Huntington Beach Loan Modification Lawyers
If you are currently struggling to pay your mortgage and avoid foreclosure on your home, a viable option may be to apply for a loan modification in Huntington Beach. Loan modification allows you to make a temporary or permanent change to one or more of the terms of your loan in order to have a more affordable payment. In many cases, the lender will modify the interest rate and extend the term of the loan, in some cases the lender may even reduce the principal amount of the loan or waive some of the accumulated back payments.
The loan modification lawyers at McFarlin LLP have the experience and resources to help you get into an affordable payment that won’t change or adjust over time as interest rates rise. Even if your financial circumstances have changed and you’ve experienced a reduction in income, don’t lose hope of keeping your home. Contact us today to develop an effective strategy to protect your home and future. Dial (888) 728-0044 or submit an online contact form.
17011 Beach Blvd., Ste 900 Huntington Beach, CA 92647
Phone: (657) 203-0765
Who is Eligible for Loan Modification?
To be considered for a loan modification, a homeowner must be behind on payments, or in rare instances, at risk for an “immanent default.” Typically if a borrower is not behind on payments, the lender does not perceive a problem that needs attention and it is very difficult (although not impossible), to get a loan modification. Additional criteria and documentation to be considered for a loan modification include:
- Household income sufficient to make a reasonable mortgage payment;
- Proof of income (paystubs or profit and loss statement);
- Bank statements showing deposit of income;
- Hardship letter explaining why homeowner fell behind on payments;
- Tax Returns;
- Completed financial forms (supplied by lender).
There are numerous loan modification programs available and working with an attorney who is well-versed in mortgage plans and homeowner’s issues can help you find the best solution for your current and future plans.
What is a Hardship Letter?
An important part of your loan modification application is a letter expressing your reasons for pursuing loan modification, such as specific financial events that have affected your ability to meet the current terms of your loan, a clear and logical plan for how you intend to meet the terms of a modified loan agreement, and an explanation of how you are making realistic efforts to rebuild your financial situation.
Legitimate hardships include job loss, pay reductions, underemployment, illness or injury, divorce, natural disaster, and other similar issues outside of your control. Although it is tempting, do not blame the lender or the oppressive loan terms for your hardship, even if that truly was the cause. Lenders are not inclined to help when you blame them for the hardship (although they are often genuinely to blame). Consult with a qualified attorney to ensure that you can achieve the best possible outcome for your situation.
Loan Modification Legal Team
If you are facing foreclosure in Huntington Beach and suspect that your current financial situation is about to change, it is in your best interest to consult with a qualified lawyer. At McFarlin LLP, our experienced legal team understands how stressful and complicated financial hardships can be and will work with you to reach a cost-effective plan to protect your financial future and your home. Contact us to learn about your repayment options and loan modification programs that are suited to your circumstances.
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