Sherman Oaks Loan Modification Lawyers
While it is not a viable solution for everyone, a loan modification can be one of the best ways to save your home from foreclosure. A loan modification can also keep a homeowner from having to file for bankruptcy in order to save their home, which is one of the first lines of defense for borrowers who are having difficulty paying their mortgage. While working with an attorney is not always necessary when applying for a loan modification, it greatly improves your chances of being successful. When the most valuable possession you own is on the line, we encourage you to discuss your case with an attorney before applying for a loan modification on your own. The Sherman Oaks loan modification lawyers at Wadhwani & Shanfeld provide honest, straightforward advice to our clients, and are available to help you make the right decision and take the right action to protect your home from foreclosure or short sale.
What Does a Loan Modification Do?
Millions of Americans are either currently defaulting on their mortgage, or are in danger of doing so. However, this is not the goal of a bank; banks/lenders are most profitable when a homeowner makes regular, consistent monthly mortgage payments. Foreclosure is not in line with this goal. As such, lenders are often (if the financial situation of the borrower is right) agreeable when it comes to modifying a mortgage to make it more affordable for the homeowner. A loan modification permanently restructures your home mortgage, finally making monthly payments manageable. The modification may involve reducing the interest rate, extending the length of the loan to give you more time to pay it off, setting aside a portion of the debt, or converting a variable interest rate to a fixed rate.
What a Good Loan Modification Lawyer Does for Their Clients
The first goal of a loan modification lawyer is to analyze their prospective client’s case and determine whether or not a loan modification is the right step for them to take, and whether or not the bank is likely to agree to a restructured mortgage. The second job of a good loan modification lawyer is to file the loss mitigation application with the lender and begin negotiations, if necessary. A lawyer can also ensure that the lender complies with all California and federal laws, stop credit collectors from harassing you, and file an appeal if the modification is denied by the lender. While it is true that it is possible to file for a loan modification without the assistance of an attorney, your lender is much more likely to accept the modification if it is filed by an attorney.
Call a Sherman Oaks Loan Modification Lawyer Today for Assistance
Foreclosure is a terrifying, stressful prospect. But you do have options. By filing for a loan modification, you may be able to keep your home and your good credit. Call the Sherman Oaks loan modification lawyers as Wadhwani & Shanfeld today at 899-996-9932 to schedule a free consultation.