Clermont Loan Modification Attorneys
Due to the stormy economy we’ve experienced throughout the past ten years, it’s become more and more frequent that we see people struggling to make their mortgage payments. If you’ve defaulted on your home loan and want to avoid foreclosure, loan modification may be a good option for you.
Loan modifications help qualified homeowners permanently readjust their loan structure so that they get to keep their home and get back on their feet financially.
Hamp (the Homeowners Affordable Modification Program) was created in 2009 by the federal government to help counter the rising number of homeowners that were defaulting on their loans and ultimately foreclosing on their homes. If approved, loan modification permanently alters your home loan to your benefit.
You may qualify for loan modification if you:
- Owe up to $729,750 on your primary residence
- Are delinquent on your mortgage payments
- Started your mortgage before January 1, 2009
- Pay more than 31% of your gross income (before taxes) on your mortgage
- Are experiencing lasting financial difficulties
Usually, those going through the process of approval will need to complete a trial period in which they are given the proposed altered payment. If you can stay current during the trial, your application will continue on towards approval.
With a loan modification:
- Your interest rate can go as low as 2%
- The mortgage term is extended to 40 years
- Delinquent fees are added to the principal balance, which is re-amortized over a new term
While this has the potential to save your home and your credit score, it doesn’t necessarily come easy. Getting approved for a loan modification can be a confusing and lengthy process. Don’t let yourself get caught up in paperwork. The attorneys at Boyette, Cummins, & Nailos are experienced in these types of cases and have successfully advocated on behalf of thousands of clients in Clermont, Florida.
Our mission is to make the law understandable and accessible to you. If you’re struggling to make your mortgage payment and fear you will soon face foreclosure, don’t miss out on the opportunity to keep your home. Call BCN today at 855-LAW-2020 for a free consultation*.