Before looking into foreclosure defense services, it’s a good idea to look into loan modification. If you’re having trouble making your monthly mortgage payments or you’re underwater on your mortgage, loan modification may allow you to keep your home. According to attorneys.com, loan modification is an agreement between you and your lender changing some of the aspects of your loan. Depending on your circumstances, loan modification may reduce your interest rate, lower your monthly payments or temporary suspend your monthly payments.
Here are some things to remember while looking into loan modification:
Tips for Loan Modification
- If you’re having trouble making your monthly payments, look into loan modification immediately. According to the Law Firm of Diaz & Associates, your home doesn’t have to be in foreclosure to apply for loan modification.
- Hire an attorney. The loan modification process can be complicated. It takes skill and experience to navigate. Hiring an attorney will ensure you get the best terms.
- To apply for loan modification, you will have to provide a lot of personal financial information. Be sure to provide honest and accurate information. This will make the process go more smoothly.
- As part of the loan modification process, you can include a hardship letter. This is a great way to explain your specific circumstances. Your hardship letter must be factual and well written.
Avoid Scams
With the high foreclosure rate in Florida, there are many scam artists trying to take advantage of struggling home owners. According to the Florida Office of Financial Regulation, you should never pay an upfront fee to a loan modification service. It’s also wise to get all agreements in writing and make sure all the services to be provided are clearly specified.
If you’d like to learn more about how loan modification can help you avoid foreclosure, contact us.
