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Mortgage Modifications in Florida

Even if you make all the right decisions, money troubles can sneak up on you. From sudden medical expenses to an unexpected layoff or divorce, losing control over your own financial situation can be frightening. It seems like everywhere you look, there’s another obstacle in your path.

To twist the knife even further, when you miss a few payments, your creditors start trying to take back your property, your vehicle, or even the roof over your head. If you’ve fallen behind and your lender is threatening to foreclose, a mortgage modification may seem like the best option.

Can My Lender Modify My Mortgage?

Modifications are agreements you can make with your bank to change the terms of your current loan. While your Florida lender CAN modify your mortgage terms, they rarely are willing to help. Even if you manage to convince them to lower your payment, modifications alone are usually not enough to solve your financial problems.

The difficulty with modifications is that you still have to pay all your other debts. While you may get a lower home loan payment, they don’t do anything to reduce the cost of your other bills. Trying to fix your financial struggles with a mortgage modification is like treating a deep cut with a bandage.

The world is full of con artists selling scams they claim will fix your economic woes. Bankruptcy is the only debt solution that can eliminate everything you owe. Call or text DebtStoppers today at 786-420-4545 to request a no-cost bankruptcy consultation with one of our skilled Florida lawyers.

Is Mortgage Modification a Scam?

Theoretically, modifications should let you negotiate a more reasonable payment schedule. However, Florida banks rarely agree to change your loan terms. Even if you can convince your lender to agree to a modification, saving a few hundred bucks a month cannot undo serious financial problems.

You’ll still have to make payments on:

  • Auto loans
  • Credit cards
  • Tax debts
  • Medical expenses
  • Utility bills
  • Personal loans
  • All of your other debts

While your mortgage might be unaffordable, reducing a single monthly payment doesn’t remedy any of your other debt issues. In fact, people who get modifications often quickly fall behind on their payments again.

Can DebtStoppers Modify My Mortgage?

Modifications alone can’t fix your finances. Real financial problems require real financial solutions. You need a comprehensive debt relief strategy that deals with all of your debt, not just a single payment. Chapter 13 bankruptcy laws provide real solutions to people in Florida struggling to keep up with their bills.

While you will still have to pay your mortgage, Chapter 13 usually eliminates about 90% of your other payments. Filing for Chapter 13 also allows you to reduce your auto payment to match the car’s current value instead of the high-interest amount you’re currently paying.

Unlike mortgage modifications, filing for Chapter 13 bankruptcy can give you real solutions to your financial problems and help you stay in your Florida home.

Experienced Local Debt Relief Attorneys

DebtStoppers has helped thousands of families in Coral Springs and throughout South Florida find debt relief through a comprehensive bankruptcy plan. Call or text us today at 786-420-4545 to schedule a free consultation with one of our qualified Florida bankruptcy attorneys.

Our Florida lawyers can explain the requirements for filing for bankruptcy and help you decide if it’s the right solution for you. Call or text us today at 786-420-4545 to claim your free debt analysis.