Since the real estate market crashed in 2005, more and more homeowners are saving their homes by entering into loan modifications. Loan modifications are exactly what they sound like – changes to your existing loan. Governement backed programs such as HAMP 2.0 have allowed more and more people to save their homes through loan modification. The goal is to change your mortgage terms to make your payment equal to 31% of your gross income. Ways the mortgage company can change your loan to lower your mortgage payment are:
- Interest rate reduction
- Extend the years remaining on your loan
- Waive late charges or interest
- Principal reduction
Our attorneys can help you negotiate your loan modification, whether you are just a few months behind on your mortgage or in an active foreclosure or chapter 13 bankruptcy. You may be required to attend a mediation if you are negotiating a loan modification in an active foreclosure or bankruptcy case. The bankruptcy mediation program had an 80% success rate in obtaining loan modifications for debtors as of January 2013. Let us help make you part of the 80%.
Negotiating a loan modification can be complicated, especially if you are attending a mediation such as in an active foreclosure or Bankruptcy case. Let us put our experience to work for you and help you negotiate your loan modification.
The loan modification attorneys at Cohen and DePaul have handled many loan modifications. Call us today at 813-606-4446 to see if you qualify.