The difference between negotiating with your lender directly and employing a loan modification attorney can be stark. If you’re determined to keep your home, it’s essential that your hardship be documented accurately, that paperwork is complete, and that the new terms are negotiated to provide long-term debt relief.

Oaktree Law attorneys will evaluate your current mortgage and the challenges you face. Our loan modification services will guide you through the application process and offer the best opportunity to make your home affordable again.

Contact us or call 800-535-1627 to speak to an experienced loan modification attorney.

Southern California’s Experts in Loan Modification Law

A loan modification can offer relief to distressed homeowners. But you may be unaware of the many justifications a loan servicer can use to deny your application. Often, the paperwork is extensive and confusing. And unfortunately, the new terms that the lender offers may not provide any real relief.

Nearly all mortgage banks will use a debt to income ratio to help determine eligibility. If you fall into these parameters, lack of documentation, an incomplete application, or a poorly written hardship letter can hurt your chances. Our loan modification attorneys will make sure you receive an honest decision.

Mortgage holders prefer when borrowers apply for loan modifications without legal advice. Our attorneys will guide you through the entire process. Upon approval, we will negotiate with your mortgage holder to secure manageable payments and true debt reduction.

Frequently Asked Questions

WHAT IS A LOAN MODIFICATION? A Loan Modification is a process in which the bank allows a change in the terms of your existing mortgage. The purpose of a modification is to significantly lower your monthly payments, for either a temporary or permanent period of time.

HOW MUCH CAN I REALLY SAVE BY DOING A LOAN MODIFICATION? Hundreds or thousands a month. Remember, the length of a loan is typically 30 years. So the Loan Modification that saves you $500 a month can equal $180,000 over the life of the loan.

WHO QUALIFIES FOR A LOAN MODIFICATION? In today’s housing conditions, banks are willing to work with mortgage holders that are struggling to pay their mortgages. However, a high probability candidate is a homeowner who currently has an adjustable-rate mortgage, has a high interest rate, is upside-down on their home, and/or is experiencing any kind of hardship.

WHY WILL IT WORK FOR ME? The government has asked for ALL lending banks to help in the foreclosure epidemic and modify mortgages for all troubled homeowners.

WHAT IF MY CREDIT IS BAD? A Loan Modification is not based on credit. The banks are trying to make a good loan out of a troubled loan.

WHAT IF MY INCOME IS TOO LOW? You will need to show the bank you or all others in your household can afford the new payment. We will determine this in our Pre-Qualification when you start the process.

WHAT SHOULD I EXPECT THE TERMS TO BE ON MY NEW LOAN? Banks have rapidly changing guidelines for Loan Modifications. A bank will typically modify your loan into a loan you can afford and continue to pay. This may include a lower interest rate, payment reschedule, principle reduction, longer terms or any other function that will make and keep the loan performing.

DOES EVERY BANK DO LOAN MODIFICATIONS? Almost all banks do. We are in a housing crisis and banks are willing to work with clients to help save their homes.

HOW DOES THE BAIL OUT BILL AFFECT MY CHANCES OF GETTING A LOAN MODIFICATION? The government is telling banks they need to do their part to fix the housing crisis. The Bail Out Bill will only help your chances of getting a Loan Modification.

Foreclosure Debt Relief

Put our legal expertise to work by contacting us or by calling 800-535-1627. We can help homeowners at at risk of default.