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Loan Modification

Our goal of the loan mod process is to make your monthly mortgage payments affordable based on your current financial situation so that you can stay in your home.

Loan Modification, aka Loan Mod

A loan mod restructures the terms of your loan.  A loan mod should always be considered as an option to avoid foreclosure.  You should consider this option if you are:

Behind on your payments;

have an adjustable rate loan;

are unable to pay your full mortgage payment each month;

owe more than your home is worth;

have a loan with a high interest rate;

are paying more than 31% of your gross income towards your mortgage

A  loan modification is a negotiated legal alteration of the terms of your existing mortgage loan agreement for properties located within the State, to help ensure continued home ownership.


The lender will carefully review the homeowner’s hardship letter (that you would write), and will also review the homeowner’s family budget to better understand the homeowner’s financial status, including paychecks, income tax returns and financial forms.

The lender may approve the loan modification if doing so would make the loan affordable for the homeowner, at least temporarily, and avoid the lender’s need to foreclose on the loan.

Types of modification

Mortgages are modified to the benefit of the borrower in one or more of the following ways:

  • Reduction in interest rate, or a change from a floating to a fixed rate, or in how the floating rate is computed
  • Reduction in principal
  • Reduction in late fees or other penalties
  • Lengthening of the loan term
  • Capping the monthly payment to a percentage of household income
  • Mortgage forbearance program

The borrower can be current, late, in default, in bankruptcy, or in foreclosure at the time the application for modification is made. The programs available will vary accordingly.

There may be modifications made at the discretion of the lender. The lender is motivated to offer better terms to the borrower because of the expectation that the borrower might be able to afford a lower payment, and that a performing loan (i.e. one in which payments are current) will be more valuable ultimately than the proceeds obtained from a foreclosure sale.

The state and federal government may structure a mortgage modification program as voluntary on the part of the lender, but may provide incentives for the lender to participate. A mandatory mortgage modification program requires the lender to modify mortgages meeting the criteria with respect to the borrower, the property, and the loan payment history.

Why Use an Attorney for your Loan Modification?

As is obvious with our current economy, millions of Americans are currently facing foreclosure.  Florida is one of the hardest hit states in the nation, with a skyrocketing foreclosure rate.  Sadly, if you are one of them, you may attempt to get a loan modification from your bank on your own, however you will find it extremely frustrating if not impossible.  You will find overwhelmed customer service lines, with the person answering your call knowing little about the process themselves.  You will be given incorrect information, your calls will be disconnected, your paperwork you so carefully put together and sent will be lost.  If this sounds too terrible to be true, you may attempt to reach some type of an agreement with your lender.  With our experience, we can tell you that you have little hope of obtaining a good loan modification on  your own.  Whether these tactics are intentional on the part of your lender or merely due to the volume of calls they are receiving, the end result is you do not have the loan modification you need.  An experienced and knowledgeable Florida Loan Modification attorney, however, knows the exact procedures in order to gain their cooperation and obtain a loan mod that will work for you.

You deserve a thorough review of your loan documents to determine if you qualify for a loan modification that will allow you to remain in your home.  At The Law Offices of Robert J. Pellegrino,  we have highly skilled staff that is quite familiar with the procedures that need to be taken in order to reach the correct departments and obtain the needed relief on your mortgage.  We can do the lengthy process, get past the barriers and obtain assistance from your overwhelming mortgage payments into something you can live with.

Florida Loan Modification Lawyer

We have been told by many of our clients that they were offered loan modifications by their lenders.  However, when it came down to the details, the majority of our clients were not helped by the new terms offered to them.  It takes an aggressive and dedicated attorney working on your behalf to obtain the type of loan modification that can lead to a decrease in your interest rate, a lowering of your principal balance and a reduction of your monthly payments.  Once a lender is contacted by our attorneys, they know they will not be able to offer us a plan that is not likely to be accepted.  Your chance of success in being able to keep your home and save it from foreclosure increases significantly when you have Attorney Pellegrino by your side.   We encourage you to contact our caring and capable staff to assist you.  Having our office represent you could save you a considerable amount of money, as well as your home.

Why use us?

We pride ourselves on providing personalized and committed services to each and every individual who walks through our doors. You will always be able to meet directly with the attorney who will be handling your case. We will provide  you with the care and concern to your personal situation that you deserve. Following our in depth interview with you, we will determine what the best course of action is for you. We will review your specific loan and begin the negotiation procedure with your lender.