Do You Qualify For A Loan Modification?
If your goal is to retain your home, there are many programs that can help you reach that goal. Several programs are available to help you avoid foreclosure based on your financial situation. The Andres Lopez Law Firm has extensive experience helping our clients in the Fort Lauderdale, Florida, area utilize these programs to save their homes.
Common Loan Modification Options
If default on your home mortgage is imminent, or if you are already in default, some of the options available to you are:
Government programs that help you keep your home: There are many government programs available for homeowners who want a loan modification. One example is the Home Affordable Modification Program (HAMP), which aims to prevent your mortgage payment from being greater than 31 percent of your income. Other programs include the Home Affordable Refinance Program (HARP) and the Making Home Affordable (MHA) program.
Lender programs: If you do not qualify for a government program, lenders also offer in-house programs that can assist you by modifying your loan. If you do not qualify for a loan modification, lenders may offer repayment agreements so that a homeowner can catch up on the past due amount. Under these agreements, the lender negotiates a new repayment plan with the borrower, based on the borrower’s financial hardship.
Loan modifications may be available whether or not you are in default. The terms of the mortgage can be modified, by either extending the term (length) of the loan or changing the interest rate or both. Although these modifications may not necessarily lower your payment, they will still help prevent foreclosure and keep you in your house.
Contact A Broward County Attorney For Assistance With Loan Workouts
To schedule a consultation with an experienced loan modification lawyer, contact The Andres Lopez Law Firm today at 800-785-1738 or fill our online form. Evening and weekend appointments are available upon request. Se habla español.