Debt Mitigation

These are unprecedented times. A large number of people are out of work or under water in their homes. Credit is increasingly scarce, and Creditor harassment has become more commonplace. But it doesn’t have to be for you. A Florida debt attorney can assist with stopping harassment, and help you achieve a work-out or modification of your debt. The attorneys at SmithLaw understand the ins and outs of Florida debt relief, and can help make your life easier. We can help you achieve the breathing room that you need to get on your feet. You do not have to be behind on your payments to qualify. And if you have missed payments, there is still help for you. Lenders offer many programs that are not based on credit scores, and we know those programs.

What is a Debt Mitigation?

Debt Mitigation is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. Including, but not limited to:

• Reduction in interest payment;
• Change in length of the loan; or
• Change in the principal balance

Why would I want a Debt Mitigation?

There are many reasons clients want a Debt Mitigation plan, and listed below are the most common:

• Upside-Down on your home. (You may also be able to qualify for a short refinance or pay off your second mortgage for less than you owe)
  
• Household income has been reduced. For example: Unemployment, under-employment, reduced pay or hours, decline in business earnings, death, disability or divorce of a borrower or co-borrower.
  
• Your expenses have increased. For example: monthly mortgage payment reset, high medical or healthcare costs, uninsured losses, increased utilities or property taxes.
  
• Your monthly debt payments are excessive and you're over extended with creditors, i.e. credit cards, home equity, etc.
  
• Your cash reserves, including liquid assets, are insufficient to maintain your current mortgage payment and basic living expenses at the same time.
  
• You do not qualify for refinance or bankruptcy.
  
• You are behind on your payments.
  
• Job transfer. You may need to get rid of the property. If this applies to you, a short sale might be a good idea.
  

Debt Mitigation is typically completed in 60 to 180 days. The time frame is dependent on the lender, type of loan, and type of loan modification being applied for.

You can do a Debt Mitigation plan on your own, just as you can fix your own car or cut your own hair. Most people find they receive a better Debt Mitigation plan more quickly by using our experienced service. We take the guess work out of the equation for you and also evaluate all of your financial documents to ensure everything is correct and qualifies you for the lowest payment and best terms available. We work hard for every client to see that they receive the best program. Many lenders offer ten or more different loan modification programs, and we stay on top of the changes to these programs to keep informed of important developments. We apply, on your behalf, to all programs to get you the best solution possible.

When you find yourself with an issue concerning your mortgage, please contact us. We will determine your best option and walk you through the steps. We do our best to inform you of the different options you may have, including loan modification, short sale, short refinance, or deed in lieu. We can also help you negotiate business loans and commercial real estate.