Our firm specializes in assisting homeowners with modifying their mortgage through the Mortgage Modification Mediation Program implemented by the United States Bankruptcy Court of the Middle District, Orlando Division. In August of 2020 the success rate of a debtor modifying their mortgage through the Mortgage Modification Mediation Program according to the Chapter 13 Trustee in the Orlando Division was 66%! The program works.
We have successfully assisted hundreds of homeowners with modifying their mortgages. Since the Making Homes Affordable Program referred to as "HAMP" was established during the Great Recession mortgage companies have been offering mortgage modifications when borrowers fall behind on their payments. Although the HAMP program has ended, Fannie Mae, Freddie Mac, VA, FHA and USDA all developed new mortgage modification programs to assist borrowers that default. Many private mortgage companies also offer mortgage modifications. The problem for many borrowers is getting through the process. Many borrowers are denied the oppurtunity to modify their mortgage for all the wrong reasons. This is where our office can help. We have been assisting clients with mortgage modifications since 2010. We didn't sit back and let our clients fend for themselves when they attempted to modify their mortgage. We hired an experienced mortgage underwriter and made sure mortgage companies gave all of our clients a fair shake at modifying their mortgage and saving their home. We have represented many clients that were wronfully denied a mortgage modification, hired our firm and we were able to get the modification approved.
Our firm is passionate about helping our clients effectively navigate the process to obtain an affordable payment through mortgage modification. We see many mortgage companies capitalize the missed mortgage payments, reduced the interest rate to current Freddie Mac Market Rate, reamortize over up to 480 months with a forbearance or balloon at the end of the mortgage term. Some mortgage companies want to see a reduction in the modified payment compared to the payment at the time of default, this can be difficult if the amount of deliquency is high. Sometimes Chapter 13 can allow a borrower to pay a portion of the delinquency and then apply for a mortgage modification. Our team is creative and will do their best to find a solution for you.
Stay tuned to see if new mortgage modification programs develop over time with COVID-19 Pandemic. Forberance programs being offered to borrowers effected by COVID-19 mention borrowers can apply to modify the mortgage after the forbearance ends. We are hopeful even better mortgage modifications will be offered over time especially if the housing market takes a downward trend.
If you are having trouble making your mortgage payments and especially if 31% of your gross income is lower than your current mortgage payment (including your taxes, insurance, and association fees) you should call our office for a free consultation as you may qualify to modify your mortgage terms.
Robert Branson is a leading Mortgage/Loan Modification Mediator in Orlando and Central Florida. Not only has he been a mediator for many years, his depth of experience in Mortgage/Loan Modification Mediation, including being one of the first, gives him unique insight into the Mortgage Modification Mediation process and negotiations. Clients appreciate the leg up on the process his mediator experience provides.