Mortgage Modification Lawyer Tampa 813-222-8210

with the interest rate to get the equation to work. Principal reduction is the new hot item in mortgage modification. This is a more creative approach than the system described above, but allows for a second variable.If we cannot get the modification to work with the bank looking solely at a change in interest, the bank may work with an appraisal to reduce the mortgage to the value of the property or some other negotiated amount. Other alternatives may include a bifurcation of the mortgage into one a current loan and an interest free loan that balloons at the end of the loan. Under this example, we may be able to take a $200,000 loan and break it into two $100,000 loans. One loan would be paid as a typical mortgage the second would be paid when the home is sold or at the end of the loan term. Typically as part of the mortgage modification process we can litigate the file with the foreclosure attorney. We often want to get the quickest answer from the bank to avoid increasing the mortgage with back interest and late fees. One of the most powerful tools we have in litigation is the foreclosure mediation process. Through the mediation we can often get to a negotiator or decision maker with the bank. The court may order the bank to send a designated representative to the table that may stay with you through the end of the modification process. This person may help take out the stress and annoying habits of the process that often cause repetitive work and demands from the bank. The result is that we often can save your home with a great payment plan. Note that the program that you may be eligible for depends on your mortgage servicer as well as the investor behind the loan. As a last resort we may also attempt to use Chapter 13 Bankruptcy to compel the bank to entertain a Mortgage Modification. Chapter 13 Bankruptcy