The Florida Foreclosure Process can be stressful for a Homeowner. On the other hand, they do have options. These include applying for a Loan Modification or selling their property through a Short Sale. While there is no guarantee of approval, there are Benefits of a Short Sale and Loan Modification in Florida.
While the overall goal of a Loan Modification is to lower your payment, it may not be beneficial in the long run. The Banks sometimes structure Modifications that are similar to the loan that resulted in your foreclosure. As a result, the Homeowner may find themselves in the same situation.
On the other hand, there are advantages. These includes:
1. Extending the term of the Loan
2. Lower the Interest Rate
3. Possibly Reduction of Principal Balance
4. Dismissal of Foreclosure
It is important that a Homeowner understands that the process is lengthy. In addition, it can decrease the time that they could be applying for a Short Sale. Therefore, to understand the Florida Loan Modification Process you should contact the Law Office of Brian P. Kowal, PA.
It is clear that Foreclosures no longer control Florida Real Estate as they did in 2009. While many Homeowners still face the threat of Foreclosure, they have discovered that a Short Sale helps them losing their home to the Bank. If the Bank accepts a Short Sale offer, they usually waive the amount that they are owed. In addition, they will dismiss the Foreclosure. More recently, Homeowners can now purchase a property within less than 2 years of selling their property through a Short Sale. The Law Office of Brian P. Kowal, PA recommends a Short Sale rather than Loan Modification because you will be able to move on from a Loan that you can no longer afford.
If you are interested in learning about the Benefits of a Short Sale or Loan Modification in Florida, contact the Law Office of Brian P. Kowal, PA at (954) 990-7552.