Loan Modifications
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    Successful Debt Discharge Rate

Loan Modification Attorneys in Irvine

How You Can Use the Loan Modification Process to Prevent Foreclosure

Our attorneys at McFarlin LLP are committed to protecting the rights and best interests of homeowners in Irvine and surrounding areas of Orange County. We know how hard you’ve worked and how much you’ve sacrificed to provide a safe and comfortable home for you and your family, and we don’t want to see that jeopardized by the threat of foreclosure. As one of the most well-regarded foreclosure defense firms in all of California, we will work for you and with you to try and avoid foreclosure and keep you in your home. Call us for a free consultation at (949) 570-5025.

One of the ways we can help you avoid foreclosure is through loan modification. Loan modification involves renegotiating the initial terms of a loan so that the borrower’s payments are more affordable. The modification not only reduces the amount you owe on your mortgage but it may also forgive or cancel a portion of that debt. Reducing payments may increase the interest on the loan that the lender receives.

If you’re interested in learning more about how a loan modification can be used to save your home from foreclosure, contact us online today.

How Do I Get a Loan Modification?

In most states, you simply hire an attorney to negotiate with your lender. However, things are a little more complicated than that in California. In the past, some dishonest lawyers and real estate agents took money from clients but performed little or no services. This prompted the California State Legislature to pass a law making it illegal for attorneys, foreclosure consultants, and realtors to accept upfront fees for negotiating loan modifications.

For more answers to your questions about loan modifications like the below, visit our FAQ page:

  • Loan Modification Rights In California
  • Can I Get A Loan Modification?
  • What Should I Do If The Bank Won’t Work With Me On A Loan Modification (Click Here)
  • What If My Lender Sold My Property While I Was In A Loan Mod Review?
  • What If I’ve Been Declined For A Loan Modification?

What is Considered a Hardship for a Loan Modification?

To get a modification, you must submit an application to your servicer which includes a hardship letter or affidavit. In this document, you must describe the events that impacted your finances resulting in hardship.

Some common types of hardship are:

  • Illness or injury
  • Death of a coborrower
  • Divorce
  • Reduction in your pay
  • Losing your job

If you are still unsure if your circumstances are considered hardships so you are eligible for a loan modification, talk to a loan modification attorney in Irvine at McFarlin LLP. We are happy to answer your questions during a free case evaluation.

How We Help Homeowners in Irvine and Throughout LA, OC & Southern California

You don’t want to enter loan modification negotiations without legal representation. Our seasoned attorneys and real estate professionals can keep you in your home if you allow us to sue your lender. But, before we can file a lawsuit, you need to attempt to get a loan modification from your lender, either personally or through a third-party negotiator. If you’ve attempted to get a loan modification and been denied, we can then sue.

Once a lawsuit is filed, there will be a litigation settlement process. During this process, attorneys for both the lender and borrower can confidentially discuss loan modification. Lenders are generally open to considering a loan adjustment, providing foreclosure fees and delinquent payments are added on to the back end of the loan. This is called “recapitalization.” Our attorneys can work with you and come up with a payment schedule that is affordable within your current budget.

We can argue your case for a loan adjustment based on many factors, such as a job loss, death or illness of you or a family member, or a drop in property value. By using these “hardship factors,” we may be able to get the lender to agree to a permanent or temporary rate reduction, lowering your interest rate and making your scheduled payment more affordable.

In certain cases, a lender will consider reducing the principal of your loan on second and third mortgages but, generally, not your first mortgage. If need be, we could also be able to temporarily stall foreclosure proceedings through a forbearance program.

Interested in a Loan Modification? Call to Learn About Your Options During a FREE Consultation.

As you can see, getting your loan modified is a complicated process. This is why you need the skilled attorneys of McFarlin LLP at your side. Any time you miss a mortgage payment it is a serious issue. Don’t hesitate to call us for a free consultation. You DO have rights and options.

To contact our Irvine loan modification lawyers, call us at (949) 570-5025 or use our contact form to reach us online.

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