Mortgage Modification Attorney In Orlando

Is your current mortgage payment too expensive? Do you worry that you will never be able to find financial security again because of devastating monthly bills?

There may be a solution. I am Sam Pennington, a bankruptcy lawyer with offices in Orlando and Tavares, Florida. For more than 25 years, I have helped people throughout Florida modify their mortgages and save their homes, whether or not they were also going through bankruptcy proceedings.

I spent 10 years as a staff attorney for the Chapter 13 Bankruptcy Trustee in Orlando. That office actively participates in a court-supervised mortgage modification program that has helped countless people get to a better place with their home mortgages. Today, I continue to use the knowledge I gained in the Trustee's Office to help individuals and families stay in their homes.

What Is Mortgage Modification?

Mortgage modification looks different in every case and always depends on the mortgage lender. It involves reaching out to your lender to explain your situation and discuss alternative loan arrangements. This could mean:

  • A reduction in your interest rate: The difference between a 9 percent interest rate and a 4.5 percent interest rate can equate to tens of thousands of dollars over the lifetime of a mortgage.
  • A reduction in your principal: There are some lenders who will consider reducing how much you owe on your loan.
  • A reduction in your monthly payment: It may be possible to extend the life of your warranty and reduce your current monthly payment.
  • A reduction of past due arrearages: If you are behind on your mortgage payments, the lender may be willing to reduce — or even dismiss — the amount that is past due.

I know that "success" is different for everyone. In one instance, I had an older couple ask me to reduce their monthly payment and extend the life of their loan because they knew they wouldn't be around at the end of their loan — what mattered was living their life happily now, in their home. In our free initial consultation, I will take the time to understand what you need based on your unique circumstances.

Do You Need An Attorney For Mortgage Modification?

The harsh reality is that lenders are often more willing to negotiate with attorneys who have worked with them before and who can speak their language. I focus a substantial portion of my practice on helping people save their homes and have experience negotiating with numerous lenders to help my clients find relief.

There is risk in trying to modify your mortgage on your own (the lender may refuse to work with you). There is no risk in contacting me for a free consultation. Let's discuss your options and you can decide where to go from there.

Pennington Law Firm, PA, is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.