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Attorney Los Angeles - Real Estate Attorneys
Loan Modification vs Foreclosure
Loan Mods in Los Angeles California
REAL ESTATE LAW
Please do not look to unreliable sources such as real estate agents and title companies for
information regarding loan modifications, short sales, foreclosures, and repossession. These are mostly legal issues,
and such professionals are not equipped to fully inform you of your options or the actual results these options may bring about.
DO YOU NEED A LOAN MODIFICATION?
DO YOU NEED A SHORT SALE?
Struggling to pay your mortgage?
Need "no-nonsense" information?
Simply click below. We will attempt to contact you and provide some FREE advice.
LOAN MODIFICATION
To help you understand how the loan modification process works and what you can expect, here are important questions about Loan Modifications:
What exactly is a loan modification?
A loan modification is a permanent change in one or more terms of a borrower's home loan, allows the loan to be reinstated, and results in a payment the homeowner can afford.
Can the lender include late charges in the Loan Modification?
Per HUD, the accrued late charges should be waived by the lender at the time of the loan modification-this varies depending on the type of loan-but always request a complete breakdown and description of all fees and penalties from your lender.
Can the bank require an interior inspection of the property if they have concerns about the property condition?
Yes, the lender may conduct any review it deems necessary to verify that the property does not have physical conditions which might adversely impact the value.
How do I know if I will qualify for a loan modification?
The number 1 criteria your lender is looking at is your ability to make the new modified payment now and in the future. You need to supply the lender with proof of your income, along with a complete and accurate financial statement detailing your income and expenses to show them that if granted the loan modification, you will be able to afford the new, lower payment.
Do I have to be currently delinquent on my payments to get a loan modification?
Most lenders are now accepting loan modification applications from homeowners who are not currently delinquent, but who are able to prove to their bank that due to imminent interest rate increases, they will no longer be able to afford the loan payment under the terms of their loan. It is advisable to contact your lender as soon as possible to start the loan modification process, regardless of if you are delinquent or not.
What is an acceptable Hardship situation?
Each homeowner has a unique set of circumstances that caused them to fall behind on their home loan, but generally the lenders consider divorce/separation, loss of income, death of spouse, co-borrower or family member, illness, job relocation, military service to be acceptable reasons to consider a loan modification. A compelling loan modification letter included in your loan modification application is a very important part of a successful loan modification.
Will a loan modification help me stop foreclosure?
Yes, that is the goal of a loan modification. By working with your lender to find a loan workout solution, your loan is brought current and the foreclosure process is halted.
Can my missed payments be added back into my new loan modification?
Yes, the arrears can be added to the new loan balance and spread out over the term to allow the loan to be brought current.
********* LOAN MODIFICATIONS*********
For information regarding Loan Modifications, please call us for the lastest updates.
You would be best served if you contact us by telephone and discuss your particular situation with us.
If you call our office number (702-925-8701) and all lines are busy, or if it is after hours
you may try calling our back line: (310-310-9866).
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