Readjusting Your Mortgage Payments
Many Florida homeowners have fallen behind on their monthly mortgage payments. Whether the rate on your mortgage has adjusted to the point where you can no longer keep up or your income is no longer sufficient to cover all your bills, you need a solution that provides immediate relief and long-term freedom.
At Borras & Latino, P.A., we can help you avoid foreclosure through mortgage modification. By negotiating with your lender, our lawyers can work to restructure your loan, seeking a lower payment that you can more easily afford. To discuss this bankruptcy alternative with our firm, call 239-935-5712 or 888-724-0544.
Stop Foreclosure Through Loan Modification
The primary advantage of a mortgage modification is the ability to keep your house while lowering the payments, making it easier to remain current on the loan going forward. This process generally involves adding the past due amount to the loan principal and extending the loan term at a lower interest rate.
Under the Home Affordability Modification Program (HAMP), a lender can modify your mortgage loan to 31 percent of your gross monthly income. In order to reduce your monthly payments, the bank may extend the term of the loan to 30 or 40 years or may decrease the interest to two percent. HAMP is available to certain individuals who are employed, have a certain amount of income, and whose lender is part of the Federal program.
Even if you are not eligible for HAMP, the mortgage lender may still modify your loan. Our foreclosure defense attorneys can negotiate with your lender to reduce your monthly payments, lower the interest rate and extend the life of the loan to avoid foreclosure.
Learn More About Modification
If you are having trouble making your mortgage payments, speak to a Fort Myers mortgage modification attorney. The sooner you contact us, the more options you have. We will work diligently to keep you in your home. Payment plans are available. Credit cards are accepted.
The office of Borras & Latino is located in a historic home located near the Butterfly Estates, approximately a half mile from the Federal and State courthouses in Fort Myers. We are available to clients seven days a week by appointment.
Hablamos Español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
