Loan ModificationLoan Modification

A loan modification is a negotiated change to the terms of the mortgage between you and your mortgage lender. In the past, loan modifications were only available when you were already delinquent in your mortgage payments, and facing imminent foreclosure resulting in a damaged credit score. The recession and economic climate in America created the political pressure necessary to bring about new government programs to facilitate loan modifications with the banks. It is now possible to modify the terms of your loan without having to sacrifice your credit with a delinquent loan account. It is also easier to get the bank to lower your interest rates and monthly payments to a more affordable amount.

Although these government programs make it easier for the bank to agree to a modification of your loan, the banks are still overwhelmed with the workload of processing thousands of applications for this relief. While many homeowners attempt to workout a loan with the bank on their own, many times they get the "run around" from the bank because of poorly staffed loan work out or "loss mitigation" departments. Many documents end up getting lost in the giant paper shuffle and are not submitted in time, or at all. Much time is spent waiting on the phone and compiling documents requested by the bank.

These hassles and delays often times result in more financial struggle and increased hardship for the homeowner as other bills and obligations mount up. This is where legal representation can make a difference. The attorneys and staff at our law firm will directly contact the bank to negotiate a modification of your loan. We will be proactive in seeking a timely resolution to your loan modification application.

Additionally, if you are already in foreclosure, or go into foreclosure during the modification process because you can no longer make your monthly payments, the attorneys at our firm can represent you in court and defend you against the foreclosure action. Unlike many non-lawyer companies who claim they can assist you in modifying your loan, we are a LAW FIRM. We are licensed by the State of Florida to actually appear in court on your behalf to defend you and deal directly with the bank's foreclosure attorneys, so you don't have to.

If you feel like you have become a prisoner to your monthly mortgage payment because of a bad loan deal and/or a financial hardship, call The Ceballos Law Firm today for a free consultation at 407-374-9620 to discuss the range of options and solutions we can offer.