Can I modify My Mortgage Loan in Jacksonville, FL
Are your monthly home me mortgage payments delinquent? The mortgage loan modification attorneys at Parker & DuFresne can work with your mortgage company to modify the terms of your original agreement or promissory note. Parker & DuFresne has successfully obtained more mortgage modifications for homeowners than probably every other law firm in Northeast Florida.
Mortgage modifications usually become necessary in two scenarios:
- The original terms of the mortgage are now oppressive or unsustainable because of a temporary or permanent reduction in household income.
- A life-interrupting event makes bringing the mortgage current impossible, even if the monthly mortgage payments are now affordable.
Any mortgage loan can be modified but understand that your mortgage company is usually under NO legal duty to modify the terms of your loan. The key to successfully modifying a mortgage is convincing the mortgage company that it is better off changing the mortgage than taking your home.
For clients based in Jacksonville or North Florida, Parker & DuFresne has the extensive experience to get the job done and make your mortgage loan work for you.
Adjusting Your Mortgage Payments
Changing the amount you owe on your payments is the most common mortgage loan modification that can be made by our team. We negotiate new terms of the original note that was secured by your mortgage with the servicer of your mortgage loan.
Some modifications that can be made to your loan or mortgage by your loan modification lawyer are listed below.
- Temporarily Suspending Mortgage Payments
- Lowering Monthly Payments
- Reducing the Mortgage Interest Rate
- Increasing the Loan
- Reducing the Principal of the Loan
Seeking a Mortgage Modification Before or During a Foreclosure
Most delinquent homeowners begin reaching out to their mortgage company long before they file a foreclosure. Mortgage servicers sound eager to work with borrowers, and borrower’s usual feel a sense of relieve when the mortgage company tells them a modification is an option. Unfortunately, the application process quickly becomes frustrating and overwhelming because it feels like the mortgage company changes the rules as the process progresses.
Borrowers are often given conflicting information by the servicers and frequent requests for more information, including documents previously provided! You are probably reading this right now because you have become fed up with the double-speak and outright fabrications. You are not alone.
Bringing the modification lawyers of Parker & DuFresne into the picture can put the negotiation back on track.
Mortgage Loan Modification Mediation Program in Bankruptcy Court
A few years ago, the Bankruptcy Court for the Middle District of Florida created the Mortgage Modification Mediation Program (MMMP) to help homeowners negotiate a permanent mortgage modification.
Whether in Chapter 7 or Chapter 13 bankruptcy, the homeowner can ask the bankruptcy judge to require the mortgage company to participate in mediation for the sole purpose of exploring mortgage modification. Under Federal law, a mortgage company is required to participate in court-ordered mediation and must negotiate in good faith under the threat of sanction. While this does not guarantee your mortgage company will give you a permanent modification, the chances of a modification are much higher than seeking a modification outside of bankruptcy.
Using an Attorney Ensures Legitimacy
The goal of a mortgage loan modification is to make the property more affordable for the homeowner. Using one of our talented loan modification lawyers usually reduces the processing time and error rates often experienced by homeowners “going it alone.” Avoid the countless scam mortgage modification companies by sticking with our highly-rated law firm with over 25 years of experience representing consumer borrowers.
Experienced Loan Modification Attorneys
Parker & DuFresne is a team comprised of talented attorneys with a wealth of experience in working with different servicers, lenders, and homeowners. Our experience provides us the ability to create solutions that work for homeowners and lenders. Parker & DuFresne helps our clients save their homes, avoid foreclosure and minimize damage to their credit by convincing lenders that they are better off modifying a borrower’s mortgage loan.
Let us review your mortgage agreement and financial situation so we can help you decide if a mortgage loan modification is right for you. Parker & DuFresne helps clients in Jacksonville and the surrounding areas to make modifications to their mortgages and loans. Contact us to learn more about the services we provide.