How Do I Qualify?
The most common misconception about Loan Modifications is that you have to be in Foreclosure or have stopped making payments in order to get a loan modification. Actually all that is needed is that you are in “threat of default.” Far too often Borrowers wait to long to get help. There are several Federal Programs for loan modification and each bank has what is called “Traditional Modification” or in house modifications that differs for each bank.
A loan modification may be a simple solution to those 'in threat of default.'
A loan modification is an adjustment to the original terms agreed upon by the lender and the borrower, there are three areas that can be adjusted, they are: Interest rates, principal owed and length of the loan. The outstanding principal owed is the one area a lender is least likely to want to modify, but in some cases they must negotiate this area with the borrower to make a modification work.
Using our vast experience in Loan Modification, Foreclosure Jacksonville will review your budget and help you make the necessary change to find the best solution for your individual situation. If you have been offered a loan modification and would like us to review it or if you having trouble making payments please contact us as soon as possible to schedule a consultation.