Loan Modifications – An Overview

If you are being threatened with foreclosure, you should know there are ways you may be able to remain in your home. One of those ways is by seeking a loan modification.

A loan modification is basically a change to your existing mortgage loan that makes it more manageable. Many of today’s homeowners faced with foreclosure were approved for loans when subprime lending and adjustable rate mortgages were being approved left and right. These types of loans produced nothing but headaches and heartaches for millions of Americans, and many of those affected are living right here in Los Angeles.

If you are struggling to pay your mortgage and are worried about getting served with a Notice of Foreclosure, or if your home is already in foreclosure and you are looking for a way to keep your home, take a moment to discuss your situation with an attorney at the Law Office of Teresa Beyers. Through a loan modification you may be able to change several of the terms of your loan to make it more affordable, such as:

• Change an adjustable rate to a fixed rate
• Reduce the interest rate
• Lower the principal balance that is still owned
• Shorten or extend the length of the loan
• Waive accrued interest

If you have made the decision to pursue a loan modification, it’s in your best interest to work with an experienced attorney. The process of applying for a modification can be frustrating, to say the least. An experienced Los Angeles loan modification attorney at the firm can guide you through the loan modification process and review your specific situation to determine what modifications would be best for your particular case.

To speak with an attorney who truly cares about your best interests, please contact the Law Office of Teresa Beyers to arrange a consultation to discuss your case.