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Question and Answers: FAQ About San Diego Home Loan Modification

 

The intensely stressful issue regarding a delinquent and foreclosed mortgage that faces so many people in San Diego is only made worse by the fact that the nature of these problems is so technical and contains so many little-known regulations and norms. As such, the real estate attorneys at Kerry Steigerwalt’s Pacific Law Center have come to identify several different questions that are quite common in nature.

Do I Qualify in San Diego for a Home Loan Modification?

Below are a few examples of the questions about qualifying for home loan modification, and if you’d like specific answers to your situation, please contact the firm today to schedule an initial consultation and to find out how to save your home.

Why shouldn’t I negotiate with the lender myself?

You should not attempt to handle this problem yourself because you’ll be working against seasoned professionals who understand the laws that apply to you and whose job it is to further the interests of those they work for. Your creditors do not necessarily have your best interests in mind – they are paid to work for those creditors and not you. Working with an attorney will level the playing field and save you time and stress.

What is a loan modification? How do I start a Home Loan Modification?

A loan modification is basically an altering of your existing mortgage. This can occur in many ways, including lowering the principal amount you owe, lowering the interest rate or lowering the monthly payments by extending the term of your loan. This is all done to help you catch up to the payments and to make them more easily in the future.

Will completing a loan modification hurt my credit rating?

The short answer to this question is no, but the reality of the situation is generally a bit different. What that means is that almost all of the time, if a borrower needs a loan modification, he or she is already behind in payments. If that’s the case, the borrower’s credit has already been harmed. However, saving your home and preventing a foreclosure will save you countless points on your credit rating in the future.

How long will it take to complete the loan modification process?

There is no blanket answer to that question, but generally speaking, once the process of disputing the loan begins, it’s generally finished within 1-6 months. Many different factors will play into the ultimate time spent finishing your modification, but you won’t have to worry about continued collection from your lender once this process begins.

Your Next Step

As you see, the loan modification process is one that’s not only exhausting, but extremely complicated. You need a high level of skill working for you, which is why you need to contact the real estate lawyers at Kerry Steigerwalt’s Pacific Law Center as soon as possible to schedule an initial consultation.

 

 

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