Legal Question in Real Estate Law in Florida
Real Estate Loan modification
My husb and I own a property that was purchased for 210K back in 2006. Currently our home's market value is 175K and we owe $185K on it. Our mortgage (plus taxes and home insurance) was $1670 per month. After not paying the mortgage for 6 months, the lender came up with a 3-month ''Trial Period'' where we have to pay $1370 per month starting now. The next step is for the lender to review all the necessary documentation and come up with a final loan modification package.
My issue is that our mortgage including taxes, insurance AND HOA should be about 1K based on the 31% of our current income (as per ? new Obama home affordability program). I also was hoping that the trial period amt was closer to 1K. I contacted the lender and tried to work out a lower monthly trial period payment than $1370, but they did not go down at all. Any suggestions? Should I have used an attny tha specializes in loan modifications, what would it cost me.
Also, currently a house such as our could be pretty purchased for about 100K (if one knows how to find it, which I do - I have had my real estate license for over 4 years in FL). I live in St. Lucie county and I really need help. If I can't get the mortg down to 1K, I can't afford it? Suggestions
1 Answer from Attorneys
Re: Real Estate Loan modification
Yes, you are better off using an attorney for this type of thing. That is part of our practice too. Feel free to contact me if you would like.
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