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Loan Modification for Foreclosures

Loan Modification for ForeclosuresThe state of Florida currently has a higher than average foreclosure rate, causing many homeowners to go through this painful process.

A foreclosure is when the bank the bank repossesses a home due to non-payment of the mortgage. If the bank has already initiated the foreclosure process, there are only two defenses: a short-sale or a loan modification.

A short sale is when the house is sold for less than the amount due and the bank agrees to forgive the remaining debt.

A loan modification allows the homeowner to keep their house by renegotiating the terms of the mortgage. Our contract and real estate attorneys are highly skilled in working with banks to change the terms of the mortgage so that the payment becomes one that the homeowner can make.

If you are falling behind on your mortgage or fear that your house may become victim to foreclosure, contact Boyer Law Firm to discuss a loan modification. By taking preventative action, you and your attorney will be in a better position to negotiate the terms of the loan.

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