Loan Modification West Palm Beach
Many of our clients do not believe it when we tell them that their bank may be as anxious as they are to avoid foreclosure. Foreclosure cases can last a long time and by the time a decision is made, the costs have added up for all parties. The process for a loan modification can be complicated and restrictions and guidelines may change frequently.
As an experienced West Palm Beach Loan Modification law firm, we are well aware of the challenges and roadblocks. We understand that both the homeowner and the bank involved in the dispute can benefit from our experience.
Loan modification is an agreement that you enter in with your lender. Under this agreement, the original terms of your mortgage are modified to suit the needs and demands of both parties.
A loan modification is usually a combination of three factors; reduction in the original rate of interest, extension in the deadline of repayment of debt and a reduction in the principle balance owned by the home owner. In real world loan modification agreements, the terms are usually a combination of two or more of these.
For many people who are looking to take advantage of a loan modification, the resultant contract is often as dense as the original contract. Homeowners usually do not have the necessary knowledge of the law or experience with loan modifications to successfully negotiate a loan modification.
ROY & ASSOCIATES, P.A. can guide you through all the steps of the loan modification process. It is best to plan ahead and work out a strategy that takes into considerations your needs and the loaning entities requirements.