SAVING A DISTRESSED PROPERTY WITH A LOAN MODIFICATION LAWYER
Due to economic turmoil, foreclosures in many U.S. markets continue to occur. However, foreclosure activity in the Miami-Dade & Broward remains at record levels. The loss of a property from foreclosure greatly impacts you, your loved ones, and your credit. As such, you should do all that you can to avoid foreclosure. Fortunately, loan modifications and short sales are widely available to homeowners that are proactive in resolving their homeownership problem with the lender. There are benefits to having an attorney represent your interests in this process. When dealing with loan modifications the legal aspect is sometimes confusing. If you are not trained in the law you may miss an important issue buried in the paperwork.
Many lenders are now realizing that loan modifications can result in a “win-win” scenario for both the borrower and the bank. Instead of ignoring notices from your lender, you should do your best to get to the negotiation table to modify your loan by hiring an experienced loan modification attorney like Attorney Mery Lopez. As your attorney we can also use the Truth in Lending act (TILA) and Real Estate and Settlement Procedures act (RESPA) as leverage in negotiating more favorable terms on your mortgage. An attorney with experience in this area will be familiar with the tactics a bank will use to make a deal favorable to them. You need to make sure your interests are protected. Working with someone who has done a number of loan modifications will allow you to benefit from their experience. Banks may delay this process (intentionally and unintentionally) and many homeowners get frustrated by these delays. A good attorney can help cut through some of these stall tactics and will often have more success in getting the right person on the phone to negotiate a better deal.
A loan modification is defined as an agreement between a lender and a delinquent borrower in order to put the loan back on track. It involves re-negotiating and rescheduling the loan in order to keep it current. In a loan modification, the borrower benefits from a smaller installment amount and possibly a longer payback period or balloon amount at the end of the loan term.
Here are some of the ways a loan workout can benefit you:
• It can reduce your mortgage’s interest rate to the current rate, which is usually lower than what you are paying now.
• It can convert your payment from a variable rate to a fixed rate mortgage, effectively bringing monthly payments down.
• You can extend the payment period up to 40 years at times, lowering monthly payments, giving you ample time to get back on your financial feet.
• You can re-amortize the loan by computing your missed payments into the principal balance. It is almost like having a brand new loan or similar to a refinance.
SECURING YOUR LOAN MODIFICATION
Obtaining advice and assistance from an experienced real estate lawyer is the first step to a loan modification. Professional legal counsel with ample knowledge on real estate law will help you consider your options and get started on understanding foreclosure and your options. An attorney can often apply more significant pressure on a lender after your new loan documents are submitted. This pressure could protect you from foreclosure during the loan modification process and it may expedite your financial relief. Fighting for a home loan modification is much like going to court. You may think you are saving money by representing yourself, but in the end you may get nothing and face serious financial consequences. If you are facing a possible foreclosure due to a financial hardship, you don’t have to go it alone. Call the law office of Mery Lopez today and have a qualified professional look at your loan.
Your real estate lawyer Mery Lopez will help you weave through the intricate process of a loan modification. We have achieved lowered interest rates, affordable monthly payments, and a modified loan term that is concurrent to their client’s financial standing. In short, loan modifications that are feasible and that help avoid foreclosure. At times we can secure additional help with programs such as Elmore, Hamp etc.
If you or anyone you know is in need of legal assistance in a loan modification, foreclosure, or short sale in Miami, and or Broward please call the Law ODfices of Mery Lopez and ask to speak with Attorney Mery Lopez today for a free consultation at 305 882-2739.
A short sale is an option for homeowners bogged down with serious financial problems. To complete a short sale you sell your home for less than what you owe your lender and you try to negotiate away the difference. The biggest problem you face is getting your lender to agree to a short sale. Many will not.
Here are three reasons to work with an attorney Mery Lopez for Foreclosure Defense and Short Sale Negotiations:
1. Many lenders will not release you from the loan balance. An attorney will help you fight for this release.
2. If your lender issues short sale approval letters, you will benefit from having an expert attorney review them. Some banks issue a release of mortgage, some a release of lien and some a release of the outstanding loan balance. Which is better? Ask your lawyer.
3. Some attorneys may be able to gain leverage over the lenders during the negotiating process. The attorneys who handle these transactions frequently have a big advantage. They know the law and they understand how banks work.
Falling behind on your home loan is frightening. You don’t need to go through it alone. Discuss your situation with our Attorney and we will work together to try to find a solution.
Call today the Law Office of Mery Lopez, P.A. to get started (305) 882-2739
Home foreclosure due to an inability to make your monthly mortgage payments is one of the most stressful and difficult experiences a family can face. Uncontrollable situations such as serious illness, a major accident, divorce or job loss can place anyone in this compromising situation. Reverse Mortgages and or late payments can cause a family to default and need defense help.
The result of a foreclosure is the lender taking your home. The lender can also get a judgment against you for the money you owe plus his costs. If that isn’t bad enough, your credit report will be in bad condition for years to come. There is no benefit to foreclosure and it should be aggressively avoided.
When a process server arrives at your door you may feel as though all hope is lost. This is a time when an attorney Mery Lopez may be able to provide you with some assistance to let you know what your options are. Call today for your free consultation. There are time limits in which to respond to any lawsuit so time is of the essence.
We can help you save your home before it’s too late!