Getting Mortgage Help After Hurricanes Strike

Hurricane Michael was the most destructive and powerful hurricane to ever hit Florida’s Panhandle. With a Category 4 rating, a rising death toll, and thousands still homeless weeks after the worst of the storm, Hurricane Michael cost many millions of dollars in property damage across the state. Although the impact of this hurricane was thankfully minimal in Brevard County and surrounding areas, hurricanes are an ever-present threat to all Floridians and their property: Just last year, Hurricane Irma caused tremendous damage in local areas like Merritt Island and Palm Bay.

If you were already struggling to make your mortgage payments before a storm hit, you can find yourself in a very difficult financial situation afterwards as you attempt to recover your home, property, and belongings. After a hurricane, many victims may begin seriously looking at debt relief options like bankruptcy and foreclosure.

While these can be helpful in some cases, they aren’t necessarily your only options. If you’ve been affected by a major storm like Hurricane Irma or Michael, you can get additional assistance with your mortgage without resorting to foreclosure.

Our Brevard County foreclosure attorneys can assist you with pursuing the following mortgage relief options:

  • Negotiating and consolidating debt with your lenders. From restructuring loan payments to starting a debt settlement program, working with your lenders can go a long way to helping you get back on track after a storm. It’s always best to speak with your lender directly and be up front about how much you can afford to pay each month. If you’ve been hit hard by a hurricane, chances are good that your lender will be willing to work with you. If not, a skilled debt relief attorney can help you negotiate.
  • Seeking mortgage payment forbearance. After a natural disaster, the government often issues a “foreclosure moratorium” for up to 90 days, to prevent banks from taking advantage of hurricane victims. Lenders will also typically offer 90 days of forbearance on loans, which may also be extended to up to a year in extreme cases. This is especially true if your loan is a government-backed mortgage through Freddie Mac or Fannie Mae. Contact your loan provider to see what forbearance options may be available.
  • Mortgage modification. If your forbearance period is up and you’re still struggling to make ends meet, it might be time to modify your mortgage. Restructuring the nature and terms of your loan can help you afford your monthly payments and even get a lower interest rate.

Regardless of your specific needs, our Florida foreclosure attorneys can give you the experienced and compassionate debt counsel you need in these difficult times. With more than 40 years of combined legal experience in bankruptcy and tax law, you can rest assured that we will stand by your side and give you a range of options to find financial freedom once again – even after a hurricane strikes.

Give us a call today at (321) 320-6088 for a free case evaluation! We serve clients throughout Lake, Orange, Osceola, Seminole & Volusia Counties.