Everyone deserves to smile.
Are you worried about losing your home?
We care and think it is important you consider a loan modification and have an attorney to help you. You must understand what a loan modification is, whether or not you are eligible, and the role an attorney representing you can play in the outcome of your case.
Kyle & Kyle Law has helped thousands of homeowners just like you. We speak to lenders on a daily basis and can communicate and negotiate with the bank on your behalf. We have negotiated hundreds of loan modifications and are here to help you determine your eligibility and save your home. We can communicate to the banks, help you understand the application process, help you submit another application if you have been denied, answer questions on the required documentation, and contact your lender on a regular basis to get the best offer from your lender. Then, you can make a decision on what to do next, while we continue to handle your court case, ultimately, giving you control of your future.
What is a loan modification?
A loan modification is a modification of an existing mortgage loan. The loan is modified with the purpose of allowing you, the homeowner, to remain in your home without a past due balance allowing the foreclosure case to be dismissed. The loan can be modified in several ways and each individual loan is unique. The ultimate goal of a loan modification is to reduce your monthly payment to enable you to keep your home with a monthly payment you can afford. When loans are modified, the length of the loan can be extended, the interest rate can be reduced, the overall amount owed can be reduced, or a combination of any or all of these. Keep in mind it is very rare for the amount owed, also known as the total principal, to be reduced. Also, loans can be modified by taking the past due balance and adding it to the end of the loan as a balloon payment with zero interest. A balloon payment comes due at the end of the loan in a lump sum or can come due if the home is sold or refinanced. As you can see, there are many terms that should be negotiated when pursuing a loan modification.
What are the steps to a loan modification?
- Gather financial documents
Am I eligible for a loan modification?
There are many factors that will determine your eligibility for qualifying for a loan modification.
- Whether or not you have previously modified your loan
- The reason you are behind on your monthly payments
- Debt to income ratio
- Current income
- Type of loan
- Length of existing loan
- Amount you still owe on your existing loan
You may be able to obtain a loan modification without an attorney. However, your mortgage lender hires attorneys to foreclose on your home and those attorneys represent the bank, not you. Many times we hear clients tell us, "the bank told me everything will be okay as they are working on my loan modification." Sadly, many of these situations end with the mortgage lender denying their loan modification and the court selling their home. Don't let this happen to you.
Kyle & Kyle Law is ready to negotiate on your behalf with your mortgage lender.
YOUR NEXT STEPS
1) Call 877-595-3529 to schedule a free consultation with a foreclosure litigation attorney.
2) Get sound legal advice and find out what legal options are available to you.
3) Let us take action in your court case.
4) Smile with Kyle.
Regardless of whether a loan modification is an option for you, there are other options available, and you should know what they are. Kyle & Kyle Law serves homeowners throughout Florida.
Schedule a free consultation today.