Tampa Loan Modifications for Your Home in Clearwater, St Petersburg, Lakeland, Sarasota, Bradenton, Pasco, & Across Florida
Homeowners who are behind on their mortgage payments and who are trying to avoid foreclosure may find relief in loan modifications. However, this solution requires some specific steps, and having the right assistance as you navigate this course of action is extremely important. That’s where Yesner & Boss, P.L. can help. We have the experience you need in handling these matters, and the caring, courteous service that you want as you try to save your most precious asset: your home. We’ll take the time to get to know you and your situation, and we have the know-how to guide homeowners like you through the process of obtaining loan modifications.
Loan modifications are typically based on the borrower’s ability to demonstrate that they can support payment at a modified rate. Your loan may be modified in a number of ways, including:
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Reduction of the interest rate – this is the most common of all loan modifications agreed upon between lenders and borrowers. It involves a reduction in the interest rate on the loan and/or converting the loan from a variable rate to a fixed rate.
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Extension of the loan payment period – in this scenario, the lender may allow the borrower to extend the period over which the principle on the loan is repaid. This will, in turn, lower the monthly payments on the loan. However, it also results in higher total amount of interest paid over the life of the loan, as well as a slower accumulation of equity in the home.
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Re-amortization with capitalization of arrears – this is when the lender permits missed payments to be added back into the principal amount of the loan. Then, the loan will be recalculated using the same interest rate and time period as originally agreed upon. The amount of the payments may increase slightly, but it will remove the amount in arrears. Combining re-amortization with any other type of loan modifications, if at all possible, can reduce payment amounts considerably.
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Reduction of the principle balance – If the borrower is underwater on the home, meaning the property is valued at less than the amount of the loan, the lender may consider reducing the principal.
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Or other possible loan modifications
If you are hesitant at the thought of engaging your lender in regards to loan modifications on your own, trust Yesner & Boss, P.L. Our experienced staff knows how to deal with lenders and help guide you to the best possible outcome.
Contact us today to set up a free consultation and learn more about loan modifications.
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