Avoid Foreclosure by Extending Your Loan Term
In a time of financial hardship, the possibility of losing your home looms over you, making you feel distressed. Do not lose hope. Reach out to the experienced California foreclosure defense attorneys at McFarlin LLP. We can help you restructure your mortgage with a loan extension so you can get the extra time you need to make your payments and keep your home.
Legal and transactional matters pertaining to mortgages are very complex. Without professional legal assistance, the average homeowner may not be able to properly handle their affairs, which may only lead to more trouble down the line.
Our firm is dedicated first and foremost to the needs of our clients. Let us use our knowledge and resources to provide you with a comprehensive understanding of your situation and then lead you to a practical solution. Contact our office now to get started on the path to a more secure future.
How Can I Extend My Loan Term?
If you’re on the verge of losing your home due to unfulfilled payments, you may ask for a loan term extension from the lender. Since this option is less costly for the lender than an interest rate reduction, s/he may be that much more willing to provide. If an extension is granted, you will have to provide payments over a longer period of time, though the payments will be made more affordable. However, if your loan is only a few years old, the reduction of your payment amount may not be significant enough to warrant an extension.
Keep in mind that you can always elect to make larger payments than required by the terms of the extension, but make sure that you notify the lender that the extra amounts should go towards your principal rather than your escrow or interest. This way, you may be able to pay off the mortgage and build equity in your home faster.
For more information, consult with a trusted attorney to determine whether a loan term extension is the right option for you.
Premier Real Estate Attorneys in Los Angeles and Orange County
When you get legal representation from the attorneys at McFarlin LLP, you get personalized services, frequent updates and the close attention and respect your case merits. We place close communication and attention to detail among our most important virtues. Because of this, we have been able to resolve many of our clients’ cases favorably. Let us do the same for you. If you have any questions or concerns, share them with us by filling out an online contact form. We will get back to you shortly.