A loan modification in Florida is a restructuring of the mortgage where one or more of the terms of a borrower’s loan are changed to provide a more affordable payment. This might be a great way to avoid foreclosure or stop foreclosure even if you’re deep into the foreclosure process in Florida already.

Loan modifications are confusing. Partially because of the abundance of legalese in the paperwork, it’s easy to agree to something you don’t realize you’re agreeing to. Don’t be had by a loan modification company in Florida, the bank do NOT work for you.

With this option we negotiate with your lender to get your loan in good standing again. This can be accomplished through a separate payment plan for your delinquency to the end of your loan.

A short sale occurs when you sell your house for less than your existing mortgage balance. This has to be done in collaboration with your lender (or lenders if you have a second mortgage with a different company). The lender has to approve any sale.

Short sales cannot be done without the approval from your lender. You will spend on average, 4 hours on phone calls before you find the person responsible for handling short sales at the bank that holds your mortgage. You will want to talk to the “real estate short sale” department, and try to get the name of the negotiator. Manna Homes can also handle this step for you.

In some situations, it’s pretty clear you don’t need a foreclosure lawyer.

For instance, if you just want to remain in the home during the foreclosure process, you probably don’t need to hire a lawyer. You still own the property and can remain in your home up until the foreclosure sale is completed and the new owner takes title to the property.

Also, if you don’t have any defenses to the foreclosure, then there is likely no need to hire a lawyer. For instance, if you simply can’t afford your mortgage going forward and you’re behind on payments, then it probably doesn’t make sense to spend effort (or money) fighting the foreclosure.