If you’ve recently suffered life-altering circumstances that now put you in danger of defaulting on your mortgage and foreclosing on your home, then you need to seek the advice of an experienced real estate attorney in Los Angeles. The best way to protect yourself, your home, and your credit is to proactively tackle this situation head-on. And there’s nobody better to help than a professional who understands the situation from a consumer’s point-of-view. There are several options our lawyers can explore with you to help you avoid a foreclosure.
It’s important to keep in mind that most of the options available need to be considered before the foreclosure proceeding begins. You may lose several of these opportunities once a foreclosure action is filed by your lender, so time is of the essence.
One option is to negotiate with your lender to modify your loan terms and lower your payments. This could be accomplished in various ways, including reducing the interest rate, making interest only payments, or extending your payback period.
The challenge is that your mortgage company does not have your best interests in mind. Its priority is to protect itself, of course. So you can be sure that your lender will have an experienced team of high-paid attorneys working on its behalf. In order to successfully negotiate a modification, you need to even the playing field by having an attorney advocate on your side. They can help you to avoid the lending company’s tricks and ensure that you receive a fair and lawful modification of your loan agreement.
Sometimes you know that your future situation is going to make it difficult for you to make your loan payments, even if it’s only briefly. If anticipated events are going to make payments problematic for a short time-period, then you may be able to negotiate a forbearance agreement. In a forbearance agreement, the lender agrees to suspend your payments for a set period of time. One example of a situation suitable for forbearance is when the borrower is going on active military duty. Lenders are often willing to reduce or entirely suspend your mortgage payments during a deployment or active training. Anticipated medical procedures, like major surgery, may also be grounds for suspending a mortgage payment.
However, just like with a load modification, your lender is going to do their best to negotiate terms that are in their best interests, not yours. A consumer advocate and real estate attorney will understand exactly what your rights are and how to negotiate with your lender to protect them.
The point is that homeowners who attempt to negotiate forbearance, loan modifications, or other terms with lenders on their own regularly end up with the short end of the stick and don’t even realize it. The experienced and highly reputable loan modification and bankruptcy attorneys at Vokshori Law Group have helped save hundreds of homes for clients, just like you, who faced unexpected hardships and needed financial relief. For further information or to schedule a consultation, please contact Vokshori Law Group at 213.986.4323 or visit www.VokLaw.com.