Riverside County Loan Modification

If your loan payments are too much, you may be able to obtain a loan modification from your bank, or the bankruptcy court. Loan modifications are typically an option for individuals who still have a steady source of income and who expect to be able to make consistent payments if their loan is adjusted accordingly. A loan modification permanently alters the terms of your loan and can encompass any of the following adjustments:

·         Reduction in interest rate

·         Reduction of principle

·         Forgiveness of arrears

·         Move arrears payments to the end of the loan

·         Allow arrears to be paid off in installments over the life of the loan

·         Extend the term of the loan

In some instances, you may be able to get a loan modification directly from your lender. In the current housing market, many banks and lenders are motivated to help homeowners stay in their homes rather than having another foreclosed property on their portfolios. Because of this, you may be able to make arrangements that will allow you to continue to make your house payments at a rate that is affordable to you.

However, if you cannot work with the bank directly, there is still a chance to have your loan modified through a Chapter 13 bankruptcy. At the very least, you should be able to pay off the arrears over the course of your repayment plan, and avoid foreclosure entirely. Loan modification options vary greatly depending upon your circumstances, and you may need the professional guidance of a Riverside County Bankruptcy Attorney in order to better understand your choices in the matter. Contact us today and arrange for a free case evaluation – let our team of experienced Riverside County Bankruptcy Lawyers help you in finding the solution to your loan modification needs.