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Loan Modifications

Information About The Loan Modification Process

The attorneys at the law office of McFarlin LLP always have your best interests as a homeowner as our priority. 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. 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 (888)728-0044.

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. Reducing payments may increase the interest on the loan that the lender receives.

What Should I Do If The Bank Won’t Work With Me On A Loan Modification? from Timothy McFarlin on Vimeo.

How Do I Get A Loan Modification?

In most states, you simply hire an attorney to negotiate with your lender. 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 to accept upfront fees for negotiating loan modifications.

How We Can Help Home Owners in Los Angeles and Orange County

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.

Call us – We’re here to help you

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 view our Sample Case Results or call us at (888)728-0044 for a free consultation. You DO have rights and options.


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