loan modification 

Is your mortgage upside-down? Is the threat of foreclosure looming? At the Law Offices of Daryl L. Jones, we believe that the ideal solution for both you and the lender is for you to stay in your home and continue to make your mortgage payments. Of course, if your mortgage payments are no longer affordable, loan modification will be necessary. Our experienced and trusted loan modification attorneys in Miami are here to help with that complex process.

If you are behind on your mortgage payments, it may be time to consider whether a loan modification is the right option. A loan modification, if you are eligible, can help you avoid foreclosure and help put your life back on track. However, it is important to understand that a loan modification is not for everyone, and the details involving your particular situation should be discussed with a knowledgeable loan modification attorney in Miami. At the Law Offices of Daryl L. Jones, P.A., we can help you find the best solutions to your home and mortgage concerns.

A loan modification allows the lender to change the original terms of an existing loan if the borrower is eligible under certain circumstances and requirements. Modifying the terms of a mortgage loan can provide the borrower with financial relief. The terms and changes to a mortgage loan can be temporary or permanent, depending on the situation. Above all, approval of a loan modification can help a homeowner avoid foreclosure and help them keep their home. A homeowner does not necessarily need to be in default to qualify for a loan modification, but they must demonstrate that default is looming. In other words, the potential for default must be high in order to be eligible to apply for a modification.

loan modification eligibility

Not everyone who is in default or behind on payments is eligible for a loan modification. Loan modifications are mostly available to borrowers who are dealing with a hardship. The hardship usually deters the borrower from making adequate on-time monthly payments; thus, a modification can be feasible. A hardship can be loss of employment, illness or medical issues, death in the household, disability, or anything that affects paying your monthly commitment. It is highly recommended to seek the advice of a Miami loan modification attorney to verify eligibility and address any questions on how to apply.

loan modification options

A lender usually has an array of loan modification options available to their borrowers in case they fall under a hardship and are likely to default on payments or foreclose on their home. Not all options may be available to the borrower, but the most common loan modification options a borrower may qualify for include the following:

Principal Reduction: If approved for a principal reduction, the lender eliminates a portion of your loan. Therefore, a borrower would repay much less than initially borrowed. Getting approved for a principle reduction is extremely difficult, but it is done. You should consult a Miami loan modification attorney about the stipulations and requirements involving a principal reduction.


Lower Interest Rate: A lower interest can reduce your monthly payments, but it is important to understand the terms of your modification. Sometimes, a reduction in the interest rate is temporary.


Extended-term: The extended term option will extend the life of your loan. However, this can result in more interest payments since the life of the loan is longer.


Fixed-rate Loan: Under this option, your lender switches your loan from an adjustable-rate to a fixed-rate, saving you from unaffordable interest payments.


Postponed Payments: If you are unable to temporarily make payments, you may be able to postpone payments. The missed payments are usually added to the end of the loan.

Seeking professional help

If you have a complicated situation and/or do not understand the application process of a loan modification, it would be wise to consult with a loan modification attorney in Miami. Everyone’s situation is unique. A knowledgeable attorney can help you determine whether a loan modification is the best option, or if other measures are better suited for your needs. If a loan modification is the right path, your Miami loan modification attorney will help you throughout the process and make sure that all documents, forms, and requirements are properly submitted. Enlisting the assistance of a loan modification attorney in Miami to help you with your loan modification will significantly improve the approval of your application. At the Law Offices of Daryl L. Jones, P.A., we have years of experience with loan modification while helping clients keep their homes.

we know how to work with banks

Our law firm’s founder, Daryl L. Jones, is not only an experienced lawyer, a former Florida state senator, and a retired U.S. Air Force colonel who flew the F-4 Phantom II and F-16 Falcon fighter jets, but also a board member at a community bank. This is important because it means we know how banks work, and more importantly, we know how to work with banks.

Much of what our loan modification attorneys in Miami do is about packaging. We have created a business model that allows us to demonstrate to lenders that we are helping them retain a quality client. We make mortgage modification agreements a win-win proposition. Through our careful method, we have successfully reduced mortgage payments by hundreds of dollars a month. We have reduced the principal mortgage amount on many occasions. We have even helped people pay off second mortgages for pennies on the dollar.

We are well-versed in the Home Affordable Modification Program (HAMP). We also have an in-depth understanding of mortgage forbearance agreements and other options.

why you shouldn't do this yourself

Lenders are not eager to modify loans. On the surface, it means a financial loss for them. If they are willing to negotiate with you, they may not be willing to offer the best terms. If you are going to have your loan modified, you need to know that the new terms will truly be based on your income and ultimately help you stay in your home permanently.

Our lawyers work with banks every day. We know how to negotiate with banks to achieve substantial and noticeable modifications, not just minor changes.

 
 
 

Lenders are not eager to modify loans. On the surface, it means a financial loss for them. If they are willing to negotiate with you, they may not be willing to offer the best terms. If you are going to have your loan modified, you need to know that the new terms will truly be based on your income and ultimately help you stay in your home permanently.

Our lawyers work with banks every day. We know how to negotiate with banks to achieve substantial and noticeable modifications, not just minor changes.

Forbearance is not a long term solution

It is important to understand that mortgage forbearance is typically granted to homeowners faced with short-term financial difficulties. If your mortgage is upside-down and you cannot keep up with your payments, forbearance may not be a workable solution. You may need a permanent loan modification. Our lawyers know all of the available options and can guide you toward the one that is most appropriate based on your situation.

motion for extension of time

The Motion for Extension of Time is an application requesting the court to extend the time allowed to retain an attorney. As of the summons, you have 20 days to answer and retain counsel to defend your rights. By filing this Motion you can usually obtain an additional 45 days to find a lawyer to defend your case.

Click HERE to download a free copy of this extension.

 
 
Hiring A Short Sale Attorney In Miami Is Important

If a real estate agent who is not a licensed attorney is giving you legal advice, it is against the law. Only a short sale attorney is able to provide legal advice, and the laws are constantly changing, especially when it comes to real estate. If you are considering a short sale, it is vital to hire a short sale attorney in Miami to help you with this complex process.

Hiring a short sale attorney will ensure that the homeowner is released from any personal liability after a short sale has occurred. Even if a short sale is approved and completed, if the homeowner is not careful, the lender may come back and legally garnish wages and bank accounts to recover the money. A short sale attorney can ensure that the short sale approval letter contains the verbiage that spells out that he or she is no longer liable and that the lender cannot pursue to recoup any money after the completion of a short sale.

A short sale attorney can also make sure that the homeowner’s assets are fully protected. Lenders evaluate all of the seller’s financial assets in order to determine whether they are able to recover part of the loss through disposable income, retirement funds, and stocks. A short sale attorney in Miami can help protect lenders and banks from liquidating a homeowner’s assets while a short sale is being considered.

At the Law Offices of Daryl L. Jones, P.A, we know that homeowners can benefit from a short sale if it is done right and legally. Consulting with a short sale attorney in Miami will prove invaluable and give you peace of mind.

Protecting You Against A Deficiency

The difference between the amount you owe to the bank and the home sale amount is referred to as a deficiency. Deficiencies can add up to tens of thousands of dollars. They are the biggest hazard in the short sale process. If the short sale is not handled correctly, the bank will have the right to come after you to collect the deficiency. The bank may not take action against you immediately, but rather wait until you have the money to pay back all or a portion of the deficiency.

When our attorneys handle short sales as a foreclosure alternative, we request that the bank agree to forgive the deficiency. We want to make certain that you can move forward with your life without this coming back to haunt you in the future.

Contact Our Foreclosure Attorneys
in Miami And Get Answers Today
 

A deed in lieu of foreclosure is when a homeowner turns a home over to the bank. The homeowner no longer has any obligations to repay any portion of what he or she owes: While this seems like a simple real estate transaction on the surface, it is important to have an experienced Miami foreclosure defense lawyer on your side to protect you.

Banks may not immediately agree to deeds in lieu of foreclosure. At the Law Offices of Daryl L. Jones, our Miami-based lawyers know how to work with banks to make them understand the benefits of accepting this option instead of foreclosing on the home. We will make certain you are protected as we guide you through this legal process.

Deeds In Lieu Of Foreclosure Vs. Short Sales

People frequently wonder whether a deed in lieu of foreclosure is better than a short sale. One of the biggest benefits of a deed in lieu of foreclosure is that there is no risk related to a deficiency; which means the bank will not be able to come after you for any money owed. However, with the help of a skilled Miami foreclosure defense attorney, that may not be an issue in short sales either.

Every situation is different. Before we recommend a foreclosure alternative, we will thoroughly review your case. We are committed to finding the best possible outcome for you.

 

To learn more about your options, call (305) 969-3602 or send an email to schedule a confidential case consultation with our experienced foreclosure attorneys.

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