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Loan Modifications
Los Angeles Loan Modification Lawyer
Discover How a Loan Modification Can Save Your Home
If you are struggling with a rising adjustable interest rate, if you have fallen behind on your mortgage or anticipate falling behind due to financial hardship, or if you are ‘upside-down’ on your loan (owing more than your home is worth), then a loan modification is likely the solution you need.
Few things create more stress, frustration, and overwhelming anxiety than being unable to pay your bills. It becomes even worse when you’re falling behind on payments and facing the terrifying possibility of losing your home. If you’re dealing with significant financial distress, you are definitely not alone. A loan modification may offer the best path forward.
At Vohwinkel Law, our Los Angeles loan modification lawyer is an experienced, effective advocate for homeowners. We know how to negotiate with lenders and help our clients find genuine solutions to their financial problems. To schedule a free, strictly private initial consultation with a top-rated loan modification attorney, please don’t hesitate to contact our Los Angeles law office today.
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What is a Loan Modification?
A loan modification is a mutual and voluntary agreement between you and your Los Angeles lender to change the terms of your loan. Loan modification allows homeowners and lenders to modify the terms of a loan, like the interest rate and the monthly payment, or the terms are adjusted to reflect the current situation of the homeowner. This is legal and done with the approval of the Los Angeles lender.
What is Possible With a Loan Modification?
When structured properly, a loan modification offers many different benefits to a financially challenged homeowner. Through the modification process, it may be possible to alter the terms of your mortgage and your mortgage payments in a manner better suited for your financial situation. With a loan modification, it’s possible that a homeowner’s:
- Monthly payment may be decreased
- Interest rate may be reduced
- Interest rate may be changed from an adjustable to a fixed rate
- Time the borrower has to pay the loan back can be extended
- Loan principal may be decreased in some cases
- Late fees may be waived
- Second mortgage could be settled or possibly even eliminated
It is important to emphasize that all loan modifications are not created equally. The specific terms of the loan modification always matter. Homeowners should keep a close eye out for balloon payments or other unfavorable terms. By working with a skilled Los Angeles attorney, you can be sure that a modification is truly in your best interests.
When Can I Qualify for a Mortgage Loan Modification in Los Angeles?
You may be wondering: Do I actually qualify for a loan modification? The answer depends on a number of different factors. That being said, if you are having trouble making your mortgage payments and you are worried about foreclosure, it is highly recommended that you explore your options for a modification. As a general rule, a Los Angeles homeowner must prove the following things to qualify for a mortgage loan modification:
- Financial Need: Lenders are not willing to modify loans simply because a homeowner wants a better deal. You need to be prepared to demonstrate genuine, unavoidable financial need for a loan modification.
- An Ability to Pay Going Forward: For a loan modification to be approved, a lender typically needs to be convinced that the modification will actually fix the problem. In other words, you should be ready to prove that you will be able to pay going forward if you get the modification.
- Honesty and Accuracy in Your Application: Mortgage lenders are far more likely to work with homeowners who provide honest, accurate, and complete information. You want to demonstrate that they can trust you.
Putting together a case for a mortgage modification is complicated. You don’t have to go through it alone. An experienced Los Angeles loan modification attorney can help you gather and organize all of the evidence and documentation that you need to present the strongest possible case.
Is A Loan Modification Right For Me?
If you are facing a rising adjustable interest rate, if you have fallen behind on your mortgage or foresee falling behind on your mortgage due to financial hardship, or if you are ‘upside-down’ on your loan (owing more than your home is worth), then a loan modification is probably right for you.
It is important to note that a loan modification is not a new mortgage. A loan modification is the renegotiation of an existing loan.
Our Los Angeles loan modification specialists at Vohwinkel Law will deal with your lender(s) on your behalf to modify the terms of your mortgage(s) in order to obtain a more affordable monthly payment. The two most common points of negotiation are the interest rate and amortization period. We will work with your lenders to extend the term or length of your mortgage, reduce the interest rate of your mortgage, extend an initial or “teaser” rate for a period of time or potentially all of the above, reducing your monthly payment and allowing you to keep your home.
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Why Choose Los Angeles Loan Modification Attorney Rory Vohwinkel
Getting a fair loan modification is never easy. Unfortunately, lenders are aggressive and can be very difficult to work with. They are primarily focused on their own bottom line. As an experienced bankruptcy and foreclosure defense attorney, Rory Vohwinkel has helped many people in Los Angeles get the loan modification they need to save money and save their home. When you get in touch with our Los Angeles office, you will have an opportunity to speak to a loan modification lawyer who will:
- Listen to your story and understand your situation
- Carefully explain your legal rights and your loan modification options
- Devise a comprehensive strategy focused on getting you back to financial health
You deserve personalized guidance and advice from your Los Angeles loan modification attorney. We put in the time and resources necessary to get our clients successful results. Your financial needs matter. Our law firm is committed to cost effective legal representation and we are fully transparent about our fees.
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Contact Our Los Angeles, CA Loan Modification Attorney Today
At Vohwinkel Law, our Los Angeles loan modification lawyer is standing by, ready to help you and your family find the best solution. If you have any questions about loan modifications, foreclosure defense, bankruptcy protection, or any related matter, we are more than ready to help. Contact us today for your free, no obligation initial legal consultation. With a main office in Los Angeles, we are well-positioned to serve communities throughout Los Angeles County.
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