Palmdale Loan Modification Lawyers
The thought that you cannot keep up with your mortgage payments is chilling, but you could find yourself in such a position if unexpected circumstances hit at the wrong time. Job loss, injury or illness, or critical home repairs could put you behind even if you have always paid on time, in full. When your situation leads to concerns about foreclosure, a loan modification may be an option to get back on track with payments. Most importantly, you avoid losing your home.
However, a loan modification is never a sure thing when you must get the approval of the lender. To ensure the best outcome with attempts to resolve your mortgage, legal representation is essential. Our team at Wadhwani & Shanfeld is skilled at negotiating with lenders and complying with their policies, and we will strive to get favorable terms. Please contact our firm to schedule a consultation with a Palmdale loan modification lawyer right away, before foreclosure becomes a reality. You can also review some basics.
Summary of Loan Modification
As an option to get back on track with your mortgage, you may be able to make changes to the terms of your existing loan through modification. The goal is to resolve past due amounts and future payments into an amount you can afford, so you can both catch up and avoid falling behind again.
The most important benefit of loan modification is that you are able to keep your home and foreclosure stops. Lenders do not accept all requests to change a loan, but they are often agreeable because of the expenses of foreclosure.
Terms You Can Change
The ultimate goal is to reduce your monthly payments, while also reducing or eliminating late fees, interest, and charges. Loan modification options include:
- You may modify the duration, such as extending a 20-year mortgage. Paying over 30 to 40 years reduces monthly payments.
- The lender may be willing to reduce the interest rate to lower your payment amount.
- You might request that the monthly payment be lowered without changes to duration or interest rates. The difference is rolled into a balloon payment when the mortgage terminates.
Legal Assistance with Your Options
At the core of a loan modification is negotiations, because a lender always has the option to move forward with foreclosure. At Wadhwani & Shanfeld, our Southern California loan modification lawyers are skilled at negotiating and convincing in settlement discussions. Plus, we will:
- Assess your financial situation to determine strategy;
- Approach your lender with a plan for loan modification based upon the three options above;
- Negotiate favorable terms to change your loan; and,
- Handle preparation and signing of all necessary documents.
Count on a Palmdale Loan Modification Lawyer for Legal Help
It takes legal knowledge and negotiation skills to get the most favorable terms for a loan modification, and Wadhwani & Shanfeld is ready to overcome the challenges. We can also advise you on bankruptcy as a strategy to protect your home. Please contact us to set up a consultation with a Southern California lawyer today.
