The economy after the pandemic has unfortunately impacted many Americans—and not for the better. Households are battling inflation for everyday items and services, and some are struggling to make their mortgage payments on time every month. Families in this situation may be considering a loan modification, a renegotiation of their mortgage loan with terms that better fit their current financial needs. A loan modification is different from bankruptcy and mortgage refinancing, and it can be an alternative option for families looking to file bankruptcy.
Take care of your family’s financial future by consulting with a qualified expert Tampa, Florida, loan modification attorney. Messina Law Group, P.A. is a full-service law firm serving the Tampa Bay area. Call us today for a free consultation at (813) 492-7798.
If your lender is not getting payments from you, they may be willing to accept a loan modification instead of spending time and money to foreclose your property, especially if the sale of your home isn’t going to cover the outstanding mortgage. The loan modification process deals directly with the lender—who will try to settle your claim for the least amount of loss possible—making it necessary for you to retain the services of a knowledgeable loan modification attorney with experience dealing with mortgage lenders. Our skilled modification attorneys will negotiate on your behalf to secure loan modification terms with which you and your family can live.
In a loan modification negotiation, loan terms can be adjusted in several ways. Your lender may agree to the following: lower your interest rate; waive already-accrued late penalties; decrease your monthly installment payments; reschedule your installment payments to remove an existing delinquency; and reduce your loan balance by forgiving some of the principal, interest, or both. If you feel hopeless in your current financial situation, a loan modification may give you the breathing room you need for your family’s future.
It’s not mandatory for you to hire an attorney, but it’s in your best interest to do so. A loan modification is an extensive contract renegotiation that often occurs during and in anticipation of a foreclosure proceeding. A proficient legal professional should help you navigate the process. Don’t try to take on your lender alone, and don’t settle for mediocre legal help. Loan modifications can be complicated and time-consuming, and hiring a loan modification lawyer in Tampa Bay can help you get the most out of your existing mortgage loans. An experienced attorney can guide you through the process of refinancing your current loan to better accommodate your financial situation.
Our Tampa Bay area Law firm provides Real Estate, Probate, Business Law, Trusts & Estates, and Family Law legal counsel. We have offices in multiple locations throughout the Tampa Bay area, making it convenient for you to get the legal help you need. Please contact us today for a free consultation at (813) 492-7798.