorney serving Jacksonville, Orlando and Daytona

Most loan modifications that are being handed out by mortgage companies are temporary. Meaning that you are under a trial period making a lower or sometime higher payment for a temporary period. After this period has ended you have to re-apply. This can go on for months and even up to a year or two. The issue again is the loan modification is not permanent and almost never turns permanent. So, don't let yourself get further and further behind. The late fees and penalties will be adding up. This in turn can force you out of the house you are trying to save.

Chapter 13 combined with a Loan Modification

Our bankruptcy attorneys are representing a few chapter 13 bankruptcy cases designed to slow the foreclosure process. This can force the mortgage company to hire an attorney who is usually a little more willing to work with the homeowner through a chapter 13 to modify the existing home loan. This is also a really good way to take advantage of the bankruptcy court's power to strip your second or third mortgages. Call the Law Offices of Keith D. Collier in Jacksonville, Daytona Beach or Orlando for your FREE consultation to discuss a Chapter 13 Bankruptcy with a Loan Modification.

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