Can I Avoid Foreclosure By Negotiating A Lower Rate Or A Loan Modification?
Can I avoid foreclosure by negotiating a lower rate or a loan modification? Attorney Michael Ziegler explains that a consumer absolutely can request a loan modification from their lender either before or after the legal process has started for a foreclosure.
The loan modification process is not an easy thing. It is paperwork-intensive. It requires a lot of dedication, and modifications are not guaranteed. Ultimately, just like any contract modification, both parties have to agree to the change in order for it to be successful. The reality is that the lenders have the power in the decision-making process in terms of whether or not a modification will be granted. But it is a possibility.
The other thing to consider is principal reductions. Principal reductions, just like modifications as a whole, are not a guarantee in a modification. As the real estate market has restabilized, principal reductions are more and more exceptional.
Contact attorney Michael Ziegler in Florida for a free case evaluation today. He founded his law firm on the principles of professional quality and personal care.
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