Brodzki Jacobs & Associates Can Help with Mortgage Modification

Is your mortgage payment currently higher than you can afford to pay?  If so, the attorneys at Brodzki Jacobs & Associates, PL may be able to help you obtain an affordable mortgage payment.  We help our clients negotiate with lenders to modify their original mortgage terms.  A mortgage modification could provide lower interest rates, extended payback periods, and principal forgiveness or deferment.

 In order to be eligible for a mortgage modification, borrower must have income sufficient to support a more affordable payment.  Ordinarily, the target mortgage payment falls somewhere around 31% of the borrower’s gross income.  Included in that payment amount is the principal and interest due on the loan, property taxes, homeowners and flood insurance, as well as any homeowners’ association fees.  With homeowners’ association fees and assessments accounting for much of the cost associated with owning a home in south Florida, a decreased mortgage payment could help to balance out those costs.

There are several means by which Brodzki Jacobs & Associates, PL could help a struggling borrower obtain a modification, both inside or outside of a bankruptcy.  It is important to assess a homeowner’s entire financial picture in order to determine which option would best serve his or her needs.  To obtain more information and to find out if a mortgage modification is right for you, call our office for a free consultation.

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