Fort Lauderdale Loan Modifications Lawyer
South Florida Lawyer Advising Clients About Loan Modifications and Alternative Debt Relief Solutions
When the housing market dramatically fell in 2008, many homeowners were left with unaffordable mortgages valued much higher than the value of their homes. Homeowners in Florida and across the nation have been fancied with the idea that home mortgage obligations can be reduced through fair negotiations with lenders under the federal Home Affordable Modification Program (HAMP) or other loan modification strategies. Unfortunately, even President Obama admits that HAMP has failed to achieve expectations. In fact, the program may be ending and replaced due to its failure to the American people. According to numerous reports throughout the year, more than half of HAMP's trial modifications have been cancelled mid-program due to the borrower defaulting or the lender rejecting the modification after the trial period.
Are you considering a loan modification? The current state of the country's loan modification programs is dim. While modifying your loan may not be an option due to ineligibility or other setbacks, there may be options to address your problems and achieve your financial goals. If you are pursuing a loan modification in Florida, contact our Fort Lauderdale loan modification lawyer at The Law Offices of Sherri B. Simpson. We can discuss your options in a free initial consultation.
Hollywood Foreclosure Defense Attorney
Homeowners throughout South Florida are dealing with upside-down mortgages (they owe more on their mortgage than the full value of their home). They cannot sell their homes because even after the sale, they would still owe the lender the remaining balance of the mortgage. While many consider loan modifications or short sales, many still face foreclosure after other debt relief efforts fail.
In fact, in July 2011 Florida ranked sixth in the nation for its high foreclosure rates — one in every 396 households (a total of 22,377 foreclosure filings for the month) according to RealtyTrac and CNBC.com.
The Truth About Loan Modifications in Florida
According to state and federal debt relief programs, loan modifications may be available to homeowners through informal negotiations with lenders or through the federal HAMP in a Chapter 13 bankruptcy. However, obtaining a reduction in principle is critical to obtaining true debt relief and to truly succeed in a loan modification. Unfortunately, lenders are predominantly unwilling to offer this kind of relief — even when debtors have an upside-down mortgage. It is important to discuss all of your options with an experienced debt relief lawyer to ensure you don't lose more money seeking ineffective solutions.
Benefit From Our Experience
Mortgage modifications are not easy. However, in some cases they can be used as a tool in a long-term plan to get homeowners out of debt and possibly to help save their home. If you are facing foreclosure or are considering a loan modification, our law firm can help you evaluate your options, whether that means "renting your home for free" while proceeding with foreclosure, proceeding with a short sale, refinancing your home at a reduced interest rate, negotiating a loan modification in connection with a Chapter 13 bankruptcy or other creative solutions. We stay abreast of the changing debt relief strategies and are always available to revisit and update strategies for clients.
Contact us to find out about other legal and honest ways to reduce debt and to save money during this difficult time.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.