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You may be considering loan modification if you’re in financial trouble. Here’s all you need to know about loan modification in Florida.

Loan Modification Florida

What can a Loan Modification do for me?

You may be considering loan modification if you’re in financial trouble or having a hard time making regular monthly payments to your creditors.

A loan modification involves changing the existing terms of a loan so that it becomes easier for you to pay back the debt. This may include a reduction in interest or an extension in the time limit to make the payments.

While loan modification is mostly a great way to manage your debts when all else fails, the success of your request depends on the loan modification attorney you choose to fight your case.

A loan modification lawyer will help you navigate the legal procedure of requesting loan modification and negotiate on your behalf. Here’s all you need to know about loan modification in Florida:

Qualifying for a Loan Modification

With the current financial downturn in the country, many people in Florida are facing financial problems. Hence, to avoid foreclosure and financial breakdowns, they opt for a loan modification.

However, it goes without saying that not everyone will qualify for one. While a loan modification lawyer can offer better advice regarding the pre-requisites for qualification, there are a few general guidelines to keep in mind:

You’re facing financial hardship: This broad category includes any event that could lead to financial turmoil, including loss of job, hefty medical bills due to a serious illness, or excessive debt.

There’s no way you can afford your current mortgage payments: If you’re a salesperson having a bad year, the chances are that you won’t qualify for a loan modification. Why? Well, you’re likely to bounce back on your feet sooner than later and make your payments.

But if your total recurring debt payments are more than 41 percent of your gross monthly income, the lenders are likely to consider your request for a loan modification. However, keep in mind that lenders will assess your situation closely to see what sort of debt you have.

If you appear to be living beyond your means (for example, have a car you can’t afford), lenders will be stricter in setting the terms for your loan modification.

You’ll stay current on a modified payment structure: It’s common knowledge that lenders avoid working with borrowers who are likely to default. Hence, it’d be harder to strike a loan modification deal with them if you don’t have a source of income.

For people unable to make payments due to loss of job, lenders are likely to see if the borrower’s spouse is currently working and can make the modified payments on their partner’s behalf.

Hence, it’s crucial that you can show some form of income by documenting your earnings (W-2 or stubs for employees or bank statements and tax returns for self-employed individuals) to qualify for a loan modification.

The loan modification process

Our team of qualified and skilled loan modification attorneys has negotiated hundreds of loan modifications; you can rely on our experts to guide you through the entire process and help you secure a deal that’s worth your time and effort.

To increase your chances of getting the best deal, our team will start by assessing your case to see if you’d qualify for a loan modification. If you make a good candidate, we will evaluate your current mortgage and list all the challenges you face, documenting the hardships thoroughly to ensure no details fall through the cracks.

Once the paperwork is complete, we’ll set up a meeting with your debtors to secure manageable payments and ensure debt reduction.

However, if you don’t qualify for a loan modification, our team won’t leave you disappointed. We’d work with you to find alternative ways to manage the debt.

FAQs about a loan modification

It’s natural to have many questions about a loan modification process if you’re new to it. Here are some common questions that our loan modification attorneys have answered for you:

How much can I save through loan modification?

We’ve helped people save thousands of dollars on their debt through loan modification. Let’s put it this way: the length of a typical mortgage is 30 years. Cutting down your mortgage by $400 through loan modification every month means you can save $144,000 in total.

How much does it cost to modify a loan?

In most cases, it doesn’t cost anything to modify a loan! Since a loan modification changes your deed of trust, you aren’t required to pay the closing costs of modifying a loan.

Is every bank willing to do loan modifications?

Amid the current economic conditions in the country, almost all banks want to work with lenders to help them save their loans. So if you think you may qualify for a loan modification, get in touch with an expert loan modification lawyer for legal advice.

Will my bad credit affect my chances of getting a loan modification?

You’d be relieved to know that the terms of loan modification don’t rely on credit scores. Hence, having good or bad credit will rarely affect your chances of getting a loan modification.

What documents do I need for a loan modification?

Once you’ve spoken to our loan modification attorney, make sure to put together the following documents to process your loan modification request:

  •         Proof of income
  •         Recent bank statements
  •         Utility bills and other proof of residency
  •         Proof of supplementary sources of income
  •         Tax returns
  •         A letter detailing your situation of financial hardship

Hire a skilled and qualified loan modification attorney

The process of requesting loan modification and negotiating with the lenders can be long and complex. You’d want someone well-versed in dealing with lenders by your side and negotiating on your behalf.

Our team of loan modification lawyers has years of experience dealing with loan modifications, and we can help you put your best foot forward. We also offer free consultation sessions to our clients.

So if you want more information on our services, call us today!

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