If your goal is to keep your home, there are many ways to help you reach that goal. Several programs are available to help you avoid foreclosure based on your current financial position. Fair Price Legal has extensive experience helping our clients in Palm Beach, Broward and Dade county in order to help you keep your home.
Help From Government Programs
There are many government programs available for homeowners who want a loan modification. One example is the Home Affordable Modification Program (HAMP), which aims to prevent your mortgage payment from being greater than 31% of your income. Other programs include the Home Affordable Refinance Program (HARP) and the Making Home Affordable (MHA) program.
If you do not qualify for a government program, lenders also offer in-house programs that can assist you by modifying your loan. If you do not qualify for a loan modification, lenders may offer repayment agreements so that a homeowner can catch up on the past due amount. Under these agreements, the lender negotiates a new repayment plan with the borrower, based on the borrower's financial hardship.
Loan modifications may be available whether or not you are in default. The terms of the mortgage can be modified, by either extending the term (length) of the loan or changing the interest rate or both. Although these modifications may not necessarily lower you payment, they will still help prevent foreclosure and keep you in your house.