Loan Modifications are an excellent way to stop foreclosure. Loan modifications can be negotiated by speaking to your lender and simply asking for a modification of your loan. In some case this can result in a modification of your loan, but not always. Your chances of obtaining a mortgage modification in Daytona, Florida are enhanced by taking advantage of the help offered by a loan modification attorney who has experience in foreclosure defense.
In some cases it may be more beneficial for a lender to foreclose on your home and if so, you may not be able to obtain loan modification by simply asking for one. You may need to have an experienced attorney to negotiate. It helps to have a mortgage modification lawyer helping you during this process.
What are the benefits of a loan modification in Daytona, Florida? The first and most obvious benefit is the possible avoidance of foreclosure. Also, if you have recently lost your job or are going through a major life change, you may be able to get a modification that will allow you to obtain a lower interest rate, typically resulting in a lower payment.
Tips for Obtaining a Loan Modification
Applying for a loan modification is a long and very stressful process. In order to reach an outcome that is fair to both you and your lender, you should consult with a Daytona loan modification attorney. Lenders want you to pay as much money as possible, therefore you need an attorney that can make sure you know your options and reach an outcome that will work for you.
- Ensure your Florida loan modification will be sustainable. If the new agreement fails, you will be at risk for a future foreclosure action. Make sure that the agreement is something that you can honestly manage to pay over the years. An attorney can help you review your options and any potential offers to modify your loan from your lender
Remember you are asking for a favor from your loan company. Keep your temper in check no matter how frustrated you may get. Ask to speak to a supervisor (politely!) if you are not getting anywhere with the agent you are speaking to. If you are turned down, you have rights to appeal the decision through HAMP Making Homes Affordable Program. Contact a loan modification attorney if you feel you have been turned down for assistance unfairly.
- When you draft your hardship letter, be factual and honest. While you should try to be personable do not bemoan your situation or try to make it sound worse than it is. A loan modification attorney can assist you in drafting your hardship letter and can provide tips on how to write an effective letter.
- Explain why you are at risk of defaulting and what has now changed that would allow you to keep paying on time now. Remain polite and professional.
- Make sure your income and expenses are accurately portrayed. Misrepresented financial information may mean your eventual loan modification is not realistic for your circumstances or you are turned down for something you otherwise would have qualified for. If you really want to fix your financial situation, it is very important you are honest about your income and your expenses. Meeting with an attorney can help answer any questions you may have about the loan modification process
- Be honest with yourself about your financial situation. Go over your budget and figure out where you can cut back. Then go over the numbers again. If keeping your home is important to you, you will need to make sacrifices. Focus on your needs, not wants.