Financial matters can be confusing and stressful. When fighting to keep your home, it may help to have an experienced Orange County real estate lawyer on your side. It is particularly important that you have support from a loan modification specialist if you have reached a dead-end with your lender.
After attempting loan modification independently and being denied, you may wonder what your options are. This is where an Orange County real estate lawyer can prove useful. An attorney can help you file a lawsuit to get the modification you need. You may not wish to get into a legal battle, but litigation may be the only way to save your home.
A lawyer can help you modify your loan through litigation if:
- You have less money coming in than expected, such as after losing your job or experiencing a reduction in salary.
- Your family experienced a hardship, such as a serious illness or death.
- You were unprepared for changes in the loan structure.
- The value of your property decreased.
What a loan modification lawyer can do for you depends upon your situation. In some cases, it is possible to negotiate for a reduced interest rate and a more favorable repayment schedule. Ideally, the new schedule will allow the borrower to make payments while still having money for car payments, food, utilities, gasoline, insurance, and other necessary payments.
If you have payments that you have not made, you may be able to establish a recapitalization program. This is where outstanding mortgage payments are added to the balance of the loan. This way, the borrower will not have any outstanding bills, but can start fresh. With help, you may even be able to reduce the principal on your mortgage or establish a forbearance program, which will let you keep your home while catching up on late payments. Before losing your home, make sure you learn about all of your legal options, call McFarlin LLP at (888) 728-0044 and receive an in-depth consultation from an experienced attorney.