Jacksonville Foreclosure Alternative- Loan Modification

Are you struggling with your mortgage loan payments and fear you may lose your home in the near future? You are not alone in this concern. Jacksonville residents are in fear of foreclosure in the face of mounting debt every single day. Whatever your reason for falling behind on your payments, the sooner you take action and begin working with your bank, the better and more favorable financial arrangement you can set up to get back on track. Jacksonville foreclosures are a very scary thing—not only does it mean the loss of your home but it also has a huge impact on your credit for years to come. A loan modification is a great option  to get back on track with your payments and avoid foreclosure completely. Jacksonville Foreclosure and Modification Attorney Robert Peters can help make this a reality.

Simply put, a loan modification allows you to restructure your original unmanageable loan terms to an agreed upon amount you can actually afford. A loan modification can take a variety of forms including changing the rate all together, keeping the current rate but extending the length of your loan or adding your outstanding payments to your balance. Below is a look at some of the key advantages and features of a Jacksonville loan modification:

 

  • Keeps you in your house: for many of my clients, the most important advantage of a loan modification is the ability to stay in your house and stop worrying about an impending foreclosure and eviction. After all, you house is your home and staying in it not only not only allows you to protect one of your most valuable investments but also provides stability for your loved ones that live with you.
  • Manageable monthly payments: When you work out a loan modification with your attorney and lender, you come up with a figure that actually works for you. Gone are the days of stressing out about not having the money to make a payment and watching your outstanding balance rise by the day. Getting back on track with your monthly mortgage payments also lets many get on track with their other outstanding financial obligations and begin living within a budget that works for them and their family.
  • No impact on your credit: A foreclosure on your credit report is a negative mark that stays with you for seven years. The inability to obtain credit or buy another house in the near future as the result of a foreclosure proceeding on your record is a major concern for many. A loan modification can actually help get your credit score back up when you start making your monthly payments in full and on time every month. Imagine that!

 

A loan modification is often the most desirable alternative to a foreclosure.  Why?  Because banks are much more likely to agree to one when you are not too far behind on payments and have proof that you can pay under the proposed terms going forward. With that in mind, the sooner you get in touch with Attorney Robert Peters the better. I have years of experience successfully negotiating loan modifications for clients. The best option to avoid foreclosure depends on your individual situation and I always go over every available option when I meet with new clients for the first time.

 

Attorney Robert Peters

Jacksonville based Attorney Robert Peters is the only call you need to make to put your foreclosure concerns to rest. Your first consultation with me is always on the house so don’t hesitate to give me a call today at (904) 421-6907 or email at michelle.peterslaw@gmail.com and let’s begin working to get you back on track today! I look forward to working with you!

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