Boca Raton Home Loan Modification Lawyer
If you are struggling to make your house payments and all your other debts seem to be crushing down on you, you may be wondering how you can ease your financial burden without filing for bankruptcy. Fortunately, there are several ways in which consumers can manage their debts without declaring insolvency, one of which is home loan modification.
Home loan modification refers to the permanent restructuring of a mortgage where one or more terms of the loan have changed in order to provide for more affordable payments for the borrower. Loan modifications are preferable to most other types of debt restructuring for two reasons: 1) you get to keep your home, and 2) most programs do not impact your credit. That said, obtaining a loan modification is rarely, if ever easy, which is why it is always best to approach the process with a skilled Boca Raton home loan modification lawyer on your side.
Challenges to a Mortgage Modification
Home loan modification plans seemed promising at first. Many homeowners struggle to pay the bills at one point or another, but that does not mean that those homeowners should lose their houses. Loan modification provides a way for those struggling financially to get back on their feet without falling behind on payments. Yet, while the intentions of such programs were noble, the implementation has fallen short.
For one, there is just not enough manpower at lending institutions to personally deal with loan issues. Lenders are in the business of handing out loans, but very few are qualified to restructure them. On top of that, banks do not really benefit from home loan modifications, meaning there is little motivation on their end to follow through with the process.
Two, many banks and lenders are flat out losing borrowers’ paperwork. Too many lenders have reported instances in which lenders have told them, “We are sorry, but we are missing X documentation.” While this is in no way the borrower’s fault, it ultimately affects the borrower’s outcome.
Finally, lenders often make borrowers jump through hoops to obtain a modification. Though banks allowed people to take on loans they knew they could not realistically afford, they are still making borrowers jump through hoops to alter their mortgages to rates they can afford.
An Aggressive and Experienced Home Modification Loan Lawyer Can Help
From being told, “I’m sorry, we lost your paperwork,” to flat out being ignored, you are bound to hear it all when you first attempt to alter your mortgage loan. Do not put up with the excuses. Home loan modification IS possible, but sometimes it takes an aggressive lawyer to break through the bureaucratic barrier and help you achieve your ultimate goal. Whether you have tried but failed to obtain a home loan modification or are just beginning your journey, reach out to the Boca Raton home modification attorneys at Nowack & Olson, PLLC, to learn more about how we can help you modify your mortgage and get on the path to financial freedom. Contact us by phone or email today.