Loan Modification Attorney Representing All of Southern California
Now Helping Homeowners Obtain Loan Modifications in Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara, and Ventura Counties
In the event that you are experiencing issues paying your home mortgage, a proper analysis needs to be conducted to determine whether the total sum you owe on your home is more than estimated value of your home. In conjunction with analyzing your income and expenses, we can properly assess your chances of obtaining a home loan modification.
Just like anything else, having a qualified legal expert correspond with your lender will make all the difference. We know how to maneuver and negotiate to get the best possible results, and provide you with the aggressive representation you deserve.
The Loan Modification Process
STARTING THE PROCESS IS FREE OF CHARGE! Our flat fee of $2500 is due ONLY AFTER we get your loan modification approved! Call us now for a free consultation and we will evaluate your situation and chances of qualifying for a loan modification. Loan modifications typically take about 60 days to complete. Our goal is to reduce your interest rate and lower your payments using a LEGAL approach and our experience as a fully licensed real estate law firm.
Common Loan Modification Questions
WHAT IS A LOAN MODIFICATION?
A loan modification can be considered an adjustment in the particulars of your current mortgage with your bank. This can either be an interest rate adjustment, adjustment to your monthly payments, or placing your arrears at the tail end of your principal balance and restructuring your payments with a newly amortized monthly payment.
HOW MUCH CAN I SAVE BY DOING A LOAN MODIFICATION?
It’s conceivable to save hundreds every month, but it will depend on a variety of factors. The length of a typical fixed mortgage is 30 years. This may be able to save you thousands over the life of the mortgage.
WHO QUALIFIES FOR A HOME LOAN MODIFICATION?
Homeowners who are struggling to pay their mortgages should look into loan modification as an option. Homeowners have the best chance of obtaining a loan modification if:
- They have an adjustable-rate mortgage.
- Their mortgage has a high interest rate.
- The amount remaining on the mortgage is more than the property is worth.
- They are experiencing another kind of financial hardship.
- Are able to prove monthly income to sustain a modified payment.
CAN I OBTAIN A HOME LOAN MODIFICATION IF MY CREDIT IS BAD?
Your credit score is usually NOT a consideration when determining whether you qualify for a loan modification. More important factors are considered, such as your debt to income ratio, the value of your home compared to your mortgage balance, your monthly income, and your monthly expenses.
WHAT IF MY INCOME IS TOO LOW?
Income will need to be proven in order to qualify for a loan modification. On the off chance that you don’t meet all requirements for a loan modification or in the event that you have been unjustifiably denied an advance change previously, we can assist you with extra options.
DOES EVERY BANK DO LOAN MODIFICATIONS?
Practically all banks entertain modification applications. The only exception would be if you have a private, hard money loan. Lenders typically prefer not to foreclose on homes, and would rather workout some alternative to foreclosure.
WHAT SHOULD I DO IF I HAVE BEEN DECLINED FOR A LOAN MODIFICATION BY MY BANK?
In the event of a modification denial, an attorney will review your case to determine why your modification request was denied and see if anything was missed on your application. In the event you simply don’t qualify, we will advise you of every other option available to avoid foreclosure.
CAN I APPLY FOR A LOAN MODIFICATION FOR MY SECOND MORTGAGE?
Absolutely. We are actually seeing an uptick in 2nd mortgage foreclosures where the borrowers mistakenly believed that their junior mortgages have been extinguished. Please contact us so we can analyze your situation and provide you with all of your options relating to your 2nd mortgage.
WHAT INFORMATION DO I NEED TO QUALIFY FOR A LOAN MODIFICATION?
To demonstrate you qualify for a loan modification, you’ll will typically need the following documents:
- Proof of income.
- Proof of supplementary sources of income.
- Utility bills and other proof of residency.
- Recent bank statements.
- Tax returns.
- A letter explaining your situation of hardship.
WHAT IF A LENDER DOES NOT WANT TO GRANT ME A LOAN MODIFICATION?
Your lender may deny your loan modification request for ANY reason. You might be months or years behind on payments, and that may make it impossible for your lender to modify your loan. In the event you are denied, we can pursue all other options to help save your home from foreclosure.
WHAT OTHER OPTIONS DO I HAVE BESIDES LOAN MODIFICATION?
Loan modification isn’t your only option if you’re struggling to pay a mortgage. Some of your options may include:
- Repayment or forbearance plans offered by your lender.
- Switching from an interest-only or adjustable-rate mortgage to a fixed-rate mortgage.
- Short sale, or when a property is sold below the balance you owe.
- Deed in lieu of foreclosure (Cash for Keys), in which you deed your property in exchange for a release from all mortgage obligations.
We will go over all alternatives with you, and give you an adequate assessment of the option that works best for your circumstance.
WHY SHOULD I HIRE A LAWYER TO FILE FOR A LOAN MODIFICATION?
The credibility of a lawyer is one reason. Additionally, our experience to put your package together and negotiate on your behalf is priceless. Don’t allow your lender to take advantage of your inexperience, and hire us to properly negotiate on your behalf.