– Are you upside down in your mortgage?
– Did your mortgage payment increase and now you’re realizing that you can’t afford your home?
– Have you lost your job or had to take a cut in pay?
A mortgage loan modification may provide some much needed relief and help you avoid foreclosure of your home. However, there are a number of things to consider when you want to apply for loan modification.
Don’t wait to seek help!
If you know that you cannot make your monthly mortgage payments, seek help now! Do not wait for the foreclosure process to begin. The sooner you start, the sooner you will know if you are eligible for a loan modification. Declining values in real estate along with the loss of thousands of jobs and widespread reduction of income have made it very difficult for many homeowners. Banks in California and nationwide are now more willing to approve loan modifications and recently launched government programs help them do just that.
Tell your story clearly and completely.
You will need to write a hardship letter. In that letter you will be asked to communicate the reasons why you are having difficulties in a clear and complete manner. The people evaluating your loan modification need to understand the events that led to your difficulties. Organize your thoughts, write and re-write your story until it can be easily understood by anyone reading your letter. You goal is to create a few well stated paragraphs that clearly communicate your situation rather than to produce pages of rambling thoughts. If you are not a good writer, get help. Focus on facts and communicate in writing what happened to reduce your income or increase your debts which then lead to your current situation.
Be honest and factual.
Make sure that you are stating facts accurately. Double check the information you are providing. If your information is not accurate, the loan modification to avoid foreclosure application will be denied and you may find yourself facing charges of fraud and subsequent prosecution. That’s the last thing you need! You will need to provide pay stubs or information about other sources of income, savings and checking account information, tax returns and proof of other debts to back up your information.
Be prepared to provide additional information and answer additional questions.
Loan modification is definitely available as an option to help you avoid foreclosure, but it is not an easy process. In fact, the procedure can be daunting, frustrating and intimidating. You need to be prepared for a long drawn out process. Your motivation for going through this difficult process is to reduce your payments and save your home. You can also save thousands of dollars and get the loan modification help you need.
Contact a California Loan Modification Attorney
The Loan Modification Process is much easier and more efficient when you’re dealing with a California Loan Modification Attorney that is highly experienced in the subject. At McFarlin LLP, we have successfully represented thousands of clients in such cases! Although we can never guarantee, warranty or predict a particular result in any legal matter, please review a few of our past successes as a representation of our highly developed skill and expertise. Click here to see some of our Results in Loan Modification cases.