Has a major setback at work, with your health, or with your marriage, caused you to fall behind on your mortgage payments? If setbacks in your life have made your home unaffordable, there are solutions. Get back on track with your mortgage payments and stay in your home that you worked so hard for.
Principal Reduction: In today's market, and in light of recent settlements with the Attorney General, there is a more room for flexibility and negotiation than ever before. In years past, many lenders were reluctant to approve principal reductions not willing to accept to be paid less than they are owed. But as the economy continues to spiral, we are seeing an increase in reductions to homeowner's principal being given by banks.
Example: a homeowner owes $500,000 on their first mortgage, but the appraised value of the home is $300,000. In this scenario the homeowner could be eligible to receive a loan modification based on the property's current (lower) value, and we would negotiate with the current mortgage lender to obtain a loan closer to present value, with a lower interest rate, and ultimately lower monthly payments.
The Law Offices of Michael D. Stewart can assist you in negotiating your loan with the banks to reduce interest rates and payments to make your home affordable again. If you are already in foreclosure our firm can assist you in your defense while actively working to modify your loan.