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| Loan Modifications |
| ROLAND H. ACOSTA & ASSOCIATES, P.A. 399 Carolina Avenue, Suite 210 Winter Park, FL 32789 Telephone: (407) 644-2531 Facsimile: (407) 628-9289 |
| ** This web site does not contain or constitute legal advice. Contents are for informational purposes only. Consult with an attorney for any legal concerns. ** © 2009 Roland H. Acosta & Associates, P.A. 399 Carolina Avenue, Suite 210 Winter Park, FL, 32789 Phone: 407-644-2531 Fax: 407-628-9289 Email Us |
If you have already defaulted on a mortgage or think
you will soon, a loan modification can adjust the terms
of your loan and save you from residential foreclosure.
A loan modification requires negotiation before any
agreement can be reached. Our professionals can help
you understand the terms of the modification and can
advise you on how to proceed. We have extensive
experience in obtaining modifications from lenders and
working with federal loan modification programs.
If you are considering a loan modification, you may want knowledgeable
professionals on your side who have successfully obtained loan modifications in
the past. You will receive much needed advice as you turn in your application and
go through the loan modification process. We assist with the paperwork and do
everything that we can do to negotiate favorable terms.
A wide variety of laws and regulations apply to residential lending. These rules
determine what fees can and can’t be included, what interest rates can be charged,
and what types of information and disclosures are mandated for residential
borrowers. We want to provide you with up-to-date information so that you can
understand your legal options. Once you are aware of your rights, we will help
you to pursue a course of action that is reflective of your individual needs.
Q: How do I Qualify for Assistance?
A: Borrowers need to prove that they are experiencing a substantial financial
hardship.
Q: What is a Hardship?
A: A hardship is a situation that has a life changing effect for the borrower
that results in an inability to pay the mortgage debt in either the short- or long-
term. Some examples are:
- Separation or Divorce
- Medical Bills
- Inability to Work due to Health Reasons
- Death of Spouse
- Job Relocation
- Reduced Income or Unemployment
- Business Failure
| PURSUING A LOAN MODIFICATION |
| A Loan Modification takes anywhere from 60 to 90 days and consists of the following process: |
A loan modification will change your existing mortgage note and give you a fresh
start. Your account will be brought up to date as soon as the terms of the
modification are negotiated. We will negotiate a reduction in monthly mortgage
payments by reducing interest rates, expanding the length of the loan, amortizing a
lower principal balance, as well as many other options.
start. Your account will be brought up to date as soon as the terms of the
modification are negotiated. We will negotiate a reduction in monthly mortgage
payments by reducing interest rates, expanding the length of the loan, amortizing a
lower principal balance, as well as many other options.