Melbourne Florida Foreclosure Attorney - A Year in Review (2013)


Now that 2013 has come to an end, we have the opportunity to look back on the year to note some significant improvements in the mortgage modification world. The Melbourne Florida Foreclosure Attorney at Bowin Law Group has represented thousands of Melbourne and Brevard County homeowners in foreclosure defense, bankruptcy, mortgage modification, short-sales, strategic default, and other mortgage related issues. This last year was the most successful year yet.

Not only were we able to defeat hundreds of attempted foreclosure judgments, we were able to successfully modify mortgages at a much higher rate than in years past. Much of our modification success can be credit to us refining our modification processes, but the banks and the government deserve a lot of the credit as well. After all, no matter how hard we fight the banks in court, if they do not want to modify a mortgage, there is no law or court that can make them. Whether or not they modify a mortgage is completely up to the bank. So when we see a substantial increase in successful modifications, we have to give credit to the banks for stepping up their efforts, as painful as that is to do.

Ovre the past year, we've even seen "principal reduction" modifications from some of the major lenders, such as Bank of America, JP Morgan Chase, CitiMortgage, and Wells Fargo. What makes this so remarkable is that these banks rarely, if ever, approved principal reduction modification in years past. Seeing these banks step up their efforts on mortgage modifications is a welcome end to what is usually a very frustrating process. Hopefully, this is a trend we will continue to see through 2014 and beyond.

There are still many homeowners upside down on their home mortgages and struggling to make their mortgage payments. Many of these homeowners are in foreclosure, or will be in foreclosure in the near future. Many of the homeowners have the opportunity to save their homes from foreclosure by applying for a mortgage modification. With the major banks now getting serious about modifying mortgages, we hope to save many more homes over the coming years, and to see end to the housing crisis that has dragged oj for far to long.