Loan Modification

Does this describe you or someone you know?

• Have an option arm on your home that is going to explode in a few months outside of your cash flow?
• Bought investment property that is now so negative you can’t afford it?
• Scared and frustrated that you might lose the roof over your head?
• You were duped into a loan that you didn’t understand and now it is costing you more than you earn?

If this describes you or someone you know, please ask them to contact the law offices of The Law Offices of Sevag Nigoghosian. If you cannot afford the payments on your home mortgage, we may be able to help you save your home.

The State of California holds the number one spot for highest number of foreclosed properties and this number continues to explode.  In an effort to stop this trend, the State of California has enacted several new laws to help borrowers save their homes. Under California Civil Code Section 2923.5, banks and other lending institutions are required to contact delinquent homeowners 30 days prior to filing a Notice of Delinquency to make loan modification, mandatory. Among other things, the law also requires lenders to contact homeowners so that all loan restructuring options can be explored before the foreclosure process begins.

California Civil Code Section 2923.6 which was enacted in July 2008, requires Lenders of residential loans in the State of California to accept loan modifications in most foreclosure situations. This applies to all residential loans made from January 1, 2003, to December 31, 2007. Loan-modification solutions can include freezing or reducing interest rates, reducing the principal or extending the term of the loan.
This law, however, does not mean that homeowners have to be behind in their payments before they can ask their lender to modify their loan. Homeowners who are up-to-date in their mortgage payments can contact their lenders and propose loan modification agreements.

What Californians need now is a thorough knowledge regarding this all important law. The Law Offices of Sevag Nigoghosian has the experience, expertise and specialized knowledge to help you understand your rights under the law and take full advantage of the benefits these laws provide homeowners. We can help you save your home and make your payments truly affordable.

We have several strategies to eliminate a foreclosure. Loan modifications are available and we have numerous successful modifications taking loans as far down as 1% interest for the first year and moving up slowing to a safe fixed rate as opposed to an outrageous rate that reduces your cash flow. (Past results are not guaranteed)

Homeowners are cautioned to trust only reputable loss mitigation companies. With the current real estate market situation and the enforcement of the new law, there are also an increased number of scams and frauds reported associated with loan modifications. Therefore, speak to someone you can really trust. Call The Law Offices of Sevag Nigoghosian  today for a free consultation and save your home.

Free California Case Review – Call (818)956-1111

LOAN MODIFICATION FAQ

What is Loan Modification?
Loan modification is the restructuring of mortgage terms to meet the current financial situation of the homeowner.

What do you need from me to get the process started?
If our attorneys believe they can help you they will need some basic information about your current financial situation from you. They will determine the current value of your property and put together a professional proposal for your lender.

Are lenders and banks really willing to negotiate?
Definitely. Lenders do not want to foreclose on your home unless they have to. If you present them with a realistic and professional proposal they are very open to the Loan Modification process because it will cost the banks more to foreclose on your home then it will to restructure your loan.

What is foreclosure?
Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home.

What can you do for me?
If after your FREE Consultation we determine that we can help you, there are several options to get you out of foreclosure and possibly preserve your credit history. Loan Modification, Forbearance Agreement, Deed in Lieu and a Short Sale are some of the techniques we use to save your home. Call us so we can explain each of these to you and determine which best apply to your particular situation.

What can loss mitigation do for me?
The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings permanently. This allows the homeowner to stay in their home and protects their credit history.

How do you stop a foreclosure?
Our company specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. We review your lender's loss mitigation policies and the state's foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender, we can tailor a resolution to meet your specific criteria and financial circumstance.

How long do I have to act?
Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a “work out” agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months.

Several companies have contacted me recently offering help. What makes you different?
There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at a big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. We have some of the most experienced and well respected specialists in the industry, whose sole purpose is to save your house, not buy it, sell it, or send you into bankruptcy unless that is the last option for you. Give us a call, speak with one of our professionals and judge for yourself. The consultation is FREE.

How long does it take for you to complete the case once we fill out all of the paperwork?
Anywhere from 30 days to several months. This depends on the stage of foreclosure, your financial position and how backed up the lending institution is that services your loan. Typically it takes several weeks to complete an agreement and stop foreclosure proceedings.

Do I have enough time to stop foreclosure?
Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. We have stopped sales set for the next day but this is very risky and some lenders will not agree to it. You're best option is to take action immediately to stop foreclosure before it goes too far.

How much do you charge to stop foreclosure?
Our fees are based on the complexity and urgency of your situation. Our professional loss mitigation consultants will evaluate your case and explain the best options to save your home. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives.

I'm currently in bankruptcy. Can you still help?
Yes. But we cannot negotiate a “work out” agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings. Our professional loss mitigation consultants can still evaluate your case and explain the best options to save your home. Then when the mortgage is out of the bankruptcy, we can proceed with the home foreclosure help.

I've already talked with my lender and they just want all their money. Can you still help me?
Yes. Most of our clients have experienced this kind of inflexibility from their lenders before calling us. We get your bank to listen to your needs because they know and trust us. We have mitigated many home foreclosure cases. That kind of experience gives us credibility with your lender. Over the years we have developed positive working relationships with key people at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage.

Should I file for bankruptcy to save my house?
Bankruptcy can be an option to consider. However, lenders are less likely to work out a loan modification while your bankruptcy is pending. If bankruptcy is the only option, our legal team has extensive experience in the field and will be able to assist you in discharging your debts and saving your home.

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