Loan Modification

There have been many reasons for Sarasota homeowners to consider a loan modification over the last several years.

Residents of south Florida, who took out a mortgage to purchase a home within the last 10 or 15 years, are quite likely facing equity issues. As values dropped steadily, homeowners found themselves with no remaining equity in their home. Worse yet, as values continued to sink, many property owners began to experience negative equity; that is, they owed more on the home than the property was worth in the marketplace.


A loan modification is a restructuring of an existing mortgage loan. Homeowners who can prove a hardship, such as an illness or job loss may find that a loan modification can shield them from foreclosure, protect their credit score, and bring payments more into line with the current interest rates and value of the home.

A loan modification can take several forms, and may include:

* Adding missed payments to the back end of the loan to get the home owner current * Reduction in the principal balance to match the current market value of the property * An adjustment of the interest rate to lower payments

However, home owners seeking a loan modification often do not understand that even as they work with the bank for a modification, the bank has the right to begin foreclosure proceedings.  A short term modification is also no guarantee that the property owner will not face a foreclosure action at some point in the future. As in all legal contract negotiations, the bank will have lawyers working on their behalf. Without a thorough understanding of the modification process, and the ability to understand the legal implications, a Sarasota homeowner may find themselves at a continued disadvantage.

What does God say about modifying a loan?  You may be surprised.  If we find ourselves enslaved to the lenders as the Bible says, and we can not make a payment, God encourages us to go to our debtor and try to work out a solution that works for everyone.

A Sarasota foreclosure attorney  will negotiate on your behalf  to structure a modification  that not only allows you to continue to live in your home in the present, but protects you from unexpected legal action in the future.  I promise to give you all of your options and I also promise to be real with you and honest about what the best solution for you is.  I would love to sit down and talk with you.  Call me today at 941-922-7900.