What is a Mortgage Loan Modification? | Mortgage Lawyers
A loan modification is a change to the original terms of the mortgage.
Many people in the Miami-Dade area struggle with high mortgage payments, mortgage arrearages, underwater mortgages and the threat of foreclosure.
The federal government offers various programs that help homeowners avoid foreclosure, including:
- The Home Affordable Modification Program (HAMP), which allows you to reduce your mortgage payments to an affordable amount by reducing the interest rate or the amount owed.
- The Home Affordable Refinance Program (HARP), which helps you reduce your mortgage if your house is underwater (you owe more than your house is worth).
- The Home Affordable Foreclosure Alternatives program (HAFA), which allows you to get rid of mortgage debt through a short sale or deed in lieu of foreclosure, plus $10,000 in relocation assistance, if saving your home is not an option.
- The Home Affordable Unemployment Program (UP), which reduces or temporarily stops your mortgage payments if you are unemployed.
- Hardest Hit Fund programs (HHF), which provide assistance to states like Florida that have been most affected by foreclosures.
Additional options may be available as well. Unfortunately, your mortgage company may be reluctant to help you obtain a mortgage modification. It often takes a lawyer’s help to be successful.
If you are having a problem with mortgage payments, a mortgage modification may provide a solution.
