Loan Modification Attorneys in South Florida
Are You Struggling to Afford Your Mortgage? Visit Us at Our Officers in Pompano Beach & Miami.
If you’ve found yourself in a situation where you’re having difficulty affording your home loan, you are far from alone. At Bilu Law, we know there are thousands of people in a position like yours nationwide. If foreclosure’s become a very real fear for your future, reach out to us now for help with changing the terms of your existing mortgage.
Sometimes all people need is a significant tweak to their obligations in a mortgage to be able to comfortably afford their debt obligations. Lenders are aware of this, and many may be willing to work with your loan modification attorney in South Florida to make temporary or permanent adjustments to your monthly payments. Working with us could mean saving hundreds or thousands of dollars a month on your home loan payments and getting ahead of your financial situation before foreclosure becomes a real threat.
Do I Qualify for a Loan Modification?
People who want to adjust the terms of their mortgage agreement have the best chance of doing so when certain circumstances are true for their situation.
You may qualify for a loan modification if:
- You are experiencing financial hardship or drastic change from when you agreed to your mortgage.
- The outstanding debt you owe on your mortgage is worth more than your property.
- Your mortgage has a high interest rate.
- Your mortgage has an adjustable rate.
How Can a Loan Modification Make My Financial Life Easier?
Modifying the terms of your loan agreement can work to your benefit in several different ways. You may be able to reduce your interest rate to lower your payments, our you may be able to increase the term of your loan to give yourself more time to pay it off. If you need immediate ease of your financial burden, talk to your loan modification attorney in South Florida about shifting a larger portion of your loan to the end of its term.
There are a lot of things you can adjust to your mortgage that you may not be aware of right now, but any of them can help you prevent foreclosure. It’s in neither your nor your lender’s interest to go through foreclosure, so although lenders may not always be receptive to every modification proposal, rest a little easier knowing there’s an incentive out there for them to work with you.
Can a Loan Modification Work for a Second Mortgage?
If you have an additional home loan, Bilu Law can work with that lender to modify the terms of your second mortgage to become more manageable. The federal Home Affordable Modification Program permits this practice, and lenders are incentivized by the federal government to be more willing to accept borrowers’ proposals.
If you need instant mortgage relief, unfortunately, there is no such thing short of a windfall of money. That said, anyone can begin working toward a more manageable home loan agreement by contacting a loan modification attorney in South Florida.
At Bilu Law, our attorneys offer free consultations to anyone who wants to explore the possibility of mortgage relief by adjusting the terms of their loan agreements.