California Mortgage Loan Modifications
Are you in trouble? Modify your mortgage terms in Los Angeles, Long Beach, San Diego, Sacramento, the San Francisco Bay Area, San Jose, Stockton, Modesto, Bakersfield, San Bernardino, Orange County (Santa Ana, Anaheim, Irvine, Tustin) -- anywhere in Northern, Central or Southern California! Our legal staff specializes in mortgage loan modification!
California Mortgage Loan Modifications The goal of California mortgage loan modification is to make your mortgage more affordable, and to avoid possible foreclosure in the future. A lender may choose to modify your interest rate, amortization schedule (the years remaining on your mortgage), the loan balance, cancel delinquent fees owed, or may convert it from an adjustable to a fixed-rate loan, or a combination of the above. Loan modifications are usually only possible in hardship cases. Some lenders are willing to modify mortgage loans, some others stubbornly refuse, and this is why it's necessary for you to have a knowledgeable real estate lawyer on your side. We are able to provide that service. Unlike refinancing, there is no qualification based on FICO scores. No appraisal is necessary, nor do you have to go through title insurance. There will be, however, qualification based on income. One broker says, "Lenders are modifying mainly due to hardship. If you have a five-year adjustable, you are three years into it, and two years from now your loan amount will be higher than what your house is worth, it is already apparent that you won't have a chance to refinance and fix that mortgage. "In order to avoid the future potential loss, we present your case correctly to the lender. We gather all your data, your income, what is going on in your life. Maybe you had overtime; maybe your hours were cut so now you are making less money. Maybe your loan is about to adjust in a year or two and there is no way you can afford the new payment. That's when we can go and negotiate with the lender on your behalf to prevent this potential loss for both you and the lender. We correctly present a case to them as to why it is in their best interest to modify your mortgage and fix it, and possibly extend the current mortgage rate for another five years. "A lot of times, they will just rewrite the mortgage, change the terms and turn it into a 30-year fixed as long as we can show the lender why it is in their interest to do that, as opposed to just letting the mortgage sit there with the potential of future loss. When presented in this way, there is a good chance we can get the loan modified for a client." Why would a lender cooperate with a California mortgage loan modification request? "We use an attorney for loan modification, and that attorney will work directly with your lender to modify your mortgage. One of the motivations that here is part of the reality of the mortgage industry. Eighty percent of applications that have gone through in the last several years were erroneous in some way on the disclosure. The lender made a mistake in the loan paperwork. "If the attorney can find the mistakes on your loan papers, he can use those as leverage. Because of such mistakes, the lenders are exposed to possible litigation, and a lawsuit is the last thing they want to deal with in this financial environment. Another thing is potential loss. If a homeowner wants to stay in their house, but let's say the mortgage is $300,000 and the house is now worth $250,000, if the homeowner walks away, the foreclosure process will take anywhere from six to nine months, and at that time the value of the home will be probably even less. The lender stands to take a huge loss on their books." |
California Mortgage Home Loan Brokers,
a Los Angeles mortgage company
Attn: Michael McKown
Los Angeles, Calif.
818-433-4050 Local
888-632-9939 Toll Free
E-mail to Michael