| What
is a Mortgage Modification?
A home
loan modification is a negotiation process between a lender and a borrower
where the loan terms are restructured to meet the borrower’s current
financial situation.
Under
Making Home Affordable the new government plan mortgage modification
includes a restructuring of your mortgage interest rate, the term of
your loan, forbearance agreement and some time include a loan principal
balance reduction. The modification also includes recapitalization
of unpaid of loan payments, taxes, insurance and a waiver of any late
charges by your lender. In the past, lenders agreed to modify
only when a borrower was delinquent. However, under the new government
plan delinquency is not a requirement and lenders are required to modify
if the risk of default is imminent.
At
our firm, we take the time to get to know our clients, to review their
financial situations, understand their unique goals and therefore help
them make a well-informed decision that is truly the best for their
current and future situation. If you have fallen behind on your
mortgage payments, it is important that you act quickly and consult
a lawyer who can help explain to you all the options available to you
under the Making Home Affordable program including but limited to Home
Affordable Refinancing program, Home Affordable Modification Program,
Forbearance agreement, Preforeclosure Sale, Deed-in-lieu of foreclosure,
and Chapter 13 Bankruptcy Cramdown. Even if you are not delinquent
in your loan payment and only facing difficulty making your mortgage
payment due to any kind of hardship including lost of income or substantial
increase of your mortgage payment, our loan modification experience
team can help you restructure your mortgage. |
The
sooner you contact a California mortgage modification lawyer, the better.
If you are looking for a way to solve your mortgage problems, consulting
a lawyer and discussing loan modification is always better done as soon
as possible. In this way, we may be able to help you avoid further problems.
Hence, we may be able to get involved and negotiate a loan modification
before you are actually served with foreclosure papers. Our lawyers
are often more successful in reaching an agreement quickly when we become
involved early on. For
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