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Loan Modification Archives

An alarming number of South Florida homeowners still face foreclosure. What can you do to make sure you are not one of them?

Recent information indicates that, through October of 2016, approximately 1 in every 830 homeowners in Miami-Dade County was facing foreclosure. In Broward County, it's about 1 in every 620. If you are struggling to keep up with your mortgage payments, you don't have to become one of these statistics.

Don't get scammed by a phony loan modification provider

People who are facing foreclosure will do almost anything to save their homes. Sadly, there are numerous companies that prey on distressed homeowners and happily to take their money under the guise of helping them resolve their mortgage problems.

How will a foreclosure impact my credit?

When people are struggling to keep up with their house payments, it doesn't take long for the mortgage company to start threatening foreclosure. One of the first questions people ask is what is going to happen to their credit rating. This is an important question, but there may be larger questions you should be asking, like, "How can I avoid foreclosure completely.?"

What if I am underwater on my mortgage? Shouldn't I just walk away?

While the values of many Florida homes have recovered since the real estate crash, several homeowners still find themselves in a situation where they owe more on the mortgage than the property is worth. As recently as a few years ago, many homeowners simply walked away and allowed the bank to foreclose; a practice commonly referred to as a strategic default.

The bank says I'm not eligible for a loan modification. Now what?

In the previous post in this series, we discussed your right under Florida law to attempt to modify your loan as a way to avoid foreclosure and save your home. There have been numerous cases, however, where lenders will attempt to keep the terms of the current loan by telling you that you are not eligible for a loan modification.

Is a loan modification right for me?

Loan modification is becoming an increasingly popular method of saving a home from foreclosure. This is especially true in Florida, where state law now requires lenders to rework loans with terms that are more manageable for the homeowners who are at risk of foreclosure. Nevertheless, lenders are in the business of making money, and many of will still attempt to finalize deals that serve their own interests more than the homeowners.

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