A loan modification is generally, in it’s simplest form, the request to change the terms of my existing mortgage; whether you’re changing the length of the loan, whether you’re changing the interest rate at which your original loan was at, whether you’re changing or requesting to have your principal balance removed.
It’s a basic plea to the bank saying I can’t afford my mortgage as it is now, however, look at my financial situation. I am making money, I have income. If you just simply change or modify my existing loan terms I’ll be able to afford this property. So, any change in the existing loan terms is considered a loan modification.
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Law Office of Ray Garcia, P.A.
Our mission is to provide our clients with legal services that not only meet their needs but exceed their expectations. We approach all practice areas with care, knowledge, experience, and determination. Trusted In South Florida For Decades.
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Law Office of Ray Garcia, P.A.
Our mission is to provide our clients with legal services that not only meet their needs but exceed their expectations. We approach all practice areas with care, knowledge, experience, and determination. Trusted In South Florida For Decades.
Latest posts by Law Office of Ray Garcia, P.A. (see all)
- How a Federal Ban on Non-Compete Clauses Would Impact Florida Businesses - September 6, 2023
