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Mortgage Loan Modifications. Do They Really Work?
Times are tough and homeowners are scared. The house they have lived in for years to raise their children is in danger of foreclosure. The radio waves are full of companies advertising loan modifications, credit counseling services and short sales. Before you panic, take a step back and think about things.
At the Florida Debt Relief Center, LLC, we truly want to see you get out from under this pile of financial trouble you have found yourself in. We know we can help. U.S. laws provide every American the opportunity to start over by filing Chapter 7 or Chapter 13 bankruptcy. Contact one of our attorneys for a free consultation right away.
The bankruptcy code allows people to eliminate most of their debt or restructure it to pay it off in affordable, supervised monthly payments. It has worked for millions of people. It will work for you. In most cases, you can keep your house and avoid foreclosure!
What About a Mortgage Loan Modification?
Nice, if you can get it. but less than nine percent of mortgage negotiations are approved for a reduced rate and half of those fail within 3-6 months. People often think that bankers will do anything they can to avoid having to take a house into foreclosure. It would make sense, but that is not how it works. Actually, banks take out insurance on the mortgages they lend. When a house goes into foreclosure, the bank often cashes in the policy. The uncomfortable truth is that bankers are in business to make money off of you. It is not in their best interest to reduce payments so you can stay in your home. Statistically, the majority of people who successfully get a mortgage loan modification end up going into default soon after. If you want to try, deal directly with your banker. Don't pay a third party middleman who will probably do nothing for you except add to your debt.
Short Sales
The new popular thing to hit the market is the so-called short sale. A short sale means you have found a buyer who is willing to buy your house for less than what you owe to the bank. It is up to you to negotiate with your mortgage lender to reach an agreement they will accept. There are many companies out there who advertise that they'll negotiate with your banker on your behalf. You pay the short sale broker, but the banker often says no deal. If the banker approves, you have to move out quickly when the buyer wants you to vacate and you will likely be held liable for paying taxes on the amount the banker writes off. You may even still have a deficiency against your record. So, what's in it for you, the homeowner? We still haven't figured that out.
Our lawyers are experienced, knowledgeable and dedicated to helping you get the fresh start you need. Contact us to discuss your bankruptcy and debt relief options today. From our offices in Fort Lauderdale and West Palm Beach, we represent clients throughout South Florida.
We are a debt relief agency. We proudly help people file for bankruptcy relief under the Bankruptcy Code.
