9/14/2012 - Posted by:
Stewart Law Offices, LLC
Phone: 305-590-8909
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Mortgage Loan Modification and Principal Reduction - Miami Law Firm - Foreclosure Defense Litigation

MORTGAGE REPAYMENT PLAN, MORTGAGE LOAN MODIFICATION, FORECLOSURE DEFENSE Michael D. Stewart, Esq. Law Offices of Michael D. Stewart 866-438-6574 www.themiamilaw.com If you are only a few months behind on your mortgage, and can now afford to make your payments, your lender may be willing to work with you to create a repayment plan. Under a mortgage repayment plan, you and your lender will agree to spread out the back payments over a set term. You would then make your regular mortgage payment, while paying an additional amount to cover the missed mortgage payments. While repayment plans are an option for some, for others, particularly those whose homes are “underwater” or worth less than the mortgage, a mortgage loan modification might be a better option. With a mortgage loan modification, your lender, together with an attorney if you hire one, will review your finances, together with market conditions in your area, to reduce your monthly mortgage payments and possibly reduce the principal amount you owe on your mortgage to reflect current market rates. Thus, if you have a mortgage of $300,000, but the house is only worth $200,000, a bank may be willing to forgive $100,000 of principal from your mortgage. Going forward, you would make payments based on a mortgage amount of $200,000. Other times, rather than a lump sum principal reduction, banks will agree to reduce a percentage of the principal amount for each monthly mortgage you make. Even better, if the bank grants you a principal reduction, you will likely not owe any taxes on the gain. Additionally, the bank may agree to reduce the interest rate on your mortgage. Oftentimes, negotiating a mortgage loan modification occurs when the property is under foreclosure. In this case the attorney not only has to file documents and argue motions on your behalf against the bank’s lawyers to prevent the bank from taking the house, the lawyer simultaneously needs to negotiate directly with the bank to qualify you for the mortgage loan modification. If the lawyer is successful in obtaining a mortgage loan modification, the lawyer will also negotiate so that the foreclosure process will put on hold, until the homeowner successfully begins to make payments under the newly modified mortgage. Contact us at 866-438-6574 for assistance you with your foreclosure defense litigation and the mortgage loan modification process.
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