Through the loan modification process, we will negotiate with your lender to change the terms of your loan and reduce your interest rates. We will also work towards eliminating any late or back payments that you may owe. Multiple loans on the same property are not a problem for us!
Recent Loan Modifications
SAVING $800.00 PER MONTH!
$3400 modified to $2600.00 Parish P. (Woodland Hills) Wells Fargo
SAVING $1501.05 PER MONTH!
$3225 modified to $1723.95 Lucy C. (Burbank) Citi
SAVING $800.00 PER MONTH!
$3000 modified to $2200.00 Leonaoa M. (Woodland Hills) National City
SAVING $1470.54 PER MONTH!
$3200 modified to $1729.46 June M. (Northridge) GMAC
SAVING $2038.00 PER MONTH!
$6238 modified to $4200.00 Will R. (Santa Paula) Santa Barbara Bank and Trust
SAVING $1832.00 PER MONTH!
$4278 modified to $2446.00 David S. (Woodland Hills) GMAC
The term “loan modification” is becoming increasingly familiar to homeowners as adjustable rates rise, property values fall, and economic uncertainty persists. As housing sales have fallen and mortgage re-financings have disappeared, loan modifications are the only thing standing between millions of homeowners and the prospect of losing their homes to foreclosure. Simply put, a loan modification is a negotiated transaction between a borrower and the current lender on that borrower’s mortgage. The specific purpose of a loan modification is to bring the borrower’s monthly mortgage payments back in line with his or her current financial situation. The primary requirement for a loan modification is a verifiable financial hardship for the borrowers. The hardship must directly relate to the borrower’s ability to make payments toward the mortgage on the home in which he or she lives. Hardships include adjustable rate increases, a loss of value in the property to a point of negative equity, and/or job loss. Once hardship is determined the work can begin to reduce the monthly payments required by the borrower.
A loan modification can be negotiated by the borrower directly with the lender or through an attorney’s office. Many borrowers will try in initially to negotiate directly with their lender in a do-it-yourself manner. This is usually an extremely frustrating and unproductive endeavor due to the borrower’s lack of knowledge of the loan modification process. At the same time, lenders are reluctant to provide the time, education, and advice in a situation where the lender would be negotiating against itself. Often forgotten is that a mortgage is, in itself, a legal document drawn by the lender with fine print, difficult language, and obligations the borrower might not even be aware of. While negotiating for themselves is always available to borrowers, an attorney’s experience and knowledge of mortgage documents and the negotiation process can make a huge difference in the eventual outcome of a loan modification. GA Law Group prides itself in this area and works diligently on every case to get every concession they can from lenders to bring mortgage obligations back to a level where they fit comfortably in to the budgets of our clients.
Getting your mortgage obligation to a comfortable level is accomplished by adjusting one or more of the terms of the mortgage to allow for a reduction in the borrower’s monthly mortgage payment. Most, if not all, loan modifications start with a reduction in the interest rate of the borrower’s current mortgage. The interest rate reduction can be fixed or adjustable, usually with an initial term of three to five years. Another method is to extend the borrowers’ mortgage beyond its current maturity. A normal extension will take a mortgage from 30 out to 40 years. The combination an extension with a reduction in interest can result in much lower monthly payments for borrowers.
Lenders are now willing to renegotiate loans due to the possibility of foreclosure and the multiple properties at large.
If a deal is possible the passionate negotiators at our firm will make it happen for you!
Call us! The first consultation is free and most charges are low, flat fees.
