Airan2, Airan-Pace, & Crosa, P.A.

Loan Modifications/Short Sale

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Loan Modifications:

Banks agree to accept loan modifications when borrowers are unable to pay their mortgage. This may be because the borrower is facing some kind of financial difficulty or hardship. The law firm of Airan2, Airan-Pace, Crosa & Fernandez, P.A can assist you with your loan modification.

Banks agree to loan modifications because they do not want to foreclose. Banks would prefer to work out changes to the loan so that the borrower can resume regular monthly payments. Banks are not interested in owning real estate. They do not want to own your home. They are willing to negotiate a modification.

One of the most important litmus tests for determining whether you are a candidate for a loan modification is asking yourself whether you have income. The single most important question the bank will ask is whether there exists an ability for the borrower to pay the new modified loan payment.

Maybe your hours were cut at work. Or maybe you lost your job, and then found another job paying less. These are true hardships that the banks consider when approving loan modifications. Our law firm will provide you with the best legal advice to help you through the process.

A loan modification is a great option for borrowers who cannot currently pay their mortgage payment but who can pay an amount that is less than the full amount of their monthly mortgage payment.

Contact our office for a free consultation!

Short Sale:

This is a common method that our lawyers at Airan2, Airan-Pace, Crosa & Fernandez, P.A use to help borrowers avoid foreclosure.

Banks are willing to take less money than what they are owed to avoid having to go through the foreclosure process, which is expensive to them.
Lenders agree to accept a short sale when a borrower is facing some kind of financial difficulty or hardship, or are unable to pay their mortgage for whatever reason.
Banks agree to short sales because they do not want to foreclose, and it is their last opportunity they have to recoup what they have lent.

Our law Firm wants you to know that banks are not interested in owning real estate. They make loans and at the end of the day, they are only interested in recouping their investment. They do not want to own your home. They are willing to negotiate a settlement. Proper legal advice is of the essence.

There are many benefits to doing a short sale.

First: in most cases any balance owed to the bank after a short sale is forgiven. Let me put it this way: the difference between the amount that is owed to the bank and the amount the bank is paid off at the short sale closing is written off by the bank. This means that the borrower will not owe this money to the bank.
Second: since the passage of the Debt Forgiveness Act in 2007, there are no tax consequences for the forgiven debt on a mortgage related to a primary residence.
Third: and equally as important, a borrower’s credit will improve much faster after a short sale than it would after a foreclosure. In many cases, the credit of a borrower can return to normal in as little as 12 to 18 months after a short sale.

A short sale is an excellent option for borrowers who cannot pay their mortgage. Our attorneys will negotiate the best deal for you.

Contact our office for a free consultation!

Airan2, Airan-Pace, & Crosa, P.A.
6705 Red Road #310
Coral Gables, FL 33143

We represent clients in India and throughout the South Florida area, including people in Miami, Pinecrest, Fort Lauderdale, West Palm Beach, Orlando, Tampa, Napes, Key West, Melbourne, Pitusville, Hollywood, Miramar, Weston, Miami Beach, North Miami Beach, Miami Lakes, Hialeah, Coral Gables, South Miami, Coconut Grove, Homestead, Key Largo, Marathon, South Florida, Broward County, Miami-Dade County, Monroe County, Palm Beach County, and Martin County.

Additional Information: Business Law Attorney in India and U.S.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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