Loan Modification Lawyers in Oakland
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Millions of Americans each year feel the stress of not being able to pay bills and debts. Some people feel confused and frustrated and are unsure of the options that they have available to them. Kostopoulos Bankruptcy Law, we are proud to provide trusted legal representation and dedicated counsel to individuals and families who want to gain control of their financial situation. We can discuss in detail the particulars of your case and help you determine whether bankruptcy or loan modification may be right for you. You can be confident that working with an Oakland bankruptcy attorney from our team can benefit your case.
What is a Loan Modification?
If you are struggling to keep up with your current mortgage, a loan modification can provide relief. Loan modifications permanently change a term of the loan and you will be subject to the altered terms and conditions for the life of the loan. This makes your monthly payments more affordable. Loan modifications can be used in conjunction with bankruptcy or as an alternative to bankruptcy.
When you modify an existing loan, you can permanently change any of the terms, such as:
- Reducing the interest rate
- Extending the term to a longer period
- Changing the loan type (adjustable to fixed-rate)
- Adding past-due amounts to the new loan terms
- Deferring or forgiving some of the principal
If you work with our team and it is determined that a loan modification may be right for you, we will assist you in drafting a hardship letter to provide to creditors and lenders and discuss which modifications can benefit you.
Do I Qualify for a Loan Modification?
Not everyone who is behind on their mortgage can qualify for a loan modification. You will need to meet several qualifications to be eligible.
In general, loan modification is available to homeowners who:
- Are not eligible for refinancing
- Are experiencing long-term financial hardships
- Have a high interest rate or an adjustable rate mortgage
- Owe more on the house than what the house is worth
How Our Attorneys Can Help You
Our team will assist you with understanding the loan modification process and provide you with answers regarding Obama’s Making Home Affordable Plan. An attorney will also assist you in providing tax returns, financial statements, and home valuation estimates to your lender or mortgage provider. We make the process as easy and as stress-free as possible for you.
Need an attorney for a loan modification in Oakland?
Are you ready to adjust your payments or modify your existing loan? If so, working with an attorney can be your best move. Loan modifications can be confusing, and the laws and regulations governing them can be difficult to navigate. You should never face a financial hardship alone, and if you are considering adjusting your loans, do not hesitate to contact Kostopoulos Bankruptcy Law to speak with a top bankruptcy lawyer in Oakland. Tell us your story, and we can help you discover the best legal solution for your case.