While your experience will depend on your unique financial situation, foreclosure can likely be avoided. A number of modification options are available to help lower your interest rate and help lower your monthly mortgage payment. One of the best ways to accomplish this is to consult a local attorney experienced in real restate law and foreclosure avoidance. Here are some ways to prevent foreclosure:
Be Upfront With Your Lender The first step to obtaining more favorable mortgage terms is to tell your lender the truth. Call up the bank that holds your loan and tell them that you are having issues making payments, but do not want to default on the loan. Next, consult a local attorney to begin the process for loan modification, forbearance, or reinstatement.
Negotiate Favorable Terms You may be so eager to avoid default that you want to accept the mortgage lender’s first offer. But you may be able to get a better deal if you negotiate further. Your lawyer can help by serving as the intermediary between you and the bank, which means that he or she can use legal training to persuade the bank to lower monthly payments and decrease the interest rate.
Avoid Fraud Due to the downturn in the economy, radio and TV advertising is filled with promotions for fraudulent companies who promise to help you keep your home. However, the best way to avoid foreclosure is to speak to a local attorney who can negotiate on your behalf. There is no magic solution to loan modification; you just have to work with your bank to agree on new terms for the loan.
The loan modification process is not difficult, and can help you stay in your home for decades to come. Southern California homeowners should contact the skilled legal team at the Golden State Law Group by calling (619) 234-3333. The first consultation is always free, so call today to modify the terms of your mortgage.