Rancho Cucamonga Loan Modification Lawyer
Loan modification is an excellent option for borrowers who cannot make their monthly payment. At Wadhwani & Shanfeld, we have assisted many homeowners seek modification from a mortgage lender, and we can use our knowledge to streamline the process. Facing foreclosure is a nightmare scenario for any homeowner who has struggled to save for a down payment and finally moved into their dream home. But with the right Rancho Cucamonga loan modification lawyer on your team, you have a fighting chance to stay in your home for decades to come. Reach out to arrange a consultation.
How a Loan Modification Works
A loan is an agreement between you and a lender to pay back the amount borrowed, plus interest. Key terms of a loan include the duration, the interest rate, and the monthly payment. If you default, then a lender can move to foreclose on the home, which acts as security for the loan.
At Wadhwani & Shanfeld, we seek modification of home loans, which should reduce the amount you pay each month. Anyone facing financial difficulties should consider this option.
Lenders might agree to modify:
- Duration of the loan. For example, you might stretch a 30-year mortgage to 40 years, which should reduce your monthly payment. Of course, you will end up paying more over the life of the loan, but this modification can make staying in your house affordable.
- Interest rate. The interest rate on any loan plays a big role in how much you pay each month. We can ask a lender to lower it, which can reduce your monthly mortgage bill. Some people have adjustable-rate mortgages, which means the rate fluctuates, and it can quickly get out of control.
- Monthly payment. A lender might agree to temporarily reduce your monthly payment or even suspend payments for a short period. The unpaid amount gets added to the end of the loan, usually as a balloon payment.
Modification is an excellent option for someone facing temporary financial difficulties. Unfortunately, you cannot eliminate a mortgage in bankruptcy, so that option is off the table. Filing for bankruptcy would halt a foreclosure, but the lender can ask a judge to lift the automatic stay, and most judges will agree.
Lenders can reject a modification request, so work closely with an attorney. We can find the documentation lenders like to see regarding your income and the value of your home. We have had success getting modifications approved for homes that are underwater, meaning they are worth less than what you owe.
Are You Interested in Loan Modification? Contact Us
The Rancho Cucamonga loan modification lawyers at Wadhwani & Shanfeld bring unparalleled experience and passion to each case we accept. We understand how hard people worked to buy a home. It is a tragedy if temporary difficulties would force you to give it up. A loan modification might be the ticket to staying in your home and stopping a foreclosure. Give us a call to schedule a meeting with our law firm.
