Orlando Mortgage Modification Attorney
As a homeowner struggles to pay the mortgage each month and keep his or her home, the creditors and lenders also face deepening concerns that they will not see a return on investment. As the situation escalates, mortgage modification becomes a valuable tool that allows the homeowner a more manageable way of paying back the loan and provides the lender the confidence that he or she will see the money again.
Mortgage modification can occur before a bankruptcy as a means to avoid Chapter 7 or 13. The two parties sit down in a facilitated negotiation to discuss the mortgage and how it will be repaid. The programs and solutions available depend on the circumstances the debtor faces – whether the loan is late, in default, headed for bankruptcy or on the verge of foreclosure.
Orlando Mortgage Modification Lawyer
During the negotiation, the parties will take steps to modify mortgage payments, interest rates or principle. Modifications can include:
- Lowering the interest rate
- Lowering the principle
- Extending the length of the loan’s term
- Adjusting the monthly rate to reflect the household income
- Reducing or canceling late fees
- Instating a mortgage forbearance program
Through the program, the debtor should have the ability to get back on track with payments and sustain the repayment for the length of the loan.
At Almeida & Gordy, P.A., we help clients find the solutions that help them save their homes and repay their debts. Being on the brink of foreclosure can be a terrifying situation for many people. Our attorneys understand what you are facing and use their legal understanding to match you with a program that will help you keep your home.
To arrange an initial consultation to discuss your mortgage and how a Winter Park lien stripping lawyer can help, please contact our Florida law firm today at 407-680-1797.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
