Fort Lauderdale Loan Modification Attorney

Loan Modifications in Ft. Lauderdale

Several years ago almost no one would have heard of the term "loan modification" or even think that this was an option that existed for homeowners. But with the crash in real estate as well as the lingering economic downturn the struggle to remain in one's home has become a very real struggle for many Floridians. Now it is tough and problem loans are a common reality. During the mortgage boom, banks and loan brokers structured the loans to make entry easy with low teaser initial rates or putting a buyer into an ARM. An ARM is an "adjustable rate mortgage" which often has a low rate for the first few years and then resets at a higher rate. Another way to get buyers into homes was a negative amortization mortgage. This loan is based upon the idea that home values will raise and so it is can make sense to not pay the full interest amount each month.

The problem is that when home values drop the homeowner not only owes more than the home is worth but actually the balance is more than it was originally purchased for! This is termed an underwater mortgage, and creates real problems for homeowners who purchased property fully believing they would be able to refinance after the initial interest only term of the mortgage.

These situations can require legal advice from a Fort Lauderdale personal bankruptcy lawyer. Their area of practice covers the many complex financial and legal issues surrounding home ownership and asset protection.

Can the bank modify my mortgage so I can keep my home?

This is a question that many homeowners are asking themselves. A mortgage is a loan contract and it is a legally binding document. In a simple situation one could sit down with another individual and "hash out" a few points and so create a new agreement with a modified contract. Unfortunately a modifying a home loan contract is anything but simple. Many people in the Ft. Lauderdale area have tried to negotiate with their lender personally with no success, and have the threat of foreclosure hanging over them. A Fort Lauderdale bankruptcy lawyer from our legal team has the skills to get involved and take action on your behalf.

Almost every loan written in the past ten years was bundled up and resold to another bank or packaged up on Wall Street. The banks changed ownership and the packaged loans were resold multiple times. This complication plus the layers of approval within banks can make the entire procedure appear almost impossible. In fact, some homes have been sent to foreclosure auctions simply because one arm of the bank did not know what the other was doing. At The McCue Law Firm we have been able to assist many individuals save their homes by obtaining modifications to their loans. Lowered payments, repackaging delinquent payments into a loan and dropped interest rates are benefits that we could pursue on your behalf, on an immediate basis.

A loan modification and the negotiations involved can often be successfully resolved with the help of our law firm. We have worked with many lenders successfully and offer our services to you. It requires a solid working knowledge of the laws and is best undertaken with the help of an experienced legal team.

Please contact a Fort Lauderdale loan modification attorney for information about how we can assist you. Page: Fair Credit Reporting Parent: Bankruptcy