Jacksonville Mortgage Loan Modification Lawyer
Alleviate Your Financial Troubles Today
Are you behind on your monthly mortgage payments and worried about foreclosure? Depending on the circumstances, a loan modification may be a suitable option to help you achieve much-needed relief. As opposed to losing your home through foreclosure, short sale, or bankruptcy, you may be able to renegotiate the terms of your mortgage to better suit your financial situation.
At Albaugh Law Firm, our team of Jacksonville mortgage loan modification lawyers has helped countless clients throughout Jacksonville and the surrounding areas keep their homes through mortgage loan modification. Having earned a 10.0 “Superb” Avvo Rating and an extensive collection of positive client testimonials, we can guide you step-by-step through the associated legal process as swiftly and effectively as possible, ensuring that your rights are protected at all times. Discuss your debt-relief options in full during a free case evaluation.
How Does Loan Modification Work?
The process of loan modification involves negotiating with your lender to alter the terms of your mortgage to secure a more affordable monthly payment. Through negotiations, you may be able to change a number of your loan’s terms, including:
- Lowering your interest rate
- Reducing your monthly payments
- Reducing your principal balance
- Extending the repayment period
- Counting past due payments toward the overall loan amount
Since the foreclosure process is costly for lenders, in many cases, banks and lending institutions are keen on keeping borrowers in their homes under altered terms. This process can be complicated, however, making it imperative that you retain the guidance and protection of a qualified loan modification attorney from the beginning. Our knowledgeable lawyers understand what to say, who to talk to, and which strategies will be most effective to help you work out a desirable arrangement.
How Much Can I Save With Loan Modification?
In addition to preventing foreclosure and giving you additional time to repay your mortgage, a loan modification may reduce the amount you owe. You may be able to negotiate a reduction of your interest rate and even the principal amount due. Some borrowers are able to save hundreds or thousands of dollars a month. For a typical 30-year mortgage, a reduction of even a few hundred dollars can be worth tens of thousands of dollars in savings over the life of the mortgage.
Qualifying for Loan Modification
A loan modification may be available for any borrower who is struggling to make their monthly mortgage payments. Factors that increase the chances of a loan modification being available include:
- The amount remaining on the mortgage is higher than the value of the property
- The mortgage interest rate is adjustable
- The mortgage rate is currently very high
- The borrower is experiencing significant financial hardship, for example, due to income loss or unexpected medical expenses
- The borrower has sufficient income to cover modified monthly payments
Your mortgage terms are not set in stone, and nearly all lenders are open to the possibility of a loan modification. You do not have to rely on the goodwill of your bank, standing alone. Government programs encourage lenders to offer loan modifications. Talk to an experienced loan modification attorney to discuss your options for debt relief and how to put together the strongest bid for a modification to your home mortgage.
Retain the Powerful Support You Need
When homeowners choose to forego legal representation and attempt to handle their own mortgage modification negotiations, lenders may sometimes see them as easy targets and push terms that are not in their best interests. With our Jacksonville mortgage modification lawyers on your side, you can level the playing field and rest easy knowing that your rights as a consumer are protected. With more than 70 years of combined legal experience, we can help you understand your legal options and negotiate an arrangement that best fits your financial needs.
Mortgage Help You Can Trust in Jacksonville
If you are struggling with your mortgage payments and looking for options to reduce your debt, call the Jacksonville mortgage loan and debt relief attorneys at Albaugh Law Firm for dedicated and compassionate legal help. We pride ourselves on providing individualized, efficient, and effective service to our Florida clients seeking financial freedom and security. Call the Florida debt relief attorneys at Albaugh Law Firm today at 904-471-3434 and let us help you work towards a brighter financial future.