Many of our South Florida readers are familiar with previous posts here addressing the problem of foreclosures, both in the local real estate market and nationwide. Although real estate markets throughout the country are on the rebound, including here in South Florida, there are still hundreds of thousands of homeowners everywhere who are on the brink of this potentially devastating financial dilemma.
But, what some people who find themselves in this position may not know is that there could be a step to take before a foreclosure proceeding begins. Mortgage companies are businesses and businesses negotiate. What does this mean for South Florida homeowners who may be creeping closer to foreclosure? It means there may be a possibility to negotiate a mortgage loan modification.
Although most mortgage companies are under no obligation whatsoever to renegotiate the terms of the mortgage, some will do so in order to keep the homeowner in the home – and making regular payments. This benefits the mortgage company by ensuring that someone is in the home to take care of the property, instead of just vacating the property in the face of a foreclosure. Even if the renegotiated terms result in a lower monthly mortgage payment or a longer-term duration agreement, at least the mortgage company is getting something of value – as opposed to something of extremely degraded value in a foreclosed property.
At our law firm, we attempt to help clients who may be eligible to negotiate a mortgage loan modification. For people in this position, it may not be too late to avoid a foreclosure. For more information, please visit the mortgage loan modification page of our law firm’s website.