West Palm Beach Loan Modification Lawyer
If you are a homeowner, your mortgage may be the single biggest monthly obligation you have to deal with and the one that gives you the most trouble. Many homeowners find that they were talked into a mortgage they couldn’t afford on a home that falls drastically in value when the housing market declines. Others find themselves locked into adjustable rate mortgages that keep resetting to higher and higher interest rates. Even if you can afford your mortgage, an unexpected setback like a job loss or a serious illness may put your monthly payment out of reach. Before things get too bad and the bank starts to foreclose, talk to a compassionate and dedicated West Palm Beach loan modification lawyer at The Port Law Firm to explore your options for obtaining a loan modification or finding relief through bankruptcy where appropriate.
Negotiate a Lower Monthly Payment with a Loan Workout
An attorney from The Port Law Firm can negotiate on your behalf with the bank to lower your monthly payments. The bank doesn’t want to have to foreclose on a property and be stuck with a home it cannot sell, or have to deal with a homeowner in bankruptcy. In many cases they would rather let you stay in your home and continue making payments, even if they are less than the original amount. If 40% or more of your monthly income is going toward your mortgage, we will work to lower your payment by negotiating a lower interest rate, extending the term of your loan, or other means. If you have missed payments and are in default, we may be able to get the bank to forgive missed payments, move them to the end of the loan, or roll them back into the loan balance and re-amortize. We will explore all options to get the best result in your particular situation.
Modify Your Loan in Bankruptcy
You may think that the best loan modification would be one that writes down the mortgage to reflect the current value of the property, and you would be right. However, creditors hardly ever forgive debt as part of the loan modification process. Bankruptcy, on the other hand, can be used to do exactly that. In a bankruptcy proceeding, you may be able to remove a second mortgage or even lower a first mortgage to the home’s current fair market value, with the excess amount discharged as unsecured debt. Also, if you have a high debt-to-income ratio, you may not be a prime candidate for loan modification, but you are likely to benefit from a bankruptcy proceeding. By talking to an experienced bankruptcy attorney about your loan modification, you help assure that all options are considered, and the best steps taken for you.
Call The Port Law Firm for Help with Loan Workouts in West Palm Beach
For effective advocacy in loan modification negotiations or representation in bankruptcy that lets you keep your home at a payment you can afford, talk to a West Palm Beach loan modification lawyer at The Port Law Firm. Call 561-721-1212 in West Palm Beach or 772-323-2320 in Port Saint Lucie for a free consultation on your financial situation and how a dedicated and experienced attorney can help.