Miami Loan Modification Lawyer
Whether for commercial real estate or residential homes, sometimes the payment arrangements originally decided will not hold sway. It may be possible to obtain a loan modification, but in order to have a better shot at doing so, it can be a good idea to enlist an experienced attorney. A good Miami loan modification lawyer will understand how best to attack the problem so that you can receive the best outcome possible.
Florida Law Is Not On Your Side
It is important to keep in mind that Florida law is somewhat unfriendly to loan modifications, especially regarding homeowners seeking to avoid foreclosure. In 2013, the existing foreclosure law was changed, allowing lienholders to expedite foreclosures, as well as rendering any foreclosure judgment final (with rare exceptions). This can be a huge problem for homeowners in particular, but also for commercial property owners; if one lienholder wishes to expedite your foreclosure proceedings, it may significantly shorten the time you have in which to obtain a loan modification.
It is also a sad truth that in this day and age, there are many mortgage modification companies whose services are more in the nature of scams. For example, some exist who charge clients for services offered at no cost by the government, or that come part and parcel of engaging a real estate attorney. If you are not careful, you may wind up being taken advantage of and still not have the loan modification help you need.
Methods of Modification
Regardless of commercial or residential real estate being the focus, there are many different ways to modify your loan, depending on what your lender will agree to. No one type will work for every debtor, but there are many different things that may help to get your debt down to where it is manageable for you. Examples include lowering the interest rate, reducing the principal balance (if possible), re-amortization, and extending the term of your loan.
Be advised that loan modification is not a done deal; there are many lenders that will risk the potential of a short sale or otherwise losing money rather than agree to lower the balance or make a change. Some have criteria that a potential client must meet – even under many assistance programs for homeowners, one must have a legitimate financial hardship, sufficient income to support your proposed modified payment, and meet many other criteria.
Contact Our Experienced Miami Loan Modification Lawyers Today
Loans are complicated by nature, but it does not have to be complicated to get your financial situation to a place where you have things under control. Contacting an experienced lawyer is a good first step. The dedicated Miami loan modification lawyers at Nowack & Olson, PLLC are happy to put our knowledge to work for you. Call us today to make an appointment.