A mortgage loan modification is a modification of the terms of payments for a loan to make the periodic payments more affordable to the homeowner. If you are in danger of foreclosure or think you might be, the Law Offices of Anderson and Ferrin can help. Our experienced and dedicated lawyers can help you back on the track to affordable monthly payments and keep you and your family in your home.
A mortgage loan modification will alter the terms of a mortgage in order to make your payments more affordable. There are a number of benefits to getting a mortgage modification. Foreclosures cost lenders a lot of money, and therefore, they are willing to modify loans in order to prevent them. This way, homeowners retain their homes and lenders retain their profits. It’s a win-win situation on either end of the deal. Other benefits include: (a) A decrease of the mortgage interest rate, lowering your monthly payments. (b) The lender may agree to lower the total amount you owe on the loan, once again reducing your monthly payments. (c) A deference of the total loan amount, which may lower your monthly payments temporarily. (d) More time to pay off the loan, which lowers monthly payments as it gives more time to pay off the loan. Some additional options include:
Repayment plan along with extra time to repay missed payments.
A forbearance, allowing you to stop or reduce payments for a period of time.
A delay of foreclosure.
The attorneys at the Law Firm of Anderson and Ferrin are experienced and knowledgeable in loan modifications, and are located conveniently in the downtown Orlando area. We offer immense expertise and a free initial consultation. Prevent Foreclosure. Call today for your free consultation.