Ontario Loan Modification Lawyer
Inflation is on the rise. More and more Californians are finding it hard to stay on top of bills. They face many threats, including unemployment, medical bills, and divorce. Mortgage payments are also increasing, with taxes and homeowners insurance going up.
Many Californians owe more on their house than what it is worth. This gives homeowners very little motivation to keep making payments on their home. They may stop paying their mortgage and face foreclosure. Foreclosures are increasing, with California #3 on the list, behind Nevada and Florida.
If you do want to protect your home, the good news is that you have options. A loan modification may be able to help you. Contact an Ontario loan modification lawyer from Wadhwani & Shanfeld to learn more about how this option works.
What is a Loan Modification?
A loan modification changes the terms of your mortgage. It is a type of mortgage forbearance that can reduce your monthly payment to an amount you can afford. The terms may also mean a lower interest rate, lower balance, or extension of the number of years in which you have to repay the loan. Some loan modifications may even waive late fees, penalties, and other delinquencies to reduce your balance and help you get current.
You can get a loan modification at any time you are suffering a financial hardship. You do not have to wait until you have missed several payments before requesting a modification. Many people wait until they receive a notice of default or foreclosure notice before they request a modification. However, it’s best to do it early on, as there are thousands of people who are defaulting on their loans. They are calling their lenders to inform them of their hardships, so it could take a while for your request to go through. Plus, the process can be complex and time-consuming, so you won’t get your loan modified overnight.
If you are interested in a loan modification, make sure you understand how your mortgage will change. Many alleged modifications are scams, so be wary. A loan modification could be in your best interest, though.
However, keep in mind that if you get a modification and you still cannot make the payments, you will likely lose your home. If you are facing imminent foreclosure, you may need to contact a lawyer right away to protect your home.
Contact Wadhwani & Shanfeld Today
It can be hard to stay on top of mortgage payments in the current economic climate. Layoffs have been common occurrences and many people are struggling financially for a variety of reasons.
Get the help you need from the experienced team at Wadhwani & Shanfeld. Our Ontario loan modification lawyers can get you a better loan with a lower payment that you can afford so you can keep your home. To schedule a consultation, give us a call at (800) 996-9932.