Fort Lauderdale Real Estate Defense

MORTGAGE RATE REDUCTION OR LOAN RESTRUCTURING

Often times, when the consumer actually CAN afford to make a mortgage payment going forward (even if it's not a full mortgage payment), a loan modification and a mortgage pay rate reduction is a possibility. A loan modification involves demonstrating to the lender that a temporary situation caused the borrower to fall behind on the payments, but that the situation has been resolved completely and the borrower is eligible for a mortgage rate reduction. A loan modification typically requires proof, that the borrower earns enough household income each month to make a mortgage payment. Showing the lender a residential lease for a room, or rooms, in the house will usually suffice.

Loan Modification is also a great solution for a borrower who wants to stay in their property, but can't afford the payment to adjust upward, or can't quite afford the current mortgage payment. In that situation, a mortgage pay rate reduction is an ideal solution because it will lower the monthly mortgage payment to a manageable amount. Loan Modification is also a solution when the payment has not been made for a while, but the borrower can now afford to start making payments again.

The type of Loan Modification that is most beneficial for a borrower behind on mortgage payments is called a “recapitalization agreement.” A Recapitalization agreement takes all the arrears, interest, fees, and accumulated payments and adds it to the principal of the mortgage loan. The result of this negotiation is a slightly larger principal loan amount, but a status of “current” on the mortgage loan payments going forward.

As an alternative to a mortgage pay rate reduction, if you are unable to make payments at the current rate, we can often negotiate with your lender to extend your loan for a longer period of time, modifying the loan amount to a more affordable level.

A Loan Modification will change your existing mortgage loan and give you a fresh new start in managing your home. Your account will be brought up to date immediately.

At Krauss, Fishman & Gamm, P.A., we continually strive to provide the best service possible to our clients. We do this by never losing sight of what our clients' goals are and what we have to do to achieve them. Never settling for second best is the attitude we approach each case with and every case we take on is treated with compassionate and experienced representation.

Contact us about your Florida Mortgage Rate Reduction or Loan Restructuring matter and we will ensure we give you the highest level of client service possible. Feel free to call us toll free at (866)503-3336 or fill out our Quick Contact Form.  We look forward to hearing from you.