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Did your home’s value significantly decrease?

Are you currently unemployed or have a medical issue
that prevents you from making mortgage payments?

Do you now have a loan with a high-interest rate?

Have you received from your lender a Notice with Intent to Foreclose? 

If you answered yes to any of these questions, you might want to consider modifying the mortgage with the lender.   


Before modifying the loan, the lender must agree that a modification of the loan is an option. After the lender agrees to modify the loan, the lender will forward to the property owner a loan modification packet which should be carefully reviewed and completed by the property owner. Often, the lender will require you send additional supporting documentation along with the loan modification packet such as proof of income, hardship letter, and prior tax returns. 


If the lender agrees to modify the loan, the lender will agree to either change one or more parts of the loan. The following are some benefits to modifying the loan: 


  • Lower the monthly mortgage payment

  • Reduce the interest rate on your mortgage 

  • Temporarily suspend your mortgage payments 

  • Reduce the amount of the loan’s principal


Even with these benefits, be cautious about agreeing and signing any document without carefully reading all of its terms. If it is too good to be true, then you should probably seek legal counsel and have an attorney review the documents and further advise you. 


In the past, the Federal Trade Commission offered warnings to property owners to avoid businesses that guarantee to halt the foreclosure process. They also warned to stay clear of any business advising property owners not to contact their lender, a lawyer or housing counselor. Additionally, some of these companies may ask for an upfront fee before providing any services to property owners. These businesses usually engage in fraud and scams; therefore, you as a property owner should remain cautious at all times. 


Before signing and agreeing to a loan modification, please contact Kimberly M. Soto at 321.972.2279 so she can review the loan modification and advise you of your rights. The Soto Law Office, P.A. is conveniently located in Altamonte Springs, Florida near I-4, and proudly serves Brevard, Lake, Orange, Osceola, Seminole, and Volusia Counties. 

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