What are my options for a loan modification if I am facing foreclosure?

If you are facing foreclosure in Florida, there are several options for loan modification that you can pursue. The most common type of loan modification is referred to as a “loan workout.” This is a process through which your lender works with you to change the terms of your loan, such as extending the loan term, reducing the interest rate, and/or lowering the principal balance. If your lender is not willing to modify your loan, you may be able to qualify for one of the loan modification programs offered by the federal government, such as the Home Affordable Modification Program (HAMP). To be eligible for HAMP, you must meet certain criteria, including having a mortgage that was issued before 2009. If your loan does meet these requirements, your lender will review your application and income to determine if you qualify for a loan modification. In addition to these options, there are also some foreclosure prevention services available in Florida. Some of these services are offered through non-profit organizations, state and local governments, and the federal government. These services can provide resources such as counseling, budgeting assistance, and legal advice to help people avoid foreclosure. They may also be able to connect you with lenders who are willing to modify your loan. No matter which option you choose, it is important to explore all of your options in order to get the best deal possible. You should also consult with a foreclosure defense lawyer if you need more information or assistance. A lawyer can help you understand the different loan modification programs available and can provide you with advice on which one might be best for your unique situation.

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What are my options for a loan modification if I am facing foreclosure?

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