Loan Modifications

If you are having a hard time keeping up with your mortgage payments or are underwater, you should consult with experienced Florida real estate and foreclosure defense attorneys, who can review your situation and offer pragmatic advice and personalized service.

Whether a homeowner or business, the loan modification attorneys at KALIS, KLEIMAN & WOLFE will explain your specific financial hardship and negotiate with your lender to come up with the best solution for your situation to help you avoid foreclosure. Loan modification options may include:

Forbearance

A forbearance agreement allows homeowners and businesses suffering temporary (short-term) hardships (job loss, medical emergency) to make arrangements with the mortgage lender to reduced payments, or pay nothing for a predetermined time. A forbearance agreement doesn’t excuse a homeowner or business from their debt or unpaid mortgage payments. It just allows the homeowner or business to make their payments at a later date. There are many different stipulations that can be considered and there can be serious legal ramifications if abused.

Loan Modification

A loan modification can permanently alter loan terms (extend terms of the loan or lower the interest rate) to make payments more manageable. Homeowners and businesses in need of a loan modification may never be able to pay off their original mortgage loan.

Getting approved for a mortgage modification or forbearance may be difficult. It may be a challenge just to prove to the lender that a homeowner or business can’t afford their current mortgage, but can afford a modified mortgage. Homeowners and businesses must also present substantial information to banks and lenders including loan documentation, financial paperwork, etc. If not done properly or timely, some lenders may not talk to you.

Our attorneys are experienced in negotiating loan forbearance agreements and loan modifications with mortgage lenders and will work hard to see that your arrangement is one that best suits your situation. Whether you’re behind on your payments or simply have a mortgage that’s substantially underwater and need assistance, contact KALIS, KLEIMAN & WOLFE today. Depending on the individual situation, there are potential remedies that the experienced real estate and loan modification attorneys at KALIS, KLEIMAN & WOLFE may be able to pursue on your behalf.

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