Are you close to defaulting on your mortgage but want to avoid foreclosure? If so, Tudhope Law may be able to assist you with getting a loan modification. Our loan modification attorney is dedicated to helping the Kissimmee community work through financial hardship with the least amount of future repercussions as possible. Loan modification can be a viable option to avoid foreclosure on your home. Having over 40 years combined experience, we are entirely confident that we can assist you through the process of loan modification.
The Home Affordable Modification Program (HAMP) was created by the federal government in 2009 to offset the increasing frequency of homeowners not being able to make their mortgage payments due to economic hardship or increased expenses. If approved for loan modification, the terms of your mortgage will be permanently altered in your favor.
You may be eligible for loan modification if you:
• Started your mortgage before January 1, 2009
• Are experiencing prolonged financial hardship
• Are delinquent on your mortgage
• Owe up to $729,750 on your primary residence
• Pay more than 31% of your gross income (before taxes) on your mortgage
If you are granted a loan modification, your interest rate may drop to as low as 2%, the mortgage term may be extended to 40 years, and any delinquent fees can be added to the principal balance, which will be re-amortized over a new term.
Generally, HAMP will require homeowners to go through a trial period where they are given the altered mortgage payment. If you are able to stay current during the trial period, your application goes further in the process of being approved or denied.
This can be a stressful and confusing process. To know if you are eligible and to find out how a loan modification would personally affect you and your mortgage, you should meet with a loan modification attorney. Let the attorneys at Tudhope Law help you sort through the paper work and fight for you and your home.
If you have questions or are in need of a loan modifications lawyer in Kissimmee, Florida, contact us today at 407-944-9969.
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