While banks may be publicly perceived as heartless institutions that are just waiting for the chance to put a home into foreclosure, the truth is that banks want to avoid foreclosures as much as possible. Between the costs of the legal process and the reduced prices received at foreclosure sales, banks almost always lose money when a home goes into foreclosure.
A loan modification gives a homeowner who is in default, had past late payments, or is struggling to make their current payments a chance to avoid foreclosure. The monthly payment, interest rate, and loan length are renegotiated so that the monthly payments fit within the homeowner’s budget. In return, the bank continues to receive payments and doesn’t have to worry about losing money in the foreclosure process.
The loan modification process is not easy, and many homeowners struggle to complete it on their own. The application cannot be completed online or with a quick phone call like new loan or credit card applications, and there is no guarantee that the bank will even allow a modification. Additionally, homeowners who are at risk of foreclosure or bankruptcy need to make sure that those legal proceedings are halted until the modification is complete.
Patrick Jean-Gilles, P.A. has experience negotiating loan modifications with area lenders.
Our loan modification services include:
- Performing a detailed financial review to determine an affordable payment amount
- Negotiating with the lender
- Completing the formal modification procedure
To get help with a loan modification near Miramar, Hollywood, Miami Springs, or the surrounding areas of Miami Dade and Broward Counties, contact Patrick Jean-Gilles, P.A. today.