If you are finding it difficult to keep up with your mortgage payments, you do not have to resign yourself to the inevitability of a foreclosure. There are other possibilities, and an experienced loan modification attorney in Los Angeles can guide you in the right direction.
One option that is available is the Fannie Mae Flex Modification that replaced the expired Home Affordable Modification Program (HAMP). This program can allow you to remain in your home by reducing your monthly payments, and the damage to your credit score will be minimized.
Another option may be to file Chapter 13 bankruptcy, which is a type of personal bankruptcy that is well-suited to help people facing foreclosure.There are specific requirements to filing Chapter 13 bankruptcy, one of which is that you have regular income, be it from a job, a pension, or government benefits like Social Security. The bankruptcy process is highly technical and will almost certainly require you to obtain an experienced attorney licensed to practice in federal court.
Finally, check with your local courthouse. Many counties have recently formed foreclosure mitigation programs to help people in serious financial distress. The idea is basically that in order for the mortgage company to proceed with the foreclosure, you have the right to demand an informal mediation under the supervision of a judge or somebody else appointed by the court. This is especially useful when your mortgage company refuses to work with you on a reasonable solution to your foreclosure.
With the proper course of action you may be able to extend the term of your loan to as long as 40 years to bring the payment down. A significant interest rate reduction can potentially be negotiated as well. Plus, in some instances, an adjustable rate mortgage can be converted to a fixed low interest rate mortgage to bring the spiraling costs under control.
We know that people can sometimes be a bit reluctant to discuss sensitive financial matters but we are here to help resolve your dilemma. Vokshori Law Group, is here to help if you are looking for a solution that will allow you to remain in your home. We have stopped over 1000 foreclosures, with an average monthly savings of $1066, and we would be more than happy to put our expertise to work for you.