Tampa Loan Modification

If you’ve fallen behind in mortgage payments and can’t seem to catch up, a loan modification might be the solution you’ve been looking for. Even if you’ve already defaulted on your home loan and been threatened with foreclosure, a loan modification in Tampa can save your home. SunCoast Law have helped hundreds of people just like you modify their existing home loan to make payments much more manageable. Tampa, SunCoast Law can work with your mortgage lender to get you back on track making on time monthly payments once again.

Mortgage Modification

There are many ways to modify your current mortgage to make it more affordable for you. SunCoast Law will work to negotiate better terms with your lender to help you bring your loan current and make your home more affordable in the future. While you may have already tried to contact your bank for help, we know that getting a mortgage modification on your own is not easy. Lenders can be reluctant to change the terms of your mortgage because they know they will lose money. On the other hand, many lenders would rather work out a deal with you rather than foreclose on the home. Foreclosure proceedings are expensive and very time consuming. Fortunately our skilled Tampa attorneys are experienced in negotiating with lenders and working with federal modification programs such as the Making Homes Affordable Program, under the Obama Administration.

What can a mortgage modification do for me?

Under the current terms of your existing mortgage you are required to make monthly payments based on a principal loan amount, for a period of time at a particular interest rate. Mortgage lenders make their money by getting the loan amount back from you with additional interest. A mortgage modification changes some or all of the original terms to make the loan more affordable for you. A mortgage lender can agree to modify your existing home loan by lowering the interest rate or by extending the term of the loan. They can also choose to forgive a portion of the debt you owe.

Any of these changes can lower the mortgage payment you make each month to the lender. This can make it possible to remain in your home during times of crisis such as loss of employment or loss of a spouse’s income. Over the course of time, you may also save several thousands of dollars in interest depending on the type of modification you receive.

Many lenders will require a trial loan modification before granting a permanent modification. This is usually done in connection with a federal government program such as HAMP as an example. A permanent loan modification can be guaranteed after an established successful trial period. There are other options also like an “in-house” loan modification and other both government backed and non-government backed programs if you qualify.

This can be a stressful time for you and your family as you try to work toward a final resolution. By hiring a skilled and experienced SunCoast Law Tampa Attorney with the proven ability to negotiate with mortgage lenders you will regain piece of mind knowing the burden to find a workable solution is no longer on you.

Let our SunCoast Law in Tampa help you get relief from heavy mortgage debt. Contact our Tampa office today serving all Hillsborough County cities and communities. We offer a no cost - no obligation - free initial consultation and begin a fresh start today by calling (855) 348-3615.