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FORECLOSURE ATTORNEY MIAMIMortgage Loan Modification: So frequently you hear this term during the current economic downturn and that comes as no surprise. With a multitude of people committed to unpredictable A.R.M.s (adjustable rate mortgages) and very few options to get rid of them, loan modification/mortgage modification may be the one and only option for in trouble property owners. This phrase is referring to when your lender changes your current mortgage (the mortgage you have, only alterations are applied to the note) with the goal being to work with you and make your existing loan easier to manage. A change to the rate, principal of the mortgage, late charges accrued, length of the mortgage etc. may be acceptable to the mortgage holder. In the past mortgage modifications were only applicable when a borrower was past due however currently it is being used in advance of when a property owner is behind on their payments. Loan Modification is a popular term and the easiest option to help property owners shun foreclosure.A Loan Modification will modify the existing mortgage note and give the debtor a brand new start in managing their home. Past due balances will be made current immediately.With a mortgage modification the mortgage you currently have and modify the rate % and payment amounts in order to achieve a fixed rate. A modify in interest rates and payment does not require a new closing, legal fees, survey, appraisal, or taxes. In contrast, a refinance will require you to go through a closing and pay all the related closing costs.Lenders are willing to negotiate when debtors are facing financial difficulties and can't obtain other financing alternatives. We show the lender why it would be in the lender's best interest to agree to a workout arrangement. In turn, the bank will lessen the mortgage rate %, lower monthly payments or modify various mortgage details to allow for an affordable loan to allow the debtors to avoid foreclosure.We bring the lender and borrower of toxic mortgages to the table to beneficially agree to a modification that brings about new and realistic mortgage details which are cheaper and realistic. The goal is that the modified mortgage will help the debtors to live up to their commitments. Along with our specialized and personalized budgetary analysis, our goal can be possible. Our debtors acknowledge the modified mortgage that is within their means, and don't ever need stress about foreclosure again.Details to keep in mind before requesting a loan modification: Debtor must be going through a hardship which has resulted in reduced income that impedes ability to meet monthly mortgage obligations. Debtor must have a source of stable monthly income. Debtor must wish to retain ownership of property. Debtor must occupy the property as main place of residence.Modifying your loan is a good alternative for most consumers who might be dealing with the current tough economic climate.If you would like more details, please visit:FORCLOSURE ATTORNEY MIAMI