Florida Loan Modification

What is a Loan Modification in Florida? In many situations where homeowners are struggling to make their monthly mortgage payments, a possible solution to assist in easing the burden of those monthly payments is to apply for a loan modification, a type of loss mitigation effort. In essence, a loan modification is an agreement between the borrower and the Bank wherein the Bank/Lender is agreeing to modify or change key portions of the mortgage. More specifically, the Bank/lender can agree to lower the monthly mortgage payments, reduce the interest on the mortgage, or reduce the amount of the principal balance of the mortgage.

As the borrower, you will have to determine if you are eligible for these types of loan modifications. The Bank/Lender can assess your situation on an individual basis and forward an application for a loan modification. It is very important to adhere to any deadlines as well as remit all requested documents, including pay stubs, tax returns and bank statements. The Bank/Lender wants to ensure that you are indeed struggling financially before they approve any modification.

Once a loan modification is approved and all parties agree to its terms, the borrower sometimes will be on a trial modification plan where the borrower must make the first three (3) payments to the Bank/Lender before a final modification is approved. The Bank/Lender wants to ensure that the borrower can make the new payments without falling further into debt and without missing any payments.

A Loan Modification can be a great resource for struggling homeowners but it is always important to read any loan modification as the payments may be decreasing per month but the deferred principal balance due at the maturity date of the loan may double. The Law Office of Ryan S. Shipp, PLLC  and its team of dedicated Florida Foreclosure Defense Attorneys and support staff are here to help. Call us today at (561) 699-0399 to set up your free 20-minute consultation. We are located in Lantana, Florida. We serve South Florida.

Mortgage Foreclosure in Florida?  Explore Your Options – Deed in Lieu

Confronting a Home Mortgage Foreclosure in Florida can be one of the most stressful events in your life.  It is important to explore all options available when faced with foreclosure in an attempt to avoid foreclosure.  One option that many lenders in Florida offer is a Deed in Lieu of Foreclosure (often called a Deed in Lieu).  The process for a Deed in Lieu usually involves the homeowner surrendering the deed and possession of the property to the lender in order to avoid a foreclosure.  In some instances, the lender may give the homeowner a cash payment to walk away from the home and turn the deed over to the lender (called “Cash for Keys”).  A Deed in Lieu may affect your credit, however it usually does not have as much negative effect as a foreclosure judgment would.  Before agreeing to a Deed in Lieu it is important to understand all of your rights and obligations involved under a Deed in Lieu of Foreclosure.

If you are facing foreclosure and have questions regarding a possible Deed in Lieu of Foreclosure, call The Law Office of Ryan S. Shipp, PLLC today @ (561) 699-0399 or set-up an appointment to come visit us at our Lantana, Florida office location. Our dedicated team of Foreclosure Defense Attorneys are here to assist during this difficult time.

Our services also include assistance with Mortgage Modifications, Mortgage Help, Short Sales, Foreclosure Defense, and Representation of Homeowners in Condominium and Homeowners Association Lien Foreclosure Lawsuits.

We serve the following areas in South Florida:

Palm Beach County Florida

Boca Raton
Boynton Beach
Delray Beach
Lake Worth
Lantana
Palm Beach Gardens
Riviera Beach
Wellington
West Palm Beach

Broward County Florida

Dania Beach
Davie
Deerfield Beach
Fort Lauderdale
Hallandale Beach
Hollywood
Parkland
Pembroke Pines
Pompano

Miami-Dade County Florida
Aventura
Brickell
Coral Gables
Doral
Golden Beach
Hialeah
Miami
North Miami Beach
Sunny Isles Beach

 
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