Mortgage Modification Lawyer Tampa 813-222-8210
Mortgage Modifications Lawyers at the Galewski Law Group, P.A. may help you save your home, investment property or your business. We have been working with mortgage renegotiation since the start of the firm. Long before the mortgage crises, we would regularly help people save property due to income loss, change in household members or because of run-away interest. Now with the current crises, we may be able to use the old tools to work directly with the bank, or go through the current processes with HAMP, HAFA and other allowed programs. The current trend in mortgage modification is to reset a home or investment mortgage to 31% of the household income. That is the monthly payment should equal the principal amortized over 30 years (principal/360) plus monthly interest, taxes and insurance. The principal, taxes and insurance should be known items, so we can work
with the interest rate to get the equation to work. Principal reduction is the new hot item in mortgage modification. This is a more creative approach than the system described above, but allows for a second variable.If we cannot get the modification to work with the bank looking solely at a change in interest, the bank may work with an appraisal to reduce the mortgage to the value of the property or some other negotiated amount. Other alternatives may include a bifurcation of the mortgage into one a current loan and an interest free loan that balloons at the end of the loan. Under this example, we may be able to take a $200,000 loan and break it into two $100,000 loans. One loan would be paid as a typical mortgage the second would be paid when the home is sold or at the end of the loan term. Typically as part of the mortgage modification process we can litigate the file with the foreclosure attorney. We often want to get the quickest answer from the bank to avoid increasing the mortgage with back interest and late fees. One of the most powerful tools we have in litigation is the foreclosure mediation process. Through the mediation we can often get to a negotiator or decision maker with the bank. The court may order the bank to send a designated representative to the table that may stay with you through the end of the modification process. This person may help take out the stress and annoying habits of the process that often cause repetitive work and demands from the bank. The result is that we often can save your home with a great payment plan. Note that the program that you may be eligible for depends on your mortgage servicer as well as the investor behind the loan. As a last resort we may also attempt to use Chapter 13 Bankruptcy to compel the bank to entertain a Mortgage Modification. Chapter 13 Bankruptcy
Mortgage Modification overview Did you know:
Short Sale – Mortgage Modifications Tampa Foreclosure Defense Lawyers at the Galewski Law Group, may be able to help you save your home through a mortgage modification, short refinance or principal reduction mortgage modification. We may be able to use the bankruptcy code to remove or completely strip off a second mortgage, home equity line, or HELOC. If you want to sell your home or investment property we may be able to help convice the bank, investor, PMI or other mortgage holder to forgive the debt or deficiency on the mortgage; that is that you may not be responsible to pay anything on the difference between the value or sale price of the property and the amount owed on the loan or mortgage.
Attorneys at the Galewski Law Group provide Chapter 7, Chapter 11 and Chapter 13 bankruptcy, foreclosure defense, mortgage modification, Divorce, and Personal Injury representation to clients throughout the Tampa Bay Area. Our Bankruptcy Lawyers are available by calling 855-Stan-the-Man or 813-222-8210 or at www.Galewski.com and provide legal services in Hillsborough, Pinellas, Manatee, Pasco, Polk, Sarasota and Hardee County and in cities that include Tampa, Clearwater, Dover, Seffner, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Safety Harbor, Lutz, Holiday,, Oldsmar, Sarasota, Crystal Beach, Bradenton, Lakeland, Brandon, Plant City, New Port Richey, Trinity, Spring Hill, Port Richey, Largo, Seminole, Pinellas Park, and Bartow. 412 E. Madison Street * Suite 1106 * Tampa, FL 33602 * T 813.222.8210 * F 813.222.8211