Miami Legal Tips Blog

Do You Want to Stop the Foreclosure Process? Learn About Loan Modification

home-mortgageNo one takes out a mortgage with the knowledge that a day will come when they can’t make their payments. Yet, it happens every day in Florida. In some cases, unexpected medical expenses came up. In other instances, a person loses their job and has trouble finding a new one. Whatever your situation is, if you’re facing a foreclosure in Florida we urge you not to give up yet. Gilbert & Smallman may be able to help.

A mortgage modification could help you

If you’re behind on your mortgage payments then a modification may be just what you need to save your home from a foreclosure. It can help lower your monthly mortgage payments so that they’re once again within your budget. In some cases, this involves lower the interest rate on your mortgage. In other cases it involves fixing the interest rate a certain place for a specific period of time.

Negotiating a mortgage modification can be harder than it should be

Modifying a mortgage is better for you because you get to keep your home. It’s better for the bank because they don’t have to go through the lengthy, costly, and complicated process of foreclosing on your home. Not to mention that banks often don’t get anywhere near what a home is worth when a home is put up for foreclosure auction.

That said, some banks don’t want to negotiate modifications on their properties. They may be more willing to do so for a short period of time, but when it comes to long-term modifications, it’s likely you’ll need an attorney. Why? Some banks believe that if you need a modification today that you’ll need one down the road. They’d rather cut their loses now. Some banks don’t want to send the message to other borrowers that modifications can be made.  

Working with an attorney is your best chance to get a modification

If you’re facing foreclosure then you should absolutely get a foreclosure defense attorney. Gilbert & Smallman has years of experience and can help you through this difficult time. With the relationships we’ve built and the success we’ve had, we’re happy to negotiate with the bank on your behalf. If they don’t want to work with you, then we can investigate other options. Today you only have to do a single thing: Call us for a free legal consultation.

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