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A potential foreclosure of your residence can be intimidating. One possible way to avoid foreclosure is to work with your lender to modify the terms of your loan. Banks are in the business of lending money and making their earnings on the interest that they collect. Most do not want to be property owners and take the potential risks of reselling the property for less money than what is owed. They could possibly agree to change particular aspects of your loan agreement so that you could keep your home and continue making monthly payments.
Modifications to your loan could include reduction in the interest rate being charged or increasing the length of the repayment to reduce monthly payments. There have been cases where the total amounts due were reduced in order to bring those amounts closer to the actual value of the home.
A Daytona Loan Modification Lawyer can work with you and your bank to develop the best possible terms for you, so that foreclosure can be avoided. It is a lose-lose situation if your home gets into foreclosure. If you are in arrears in your payments on your home mortgage, contact a Daytona Beach Loan Modification Lawyer, who will work with you and with your bank to develop a solution to keep you and your family in your home.
You could be eligible for relief in the terms of your existing mortgage through the Hope for Homeowner's Act. The eligibility requirements contained in this act include the following:
A Daytona Beach Loan Modification Lawyer will answer any questions that you may have concerning this government plan. In brief summary, your monthly mortgage payment cannot exceed 31% of your gross monthly income. You will be given a three-month trial with the new interest rate along with a new payment schedule. If you pass this trial, you can then enter a permanent loan modification which will extend the period to five years. After this five year period, your interest rate will increase by no greater than 1% per year. The maximum interest rate you will ever pay will be capped at the current market rate on the date of your loan modification agreement.
Loss Mitigation is another process that can help minimize damage. Usually an attorney will negotiate between the lender and the borrower to come up with new, more satisfactory and manageable terms. This arrangement has benefits to both parties.
Use the contact page of this site to contact a Daytona Beach Loan Modification Lawyer, who will lead you through this process and help determine the best path for you and your family to follow.
Serving: Daytona Beach, Daytona Beach Shores, DeLand, DeBary, De Leon Springs, Edgewater, Lake Helen, Orange City, Ormond Beach, Ormond-By-The-Sea, Holly Hill, New Smyrna Beach, Orange City, Osteen, Pierson, Port Orange, Seville and all of Volusia County.