Program helps homeowners afford mortgage payments

On behalf of Bankruptcy Law Firm of Clare Casas on Monday, September 21, 2015.

If you are struggling to afford your home mortgage payments, there is help available. The Fort Lauderdale Bankruptcy Court has a loan modification program that helps homeowners by making their monthly mortgage payments more affordable. To participate in this program, you must first file Chapter 13 bankruptcy.

One key component of the loan modification program is mandatory mediation. The homeowner must attend mediation with the bank. The goal of mediation is to facilitate communication between you and your bank and to encourage you to reach an agreement that is beneficial to both of you.

Although the Chapter 13 loan modification program is only a couple of years old, it has already helped a number of Florida homeowners keep their homes. Specifically, the program assists homeowners by:

• Reducing the principal balance on the mortgage;
• Lowering the interest rate;
• Restructuring the mortgage; and/or
• Lowering the monthly payments

If you are interested in participating in this program, consider hiring an attorney to help. An experienced bankruptcy attorney can look at your complete financial picture and determine whether this option is right for you.

If you do decide to apply for the loan modification program, the attorney can also ensure that you meet all of the court-ordered requirements and deadlines for the program. Complying with the various requirements is critical. Failure to do so may render you ineligible to continue participating in the program.

Let the Bankruptcy Law Firm of Clare Casas help. Since the loan modification program was started in 2013, our firm has been helping Florida homeowners successfully complete the program. As a result, we have become very familiar with its intricacies and rules.

Our attorneys can also answer any questions you have about loan modification or about bankruptcy in general. We understand how stressful it can be when you have fallen behind on your payments. Using our compassion and knowledge, our team will work hard to determine the best solution for your needs.

Further, because we know that you are already facing financial hardship, the Bankruptcy Law Firm of Clare Casas offers reasonable fees and flexible payment plans. We strongly believe that money should not be a barrier to legal counsel. To learn more about how we may be able to help you, please visit our Chapter 13 bankruptcy page.