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Loan Modification

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Loan Modification Attorney in Miami

Are You Struggling to Afford Your Mortgage?

Life happens, and that can mean suddenly finding it difficult to afford your mortgage. Maybe you lost a job, or perhaps a misfortune required you to assume a massive amount of unplanned debt. No matter what happened, you may be able to modify your loan with help from an experienced lawyer.

At Wesoloski Carlson, P.A., we want to help our clients avoid foreclosure. Working out a loan modification with your lender is an option many choose to explore when they fear they’re at risk of foreclosure.

By renegotiating your mortgage, it may be possible to:

  • Reduce your interest rate
  • Reduce the principal balance you owe
  • Extend your term to reduce monthly payments
  • Suspend payments for a set period

These are just a few ways that a loan modification attorney in Miami can help you renegotiate your mortgage to make it easier to afford. If you want to learn more about options that may be available to you, reach out to Wesoloski Carlson, P.A. for the legal guidance you need.

Schedule a free consultation over the phone or via video conference when you call (800) 449-4850 or contact us online today. If preventing foreclosure matters, we can help.

An Alternative to Refinancing

If you’re at risk of foreclosure, sometimes refinancing your home with a new mortgage isn’t the best option. You may not have the credit to secure a new loan with a favorable interest rate and you may not own enough equity to make a cash-out refinance worth the trouble.

A loan modification can help you amend the terms of your existing mortgage without taking on new debt. While there’s no guarantee that your lender will accept any modification, they may be inclined to do so if it can prevent you from defaulting on your mortgage. Foreclosure proceedings can be costly to your creditors, and you can also stop foreclosure proceedings for a period of time by filing for Chapter 7 or Chapter 13 bankruptcy.

Get Help from Wesoloski Carlson, P.A.

It’s our firm’s goal to help our clients achieve their goals. If you are seeking a loan modification, chances are your goal is to protect your home. Our attorney can provide the legal advice and services you need to guide you through the loan modification process. With assistance from Wesoloski Carlson, P.A., you may be able to amend the terms of your mortgage and continue to afford monthly payments.

For more information about what we can do for you, please contact us online.

Getting You Back on Your Feet

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Information Your Lender May Need to Approve a Loan Modification

Your lender’s acceptance of any modification to the provisions of your mortgage is voluntary and may hinge on several important facts about you and your financial situation. Ultimately, your lender will want to evaluate whether a loan modification will ensure consistent payments toward your mortgage going forward.

This means you may need to provide detailed documentation to demonstrate the following:

  • Financial Hardship: If you lost a job, had unexpected medical bills, or experienced another form of financial hardship, your lender will need to see proof of it.
  • Current Income: Your household’s current gross income is key to helping your lender understand your need for a loan modification. If you simply cannot afford it with your current income, you will need to demonstrate this with official paystubs or other formal documentation.
  • Account Balances: Your lender will want to understand the scope of the financial resources currently available to you. That means providing documentation of all bank accounts in your name and their balances.
  • Additional Mortgages: If you already have a second mortgage on your home, your bank will want to review these terms.
  • Additional Debts: Your financial hardship may extend to unsecured debts such as credit card bills, medical bills, personal loans, student loans, and more.

A loan modification attorney in Miami can help you understand more about what information your lender may need to approve of any changes to your mortgage. At Wesoloski Carlson, P.A., we can provide the guidance you need to understand these requirements as well as help you prepare your documentation for submittal to your lender.