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Loan Modifications

Loan modifications are more frequently serving as successful alternatives to foreclosure. Basically, this involves a borrower and lender renegotiating an existing loan secured by the borrower’s property.  The ultimate goal is to lower the borrower’s monthly obligations to the lender to a level that the borrower can afford based on the borrower’s current financial situation.  Typically, this requires a showing of a verifiable financial hardship by the borrower. Once this is completed, negotiations between borrower and lender begin by which one or more terms of the loan are modified. This can include a reduction of the interest rate for the loan, extension of the term of the loan, or a reduction of the principal amount outstanding on the loan. We understand that there are many “loan modification shops” available who claim they can help. However, we suggest utilizing the services and expertise of a lawyer who fully understands the loan modification process. Our lawyers have the knowledge and experience necessary to effectively represent borrowers in such negotiations and transactions with lenders.

To discuss your real estate plans and concerns with an experienced California real estate lawyer, contact us by phone or email to schedule a consultation with one of our lawyers.

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