New Door Title and Polin Law
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Ph: (561) 353-0909
Fx: (561) 353-5455
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One Lincoln Place
1900 Glades Road
Suite 355
Boca Raton, FL 33431
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Loan Restructuring - Loan Modifications

What Is a Loan Modification?

A loan modification restructures your current mortgage outside the original terms of the contract to reflect new terms such as loan length, interest rate and loan type. The new terms of the loan will be based on what you can afford given your present day financial condition. Lenders are often willing to approve loan modifications to prevent your home going into foreclosure which can cost the banks more than modifying your loan would. A common misconception with loan restructuring is that you must be behind in your payments to be considered for a loan modification. This is not true. If you have suffered financial hardship, contact our office to discuss whether a loan modification is right for you.

We have successfully completed hundreds of loan modifications and we can help you negotiate better loan terms, saving you thousands of dollars every year. The earlier we can work with your lender the better chance you have of resolving the issue while preserving your credit rating. If you are behind in your payments but have not yet received a notice of default placing your property into foreclosure, contact us today. Many lenders are willing to temporarily reduce your interest rate allowing you a lower payment so you can catch up.

There are thousands of different loan restructuring options and we can develop a plan that fits your circumstances. Since each lender is different and governmental help and the industry is changing everyday, it is important to work with an experienced and proven company that can negotiate the best restructured loan possible.

BENEFITS OF RESTRUCTURING YOUR LOAN

  • No refinancing or closing costs
  • Protects your credit rating
  • One time flat fee for services
  • You keep your home equity
  • Minimal credit check
  • Removes past due status

QUALIFICATIONS FOR LOAN MODIFICATION

  • Documented proof of financial hardship (could include loss of income, medical conditions, family death, unemployed)
  • Currently behind in mortgage payments or unable to continue paying mortgage payments
  • Pre-hardship record of good payment history
  • Currently in an Adjustable Rate Mortgage ready to reset
  • Currently in a high interest rate fixed mortgage

Call us today at (561) 353-0909.

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