Updated: Apr 20
When a mortgage lender initiates a foreclosure action against you in court, you want to call a foreclosure defense lawyer in Boca Raton right away. However, did you know that a foreclosure attorney can help you prevent a foreclosure in the first place in many situations?
The first important thing to remember is to never ignore letters or other communications from your mortgage lender. Lenders are required to provide notice of default to Florida homeowners before they file for foreclosure. Receiving this notice means that foreclosure is likely in your future, though you have time to take defensive action.
The right attorney will know how to negotiate with your lender to request a mortgage loan modification. This modifies certain terms of your loan, which should allow you to catch up on your payments. Some common modifications include:
Lowering your interest rate
Reduce your principal
Extending the term of the loan
Suspending payments temporarily
There are many situations in which you cannot pay your existing mortgage, but you can afford lower payments. This allows you to keep your home and eliminates the need for foreclosure for your lender.
There used to be federal modification programs for homeowners in trouble, though those have been abolished. Instead, banks have the discretion to grant or deny a modification. It is critical to have the help of the right lawyer who can negotiate with your lender and demonstrate that a loan modification will benefit everyone involved.
Contact a Foreclosure Defense Lawyer in Boca Raton
The Law Offices of Eleni Noble Zarbalas, P.A., represents homeowners who want to prevent foreclosure or who are already facing a foreclosure case. If you would like to discuss how a Boca Raton foreclosure defense attorney can help you, please do not wait to call 561.981.2685 or contact us online today.