Mortgage modification is also known as a loan modification, restructuring, or a workout plan. When a debtor is facing financial hardship and is no longer able to pay their debts, they then have an option to work with their creditors to lessen the amount or negotiate the terms of their loan. This can be used as a form of foreclosure defense or to avoid bankruptcy.
Mortgage modification can result in a variety of different changes such as:
A proper workout plan should result in a mortgage payment amount which is much less than half of the gross income of the household. In this way, mortgage payments are made possible and comfortable for you and your family. Many people are finding out that mortgage modification is an excellent way to avoid a foreclosure scenario. Speak with an Orlando debt relief attorney if you are interested in finding out more about mortgage modification.
One of the most important benefits of mortgage modification is that by working with an attorney and negotiating with the mortgage company, the mortgage becomes something that families can actually comfortably pay. They can then keep the home that they have worked so hard to have. Many hard-working and reliable people have come upon hard times and have been unable to make their mortgage payments. Sometimes the mortgage company will unexpectedly increase their rates which results in an inability to make the payments.
At Joseph J. Mancuso, P.A., our legal team is highly skilled in the area of mortgage modification. Our attorneys know how to properly negotiate with the mortgage companies in order to give you and your family peace of mind. You may be able to keep your home and relieve the stress of high mortgage rates all at once. Don't wait to speak with an attorney, if the foreclosure process begins it may be too late for you. Act now while you still have options.
Contact an Orlando mortgage modification attorney immediately if you are unable to make your mortgage payments. We are ready to help you!