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Loan Modifications in Riverside

Restructuring Your Home Mortgage

When your home loan is modified, it means that one or more of the terms of the agreement are permanently changed. This permits the loan to be reinstated with payments you can now afford. Your motivation in obtaining a loan modification is to be able to retain your home, as foreclosure prevention and to bring about some needed debt relief.

How to Qualify

In order to qualify for a loan modification, it must be shown that you are undergoing financial hardship. Unfortunately, in today's economy this is frequently not too difficult to prove. You or a spouse suddenly being out of work and unable to find employment, steep adjustable rate increases, or the value of your property plummeting can all create the necessary proof of financial distress. How the firm works to modify your loan depends upon your financial situation as it currently exists and what your future goals are.

For some, the most straightforward way is to reduce the principal on the loan, resulting in lower monthly payments. Modification can be achieved as well by increasing the term of your loan. In certain cases, a mortgage payment can become manageable by altering the interest rate of the current loan. For others, moving from a floating to a fixed rate, removing penalties that have been assessed and others methods can allow you and your family to stay in your home. Frequently, it materially assists to have a seasoned attorney represent you in loan modification negotiations so that your goals are taken seriously.

Effective Counsel that Works!

Through negotiation by a well-versed attorney from Price Law Group, you lender may also desire to make a change to the lending agreement. A main reason for the modification, from the viewpoint of a lender, is that in the end they will make more money by your steady lowered payments than they would have through foreclosure or a short sale of your house.

Attorneys at the firm have helped over 100,000 people to find positive solutions to financial difficulties. They operate on the premise that there always ways to solve financial problems. Through personalized service and analysis of your individual situation, they strive to find the single best way possible to get you back in control of your finances.

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