Can I Obtain a Loan Modification?

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Clermont Mortgage Modification Attorney

Understanding when Mortgage Modification Might be a Viable Option

Clermont Florida Short Sale Attorney With the recent downturn in the economy and the housing market, many are struggling to make mortgage payments on homes with significantly reduced property values. A Clermont mortgage modification attorney can help you understand your options if you find yourself upside down on your mortgage.

Understanding what a Mortgage Modification is

As your attorney can explain, when you take out a mortgage to secure financing for your home, you’re signing a contract. You agree to a certain interest rate, term of repayment and monthly payment amounts. With the crash in the housing market, it is not uncommon for borrowers to find themselves owing more on their home than the house is worth. This is what is meant by being “upside down” on a mortgage. In some circumstances, a borrower may qualify for a mortgage modification. That is, the lender may agree to change some terms of the original loan such as the interest rate, term of repayment or monthly payment amount. However, not every borrower qualifies and it’s important to understand the consequences of entering into a mortgage modification.

Mortgage Modification Qualification

In order to be eligible for a mortgage modification, a borrower must already be behind in their mortgage payments, and meet certain income and property value requirements.

Pros and Cons of Mortgage Modification

If the lender agrees to a modification, the borrower will likely pay a much greater interest rate than the original mortgage. Additionally, this may show up as a negative event on the borrower’s credit. However, in many cases, the missed monthly payments have already done damage in that regard. One of the main advantages of mortgage modification is the ability to work with the bank and stop foreclosure proceedings so the borrower may continue living in the home and pay off the loan. However, before agreeing to a modification, an attorney can help you understand what’s in your best interests. To discuss your financial issues with an experienced Clermont mortgage modification attorney, call the offices of Merideth Nagel, P.A., Attorney at Law to schedule a consultation, call 352-394-7408 or toll free at 877-580-6868.

Serving West Orange County, Lake County, Sumter County & Marion County

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