A successful mortgage modification can help lower a homeowner's monthly loan payment. Typically this is accomplished by several factors such as, lowering a loan's interest rate, extension of the loan, or a reduction in the principal of the loan.

The foreclosing of several homes is a huge expense to lenders. When the lender becomes the owner of the home after a foreclosure, they have the added expense of paying maintenance, taxes, insurance, homeowners association fees and other expenses related to the upkeep of the home.

Two of the largest expenses for a lender that forecloses on a home are attorneys fees and court costs. If the lender sells the home at an auction, they run the risk of getting much less than the value of the original loan. This is contrary to the lender's goal of making money. Therefore, a mortgage modification to the original loan gives a lender the opportunity to reduce the risk of taking the foreclosed home to an auction and gambling on the amount the home will make at the auction.

A few signals that a Mortgage Modification may be right for a distressed homeowner:

• Home value is much less than the amount owed.
• Homeowner is struggling to make mortgage payment each month.
  
• Homeowner has missed several mortgage payments.
• Homeowner is being foreclosed on by lender or bank.
• Homeowner has an adjustable rate mortgage that has increased, making it difficult for the homeowner to make the new monthly payments.

Options for the Distressed Homeowner

The Homeowner should provide as much information about their finances and current situation as possible to an experienced mortgage modification legal professional. Be honest about everything: In our Five Step Mortgage Modification process we look at the following things:

• A Homeowner's gross and net income.
  
• A Homeowner's assets.
  
• A Homeowner's monthly expenses.
  
• A Homeowner's documents identifying all of the above, including: bank statements, monthly bills, pay stubs, and tax returns.

How our Team can help the distressed homeowner:

• Defend against Foreclosure: When the LaBovick team defends a foreclosure, it attacks the mortgage and effectively advocates on behalf of a distressed homeowner, providing them time to explore additional options. 

• Mortgage Modification: Mortgage Modification programs, such as bank sponsored or Federally sponsored initiatives like the Obama Administration’s “Making Home Affordable” program, provide such features as a lower or fixed interest rate and a lower principal balance. The LaBovick team works with a homeowner’s lender to obtain the best option as well as a modification approval.

• Accuracy of Approval or Denial: Sometimes a borrower’s payments do not decrease because their lender failed to calculate their figures correctly. Sometimes a lender will even decline a file when they should not. In examples such as these, the LaBovick team will work to help borrowers reverse the lender’s decision and fight to keep families in their homes.

At LaBovick & LaBovick, P.A., our mortgage modification professionals are experienced and devoted to assisting you in finding a workout solution. Contact our office today to find out your legal options. We offer a Free Consultation. You can fill out the form to the left for an assessment of your personal matter.

If you prefer to speak to us by phone, please feel free to call 888.777.3884 to discuss your personal matter with one of our professionals.

Don't Delay! The earlier the homeowner addresses the mortgage modification,  the better the chances are of negotiating a reduced mortgage payment and a lower fixed interest rate.

Contact Us Today!  Every Day Counts.

The Mortgage Modification Professionals at LaBovick & LaBovick, P.A. assist clients throughout Florida, including Palm Beach, Martin, St. Lucie, and Broward counties, and the cities of Palm Beach Gardens, Jupiter, West Palm Beach, Boynton Beach, Stuart, Port St. Lucie, Delray Beach, Lake Worth, Boca Raton, Deerfield Beach, Fort Lauderdale and many other areas.