The full service modification program by the attorneys at The Law Offices of Michael D. Stewart
You worked hard to buy your home and now it is in danger of foreclosure. At the Law Offices of Michael D. Stewart, our lawyers help people consider their options to stop foreclosure and keep their homes. We offer compassionate and informative representation to our clients, helping them understand the solutions available to them.
You do not have to face this alone. Please contact us via e-mail or call us at (305) 590-8909 and toll free at 866-438-6574 today to schedule a free initial consultation.
Prevent Foreclosure Through a Mortgage Loan Modification
Mortgage loan modification allows you to keep your home by restructuring your loan. Whether you are able to obtain a loan modification depends on your financial needs and your lender. If your lender is not willing to consider alternatives to foreclosure, you may not be able to modify your loan. Loan modification may involve:
Reducing the interest on your mortgage
Reducing the monthly loan payment and extending the terms of the loan
Reducing the amount owed on the loan
Putting arrears on the back of the mortgage loan
Lenders are now reducing what you owe on your home form the current loan amount to at or near current value of the property. Don't overpay for your home. Call us to negotiate with your lender and save you money as well as lower your monthly payments.
Protecting Your Rights During Foreclosure
Our law firm has also represented clients during home foreclosures and sheriff's sales. We will ensure that your rights are protected against powerful lender interests.
Loan reductions are more available because of the $25 billion in loan balance reductions agreed to by the loan service companies as a results of a lawsuit filed by all the states against loan servicing companies.
Did your income go down and you can’t afford your payments? Modifications are based on your ability to pay now. Therefore, lower income now may qualify you for a much lower home loan payment for the next 40 years.
1st loan
2% to 4% rates are becoming common with a term of 30-40 years.
This may lower your payment by 50%. These terms can mean the difference between affording your home or losing your home.
2nd Loan
Rate reductions are common and sometimes we can reduce the loan balance by 90% or down to 0!
If your loan balance owned on your first loan is larger than the value of your home often Bradford Law Firm can negotiate a very large balance and rate reductions.
Short Sale as an Alternative to Foreclosure
When loan modification is not an option, many clients consider short sales. During a short sale, the lender agrees to let the borrower sell the home at an amount less than the amount owed on the mortgage. In some cases, the lender will reserve the right to collect on the balance through a deficiency judgment. However, short sales can be a cost-effective solution for both the lender and the borrower, reducing the borrower's debt and preventing an expensive foreclosure.
The Law Offices of Michael D. Stewart
Call for a Free telephone conversation today: (305) 590-8909
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