Benefits of Mortgage Workouts

Many scared and overwhelmed homeowners and business owners have properties on the brink of foreclosure do not know the benefits of mortgage workouts.

A mortgage workout is a refinancing of a mortgage held by a homeowner who is in foreclosure, will soon be in foreclosure or who is about to be late on a mortgage payment.

Floridians facing foreclosure turn to Eric and Roddy Lanigan and Rich Marquez for counseling and see the benefits of Central Florida mortgage workouts.

Considering the Benefits of Mortgage Workouts

Nobody can guarantee results in your case or any other. Everyone’s financial situation varies, your arrearage varies, your property value varies, your credit history varies. Everyone’s mortgage is different and no one can ever tell you they can promise results.

“We certainly do not,” said Eric Lanigan, Winter Park, Florida, bankruptcy and foreclosure lawyer who with Roddy Lanigan try to help keep businesses and homes out of financial disaster.

“We have been successful in accomplishing these things for our clients,” said mortgage workout agent with Lanigan and Lanigan, Rich Marquez.

Here’s where Lanigan and Lanigan have been able to get for some clients and have been successful in coming to agreements with lenders and receiving:

  • Interest rate reductions as low as 2%
  • Extensions for terms of the loan from 30-year mortgages to 40- and 50-year mortgages
  • Principal Balance reductions
  • Permanent forgiveness
  • Principal balance deferment
  • Principal balance settlements

Lanigan and Lanigan Handle Mortgage Workouts

“No bank in the country will tell you that they want to go down the foreclosure route,” Marquez said. “They would be open to negotiating with us, their doors will be open to reaching a mortgage workout, finding an agreement that will satisfy the banks and the homeowner.

“They find out very quickly that we know what we’re doing and that in many cases we know more than the rep because of our experience in negotiating vs. what they have seen come across their desk in a pile of files.

“I’ve had reps tell me there are no programs available for your client,” Rich said. “I’ve turned around and told them that you’re giving me false information right now. That I have approved files with scenarios worse than the one that this client is presenting and you don’t know what you’re talking about. Let me speak with your supervisor.

“I go over their head and get the results that I know can be achieved for the homeowner. I am going to push because I know all the programs that are out there. I know many that the banks aren’t even aware of.

“Customer service is actually quite rude,” Rich said. “And when it comes to a mortgage workout we’re not ever dealing with customer service. We deal with the lenders loss mitigation department. This is the department that reaches a final decision on the workout. This is who we negotiate with and get deals done for homeowners.”