Equity Home Loan Low Mortgage Rate Southfloridaloan.com
When people are facing foreclosure, they do not always realize that they have options. One of these is a loan modification through the lender. A loan modification can change the principal of the loan, the interest rate, and other terms to make the loan more affordable. However, a lender must agree to the loan modification, which means borrowers must negotiate with them. This is not always easy, but there are some tips you can follow to give yourself the best chance of obtaining a loan modification to prevent foreclosure and the costly deficiency judgments that often come with them.
equity home loan low mortgage rate southfloridaloan.com
Always respond to your lender when they try to contact you. When you do, they may agree to a forbearance, which is a temporary payment suspension. This may mean that you do not even have to obtain a loan modification. This solution usually only works for short-term problems, such as if you faced a period of unemployment but now have a job that will allow you to pay your mortgage.
In order to obtain a loan modification, the home must be your primary residence. If you leave it, the lender may claim that you abandoned the property and continue foreclosure proceedings. Although you may be tempted to simply walk away from the home, and the problems associated with it, doing so will likely be detrimental to your case.
An attorney will also be very useful in case the lender does not approve your loan modification. In this case, they may continue with foreclosure proceedings, but there are several defenses available. An attorney will understand what these are and use them effectively to help you stay in your home. It is best if an attorney has been there from the very beginning of your case so they are fully informed of all the facts.
If your attorney decides that the proposed agreement is not fair, or you do not think you can make the payments, you and your attorney can enter into negotiations with the lender. During meetings with your lender, you can negotiate the interest rate, the term of the loan, late fees, and any good faith payment you are prepared to make. Remember that you may not be able to negotiate the principal or any amount that you still owe from before you applied for the loan modification.
We have negotiated hundreds of loan modifications for our clients, and know the other defenses that can be used to keep you in your home. We will walk you through the entire process of negotiating a loan modification and give you the best chance of success with your case. You do not have to go through this alone. Call us today at (954) 523-HELP (4357) to schedule a free consultation with one of our attorneys.
Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.
On April 7, 2022, as previously disclosed, the Company entered into a loan agreement with BigShots Golf, a subsidiary of ClubCorp Holdings, an Apollo portfolio company, to provide up to $80.0 million of mortgage financing for the construction of certain new BigShots Golf facilities throughout the United States. In addition, the Company has a call right to acquire the real estate assets associated with any BigShots Golf facility financed by the Company, which would be structured as a sale leaseback, subject to certain terms and conditions. 350c69d7ab
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