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Simply put, a loan modification is the restructuring of existing debt to fit within a borrower’s budget.

Under the terms of your mortgage, you must make timely monthly payments. When a borrower is having difficulties keeping up with the payments, they may reach out to their lender for assistance. A mortgage modification changes the original terms to make the loan more affordable, by lowering the interest rate, extending loan terms, or forgiving a portion of the debt owed.

Fort Lauderdale Loan Modification

A loan modification may allow a borrower to remain in their home during troubled times — such as a loss of a job or other income. With a modification, over time borrowers may save thousands of dollars in interest.

Borrowers who qualify for a modification go thru a “trial period,” during which the make new lowered payments. This modification is usually done in connection with the US Government’s HAMP program. After a successful trial period, the loan modification is made permanent, guaranteed, and loan documents are updated to reflect the new payment plan. Borrowers approved for a loan modification will also have their foreclosure suit canceled.

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Other options, like an “in-house” loan modification and other programs, are available for those that qualify.

Unfortunately, not everyone qualifies. Also, the qualification standards, such as household income, debt ratio, and other bank-specific requirements, vary considerably from lender to lender.

Time consuming, tedious and intimidating.

As you work towards a final resolution, we understand this can be a stressful time for those involved.

Hiring an experienced and skilled Fort Lauderdale Loan Modification attorney with a proven ability to negotiate with mortgage lenders will help you regain a piece of mind.

The Herman Law Group offers a no cost, no obligation initial consultation. Begin that fresh start today by calling (954) 752-2555.