If a foreclosure suit has been filed, and you are interested in applying for a loan modification, here are some things to consider.
A foreclosure is a lawsuit that the bank files against you to take back your property when the terms of the mortgage are not being met.
Often the banks look at the situation and conclude, there is a real possibility that they will have to resell your home for less money than you owe. The maintenance and liability costs while waiting for it to be sold can be very costly, adding to the overall loss.
Often times, the bank will negotiate with the homeowners to come to an amicable agreement that will work for both parties, positioning the homeowner with affordable payment terms while the bank gets back on track to the make their profit. This is known as a loan modification and anyone who is in foreclosure qualifies to apply.
Loan modifications come in many different shapes and sizes. Meaning, it could be a reduction on the interest rate, payment, term or even the overall balance.
Every homeowners has the right to defend the foreclosure, and many times there are several options to choose from.
It is natural to feel overwhelmed and uncertain on what to do moving forward. It is critical to meet with an experienced foreclosure defense attorney who understands the foreclosure process and can help you sort out what options are available for your particular situation.
The attorneys at Korte & Wortman, P.A. Have that experience. With severn attorneys and six paralegals that work together on the best strategy for your case, rather than one attorney making a quick decision to be able to balance numerous files in their workday. Combined, the attorneys at Korte & Associates have over 50 years of experience. Time is of the essence. Set up a free consult ion to discuss the details of your case.