It’s no surprise to anyone that banks are tricky to deal with and they are doing anything in their power to avoid losing money. Unfortunately, even though they’re under directions of the government to assist homeowners with underwater properties, they’re not always doing their part. Banks are taking their time when it comes to loan modifications.
Many homeowners who have defaulted on their properties are reaching out to banks for loan modifications. If their monthly payments are adjusted to something that the family can afford, they’ll be able to stay in their homes and stop the foreclosure. In theory, everyone wins, the bank doesn’t have to add another home to their inventory for which they will have to maintain until it’s sold and the homeowners keep their home.
The problem is that banks don’t always offer loan modifications that would benefit the client. Instead, they send out “negative modifications,” where extra fees were tacked onto the principal or with interest rate terms that change over time, making it difficult for the homeowners to make payments down the road.
The last thing homeowners who have already experienced the fear of foreclosure, want to go through is the same experience all over again. A mistake like this can be avoided completely with the help of a foreclosure defense attorney. A local, Miami foreclosure law firm would be the best bet because they are more familiar with the practices of local and national banks.
Even if a foreclosure case has not been filed against you, our foreclosure attorneys can assist with your modification. To speak with one of our attorneys in person, feel free to arrange a free consultation to discuss the details of your case and how we can help, there is absolute no obligation.