Is a Loan Modification the Right Choice for My Home?

Receiving a foreclosure summons can be an overwhelming experience that can leave you with a lot of questions. At The Lyons Law Group, P.A., we will work tirelessly to fight the big banks on your behalf and find an option that works best for your situation. One of the first things we will do is invite you to come into our office in New Port Richey, Florida, for a free consultation. During this meeting, you will meet with an attorney who will tell you more about the foreclosure process and encourage you to ask as many questions as you want. We will also explain the options available to you. One option that many of our clients find helpful is loan modifications. During a loan modification, a bank agrees to a lower monthly payment to help a homeowner catch up on his or her payments. In order to apply for this, your bank will require a full and complete financial disclosure with current documentation, as proper financial hardship is required to qualify for a loan modification. We can handle the entire mortgage modification process from start to finish.

While you may be tempted to handle the mortgage modification on your own, it’s important to work with a professionals like us to make sure the financial disclosure is filled out and filed correctly. It’s easy to make a mistake and homeowners often do not properly or completely fill out the financial disclosure. A very important step I take in this process is making sure my clients are submitting complete and correct loan modification applications to the bank. This dramatically increases the chances of success, as the banks can make this process very hard for people trying on their own.

Mortgage Modification Options for Your Home

A typical mortgage modification may include principal forgiveness, principal deferment, interest rate reductions, an extension of the maturity of the loan, and, in some cases, a shared appreciation plan. Every case is different, as each modification is dependent upon certain qualification guidelines. Helping our clients through this often difficult process is the focus of our individualized representation.

Contact Us Today

If you want to learn more about the loan modification options that can help you stay in your home after receiving a foreclosure summons, contact The Lyons Law Group today. I will utilize my passion for winning cases to help you receive a solution that works best for you.