Loan Modification
With the recent high rate of foreclosures and governmental encouragement, many lenders and servicers are now beginning to consider loan restructuring and modifications. An example of such a modification might be where your delinquent payments are made current by adding them onto the back of the loan. Your loan payments would remain approximately where they were BEFORE the payment rate & payment adjusted up. In many cases the interest rate will be reduced temporarily (2-5 years), allowing you a lower payment in order to catch up the arrearages and maintain your payments in a timely manner.
There are literally thousands of variations as to the types of loan restructuring that we can offer depending on your circumstances. As each lender is different and have varying requirements, and with industry and governmental changes occurring every single day, it is best that you speak with one of our counselors in order to determine which is best for your specific situation. We are able to be in constant contact with your lender and negotiate the best restructured loan possible.
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ADVANTAGES OF RESTRUCTURING |
QUALIFICATIONS FOR |
1. NO NEW APPRAISAL (IN MOST CASES) |
1. CURRENTLY BEHIND IN MORTGAGE PAYMENT |
2. NO CREDIT CHECK OR MINIMUM FICO SCORE |
2. ABILITY TO AFFORD NEW MORTGAGE PAYMENT |
3. NO REFINANCING OR CLOSING COSTS |
3. SHORT TERM FINANCIAL DIFFICULTY |
4. CURES YOUR PAST DUE STATUS |
4. LOW OR NO EQUITY IN YOUR HOME |
5. PROTECTS YOUR CREDIT RATING |
5. PRIOR GOOD PAYMENT HISTORY |
6. ONE TIME, FLAT FEE FOR SERVICES |
6. IN AN ADJUSTABLE RATE MORTGAGE |
7. ALLOWS YOU TO KEEP YOUR HOME EQUITY |
7. IN A HIGH INTEREST FIXED RATE MORTGAGE |
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Payment Rate and/or Interest Rate Reduction
With the increase of interest rates on home loans many homeowners with adjustable rate loans are faced with mortgage payments they can no longer afford.
Our goal is to convince your lender or servicer that it is in their best interest to keep you in your home and making payments, even if those payments are lower than what the note requires. Our unique combination of legal and mortgage industry professionals with knowledge of the industry and negotiation skills, gives us the expertise to analyze your particular needs and achieve the best possible modification of your loan to allow you to keep your home and your equity
LOAN MODIFICATION
Do you need Loss Mitigation assistance? The Law Offices of Bilu & Bilu can help homeowners who can answer "yes" to one or more of the following questions:
- Do you have an adjustable-rate mortgage?
- Are you currently behind one or more house payments?
- Is your mortgage a pick-a-pay or negative amortization loan?
- Is your loan an adjustable rate that is about to re-set or re-cast?
- Do you owe more than your home is worth?
- Do you want to stay in your home?
- If you do not want to stay in your home, are you interested in a short sale or deed-in-lieu of foreclosure?
- Do you want to legally protect yourself against foreclosure?
If you own a home in Florida, and you're stressed, feeling hopeless or confused about what to do when threatened with a foreclosure, call us. Bilu & Bilu’s lawyers are experienced in real estate and property matters. They know what needs to be done to help their clients stay in their homes.
We are well versed in loss mitigation and especially South Florida, Ft Lauderdale and Pompano Beach Loan modification. Here’s an overview of the options that Bilu & Bilu can help make available to you if you are in need of Loss Mitigation:
What is loss mitigation?
Loss mitigation is a negotiated agreement between the homeowner and the lender that will stop foreclosure proceedings permanently allowing the homeowner to stay in their home while preserving their credit history.
After your initial consultation we will determine the necessary steps to save your home and protect your credit. We will explore various options to save you from foreclosure, or get you out of foreclosure if a complaint has been filed. The techniques that we implement vary in each individual circumstance. If our Client wants to keep their property, we will explore plans including but not limited to:
Loan Modification:
A program in which a portion of the arrears may be added to your remaining principle balance, to bring the account current. It may also be possible to adjust the term of your loan and/or reduce your interest rate.
Special Forbearance/Forbearance Agreement:
A formal, written agreement between Client and Lender to reduce or suspend monthly payments for a pre-determined period of time. This will give you the opportunity to recover from your hardship.
Repayment Plan:
A formal, written agreement between you and Lender in which Lender accepts your regular mortgage payment and a portion of your arrears for a pre-determined period of time. These plans are designed to bring the account current over a period of time and avoid the initiation of foreclosure.
Stipulation Agreement:
A formal, written repayment agreement between you and Lender to bring the account current after a foreclosure action has begun. The plan suspends the foreclosure action and is designed to bring the account current. The plan payments consist of your regular mortgage payment plus a portion of the arrears each month for a pre-determined period of time. These plans are designed to bring your account current over time. The foreclosure action would be cancelled if the plan were successfully completed.
Refinance:
The process of paying off your mortgage with the proceeds from a new loan using the same property as security.
Claim Advance: (FHA loans or conventional loans with Private Mortgage Insurance)
These plans allow for arrears to be cured by advances made by the insurer of your loan. The funds insurer are used to bring your account current and are obligated to repay the funds advanced. You may be required to sign a promissory note to repay the insurer through monthly installments or in one lump sum at a pre-determined time. On FHA loans this option would require an additional lien to be placed on the property.
If together we determine that you cannot afford your property any longer and wish to sell, we can assist you to help secure a short sale payoff or a deed-in lieu of foreclosure agreement explained as follows:
Mortgage Short Sale:
If your property value is not sufficient to pay the loan in full, LENDER may be able to accept less than the full amount owed. Sale proceeds are accepted as settlement for the debt. You may or may not be required to sign a promissory note for the difference or a portion of the difference.
Deed-in-Lieu of Foreclosure:
This option allows you upon approval to deed your property to LENDER, the investor, or insurer as settlement in lieu of foreclosure. Property must be free of all other liens.
We privide the best services: Loan Modification Pompano Beach, Ft Lauderdale, Broward, Dade and all South Florida Loan Modification
If you are facing a foreclosure situation or desire a loan modification or other loss mitigation assistance, please download our information package in adobe .Pdf form HERE which can be opened with Adobe Reader. You may download Adobe Reader free of charge at www.adobe.com. You may fill out the informational package and fax it to 954-427-1518 or scan and email it to rbilu@bilulaw.com today.