With the recent downturn in the economy and the housing market, many are struggling to make mortgage payments on homes with significantly reduced property values. A Clermont mortgage modification attorney can help you understand your options if you find yourself upside down on your mortgage.
As your attorney can explain, when you take out a mortgage to secure financing for your home, you’re signing a contract. You agree to a certain interest rate, term of repayment and monthly payment amounts. With the crash in the housing market, it is not uncommon for borrowers to find themselves owing more on their home than the house is worth. This is what is meant by being “upside down” on a mortgage. In some circumstances, a borrower may qualify for a mortgage modification. That is, the lender may agree to change some terms of the original loan such as the interest rate, term of repayment or monthly payment amount. However, not every borrower qualifies and it’s important to understand the consequences of entering into a mortgage modification.
In order to be eligible for a mortgage modification, a borrower must already be behind in their mortgage payments, and meet certain income and property value requirements.
If the lender agrees to a modification, the borrower will likely pay a much greater interest rate than the original mortgage. Additionally, this may show up as a negative event on the borrower’s credit. However, in many cases, the missed monthly payments have already done damage in that regard. One of the main advantages of mortgage modification is the ability to work with the bank and stop foreclosure proceedings so the borrower may continue living in the home and pay off the loan. However, before agreeing to a modification, an attorney can help you understand what’s in your best interests. To discuss your financial issues with an experienced Clermont mortgage modification attorney, call the offices of Merideth Nagel, P.A., Attorney at Law to schedule a consultation, call 352-394-7408 or toll free at 877-580-6868.
Serving West Orange County, Lake County, Sumter County & Marion County
The more I get to know her the more convinced I am that she is the right attorney for me. The compassion and integrity I have seen is quite remarkable and I highly recommend you use her office to service… ~ Kelly,
Ms. Nagel represented my wife and I in a bankruptcy case and also in a recent real estate transaction. I felt compelled to share our experience. Ms Nagel and all of her staff handled everything in a very professional matter… ~ Mike,
Merideth Nagel has been a help to me, over the last 10 years, for multiple legal issues! As her client, and as a realtor who utilizes her real estate and title services, Merideth, along with her phenomenal staff, has afforded… ~ Tiki Jackson,
“If it weren't for Merideth Nagel and her top-notch team of seasoned professionals, I shudder to think where my family would be today. At this firm, you are not a name, a face, a case number, or a quagmire. You… ~ Heather, Clermont
“Merideth and her team have been a real blessing to me over the years! She helped me with real estate several times and estate planning. I can recommend her with full confidence!” ~ Nancy, Orlando
“We utilized Nagel Law to assist us with a real estate transaction a little over a year ago. Merideth and her entire staff treated us with the utmost professionalism as well as eased our minds pertaining to this transaction. We… ~ Lynette, Orlando