If you and your family have experienced an unexpected financial hardship, applying for a loan modification can provide you with the time and breathing room you need to avoid bankruptcy or foreclosure on your home. At McFarlin LLP, our knowledgeable Santa Ana lawyers and real estate professionals can help you navigate the uncertainty of renegotiating your mortgage payments to reach an affordable loan agreement with your lender.
Contact McFarlin LLP to learn about how loan modification can help you get your finances in order. You do not have to face the financial lender alone. Let us negotiate on your behalf to ensure that you get a fair payment modification. Call our toll free number (888) 728-0044 to protect your rights and financial future. We can also be reached online.
Qualifications for Modifying Your Loan
When considering filing for loan modification, it is important to note that nearly all borrowers qualify for a loan modification review in which the lender will determine whether you can afford your current mortgage payments going forward. Ultimately, your eligibility will depend on your current financial situation and your projected future income.
In many cases, lenders are willing to renegotiate the terms of your loan in order to continue collecting interest on your loan, even over a longer period of time, rather than take on the cost of owning and maintaining your property.
Additional requirements for loan modification include:
- You must live on the property
- Demonstrate that you cannot meet your current mortgage payment due to financial hardship
- The payment amount exceeds 38 percent of your monthly income
- Complete a trial period to confirm that you can afford the new monthly amount
- Provide required documentation for your lender to evaluate
Loan Modification Benefits
When faced with sudden financial hardship, you do not have to suffer additional challenges by going into foreclosure or significant debt. Loan modification will help you reach an affordable payment plan that will help you keep your home. Loans are typically modified by reducing the interest rate, moving a portion of the loan to the end of the payment period as a balloon payment, or creating a longer term in which to pay off your loan.
Additionally, loan modification can help you eliminate many late fees or penalty fees that may have accumulated. These fees may be added to the principal of the loan to help you begin making payments again.
How Can a Lawyer Help You Attain a Loan Modification?
While it is possible to apply for a loan modification on your own, it is not uncommon for borrowers to encounter numerous challenges that can make an already complex process more complicated. With an experienced lawyer on your side, you will have a reliable legal advocate standing up for your best interests. The loan modification attorneys at McFarlin LLP have the experience and resources to negotiate for the best possible outcome for your case and will not settle for unreasonable terms.
If you have questions about loan modification or how to escape foreclosure in Santa Ana, call McFarlin LLP at (888) 728-0044 to speak with a qualified attorney right away.