Mortgage Rate Adjustments- The Foreclosure Timebomb
Many homeowners are experiencing a mortgage rate adjustment, where the interest rate or payment is set to increase substantially. Such an adjustment can turn an affordable mortgage payment into a foreclosure situation. Banks and Lenders have been told by the government they need to modify these loans, but very often they don’t. McFarlin LLP will hold them accountable, and fight to get you the mortgage rate reduction required to keep you in your home.
What is a Mortgage Rate Reduction Program?
In a mortgage rate reduction program, you construct a financial plan that works for you and includes an affordable monthly mortgage payment. The proposed payment will be based on your gross income and necessary living expenses, not dictated by the lender. This keeps your payment within your budget. Our attorneys and support staff then take over and negotiate with your lender and work to make the proposed payment a permanent reality.
Mortgage rate reduction programs are not simple to get approved. The key factor of your loan modification is constructing a financial plan that you and all your lenders can approve. It is also vital to make sure that this new financial plan is one that you can afford.
We Can Assist You With Your Mortgage Rate Reduction
Your lender wants to see a verifiable relationship between your income and expenses that will prove to them that you will be able to make your payments in the future. Don’t worry; our attorneys and staff can help put a workable plan together for you as long as you have some income to work with. We will help you anticipate problems or issues your lender may have with the loan modification request. Our experienced attorneys can also assist you in composing a “hardship letter” describing why the problem occurred and how your financial circumstances have been resolved.
Mortgage Rate Adjustment Attorneys
The attorneys at McFarlin LLP are focused almost exclusively on helping struggling homeowners avoid foreclosure whenever possible. If you are in need of a mortgage rate reduction, you need an experienced attorney on your side. Homeowners that try to work directly with their lender have a high failure rate. Even attorneys don’t represent themselves.
Our lawyers have the specialized knowledge, and experience necessary to assist you with your mortgage rate reduction program and help keep you in your home. McFarlin LLP offers free mortgage rate consultations to prospective clients, so contact us today (888) 728 0044, or email us.