For Florida homeowners who find themselves falling behind on mortgage payments, it may be time to act. As difficult as it may be, putting yourself in the driver’s seat of the situation may help you feel more in control rather than sinking back and hoping the debt will just go away.
By turning to us at Silverberg|Brito, PLLC, we’ll help you determine your best options for getting out on the other side of debt and the foreclosure process and do so with confidentiality and respect.
Debt Negotiation Strategies When Seeking a Loan Modification
If you receive a notice of default on your mortgage loan, one of the ways to make the situation more manageable is to negotiate the debt. There are a few frequently used strategies that can lead to successful negotiation.
- Seek a loan modification – Your goal with a loan modification is to make monthly payments more manageable so you are able to keep up with regular payment as well as have money to cover other living expenses you are also accountable for paying.
- Act proactively – As soon you find yourself falling behind, consider applying for a loan modification. It requires submitting a “loss mitigation” application to your lender, and because the application in and of itself it lengthy, it’s important to start right away so that a foreclosure doesn’t start or continue while you are in the midst of gathering documents.
- Be thorough – Follow all directions on the paperwork and don’t omit anything, even intentionally blank pages. If you have a question, don’t hesitate to ask and be sure that everything you submit is clear and legible. You don’t want to give them any reason to doubt or deny your application.
- Keep evidence – Retain all communications you have with your lender as they may be needed later in the process, especially if you end up having to challenge a foreclosure.
Negotiating a resolution signals to your lender that you are willing to put in the hard work to keep your home. When you act early, you may stand a better chance of negotiating a satisfactory outcome. Keep in mind that negotiating a resolution on your mortgage loan is not something you can or should have to do alone. We are here to help ensure that your rights are protected, and the burden is lifted off your shoulders.
Contact us today to schedule a confidential consultation.