Glendale Loan Modification Lawyer
What Is Loan Modification?
When you do a loan modification, you are changing the terms of the original
mortgage for the purpose of lowering your mortgage payments and making
them more affordable. Changes can be made to the interest rate, term or
monthly payment amount of the loan.
Glendale bankruptcy attorney from
RJB Law Offices can help you to better understand what a loan modification is and how
it may be an option if you are having difficulty making your monthly mortgage
payment. Our highly capable legal team is extremely well versed in the
legal aspect of mortgage documents and can help you understand your legal
rights under your loan agreement.
Is Loan Modification Right for Me?
There are a number of reasons for you to consider modifying the loan on
your home. The number one reason that homeowners modify their home loans
is because they have fallen behind on making their mortgage payment and
may be in danger of
foreclosure. Another reason may be that they have experienced a life situation, such
as an illness, and need to lower mortgage payments so they are better
able to manage their medical bills.
Before calling your lender about a possible loan modification, it is important
for you to understand the process, initial questions to ask when calling,
what lenders normally look at when reviewing a loan modification request,
and what to expect once your application is submitted. It is also important
for you to know and understand what options may be available to you should
your loan modification be denied.
Loan modification may be an option if:
- You have an ARM (Adjustable Rate Mortgage)
- You have a fixed rate mortgage with a high interest rate
- You are having problems refinancing your loan
- You are experiencing a financial hardship
- You are currently in foreclosure or want to prevent foreclosure
- You do not have any equity in your home
- You will have difficulty making your current mortgage payment
- Your mortgage is higher than the current value of your home
Meeting with an attorney experienced in loan modification may help you
to reduce the stress and worry you may be experiencing related to your