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Loan Modification Lawyer Safety Harbor, FL

Safety Harbor Loan Modification LawyerIf you or a loved one need legal assistance regarding a loan modification issue, contact a Safety Harbor, FL loan modification lawyer you can trust, FL at Carolyn Secor, P.A.

What is loan modification?

Loan modification refers to any changes made to an individual’s original loan. Changing the condition of your loan can come with its own unique challenges, however, in the right circumstances, and with an experienced loan modification lawyer such as those at Carolyn Secor, P.A. it can be greatly beneficial.

How is loan modification different from refinancing?

Refinancing on a loan pays off the current loan, and replaces it with a new loan. In most cases, refinancing occurs in mortgage loans. For example, if a homeowner would like to refinance their house, they would contact a lawyer who specializes in refinancing in order to properly go through the process properly, ensuring it is legal, ethical, and well documented. 

Are there negative aspects of loan modification?

Yes, there can be cons to pursuing loan modification, the biggest being a decrease in an individual’s credit score. Due to this aspect, loan modification lawyer may review their client’s financial situation, their loan history, and determine whether or not their client would benefit from a loan modification or refinancing. 

Are all clients eligible for refinancing?

Unfortunately, no not all clients or homeowners are eligible for refinancing. If the individual with the loan is repeatedly late or delinquent in paying their loan, they may not be considered eligible for refinancing. 

How can a loan modification lawyer help their clients?

A loan modification lawyer may be able to help their clients in a number of ways.

First, a loan modification can help their client understand their legal rights in regard to their loan, payments, and changes they may desire to make to their loan. A loan modification may be able to forgive part of the principal balance, convert the interest rate, extend the loan’s terms, or reduce the interest rate of the loan significantly. All of these changes may greatly benefit the client and loan owner, changing their financial situation and future. 

Second, a loan modification lawyer may be able to stop their client’s foreclosure. Time is of the essence in these situations, If a homeowner feels that foreclosure may be in their future, they should contact a loan modification lawyer as soon as possible. With the right amount of time, communication, and resources, a loan modification lawyer may be able to stop the foreclosure from occurring. Foreclosure can be devastating for the homeowner, as well as their family. Those desiring to keep their house should work with a loan modification lawyer whom they can trust, and provide themselves the best chance available to keep their house. 

Third, a loan modification lawyer can advocate for their client, and negotiate with lenders. Many clients may feel overwhelmed and hopeless when dealing with their lender. Thankfully, a skilled loan modification lawyer can support their client’s needs, and fight for what they rightfully deserve. Contact a Saftey Harbor loan modification lawyer at Carolyn Secor, P.A. today and start your journey toward loan modification.