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Loan Modifications in Irvine, CA

When struggling with home loan debt, some people find that loan modification is a workable remedy. Loan modifications change the terms of loans between lenders and borrowers, making them more affordable for a borrower to make payments. At Fishback Law Group located in Irvine, we help clients negotiate loan modifications that make debt more manageable.

Loan modifications are most often used as a means for avoiding foreclosures. There are many different types of house loans and various federal loan modification programs are available, such as the Home Affordable Modification Program (HAMP), which lowers monthly mortgage payments. The Home Affordable Refinance Program (HARP) is another federal government program that helps families who were unable to get refinancing because their home values declined. Through HARP, homeowners who qualify can get refinancing.

California regulatory agencies overseeing home loan modification

The California Department of Real Estate (DRE) regulates companies that offer to modify mortgage loans or refinance homes. The California Department of Corporations, Financial Services Division (FSD) licenses and regulates consumer and commercial lenders.

The advantages of using an attorney to negotiate a loan modification are that lenders know an attorney can also help you file for bankruptcy to stop a foreclosure or file an order to show cause to stop a foreclosure sale. Also, attorneys are aware of California laws that regulate loan modification and what is legal or illegal.

California law prohibits paying upfront fees for loan modification services before the services are performed. Recently California passed a number of laws to protect consumers against loan modification fraud.

What can a loan modification accomplish?

Depending on the type of loan, some of the possible advantages that a homeowner can obtain through a loan modification include the following:

  • Loan balance reduction
  • Lower interest rates
  • Lower monthly mortgage payments
  • Reduced negative interest and fees
  • Modification of an adjustable rate mortgage into a fixed rate
  • Extension of a 20-year mortgage to a 30-year mortgage

Experienced assistance with loan modifications in Irvine, CA

You do not have to be overwhelmed by debt. Often a loan modification can make payments affordable and enable you to emerge out of debt. Having an experienced attorney at your side to handle loan modification negotiations with your lender can result in a viable arrangement that helps you avoid foreclosure. We work with clients in Irvine, Orange County and throughout Southern California. Contact Fishback Law Corp in Irvine for immediate assistance.