Calabasas Criminal Defense Attorney for people accused of White Collar Crime provides tactical information and legal resources about White Collar Crime cases in Calabasas White Collar Crime, Lawyer Woodland Hills White Collar Crime, Encino White Collar Crime, Lawyer Sherman Oaks White Collar Crime, Lawyer Tarzana White Collar Crime, Lawyer Van Nuys White Collar Crime in Malibu, California.
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Loan Modification Attorney

Loan Modification – The Facts

No matter what the politicians say, the news reports and the pundit pontificate, voluntary loan modifications are occurring only eight percent (8%) of the time. However, the number increases to over thirty percent (30%) if there is litigation or bankruptcy. One hires an attorney to review your options and handle the process of loan modification, but what the loan company is concerned with is your attorney looking to see if the lender violated the law - and when a lawyer is able to determine that the company did violate the law, your negotiating leverage to get a loan modification is significant.

C
alifornia loan modifications vary from company to company, as most loans are owned by pools that typically allow only 5% of the loans made to be modified. However, that 5% loan modification rule is lifted when there is litigation or bankruptcy. Most loan servicing agents are overworked, understaffed and usually don’t care about you because they don’t know you. When a litigation lawyer gives them a call, attitudes may change and the desire to avoid bankruptcy and/or litigation usually becomes a priority.

Just hiring a lawyer is not going to be the answer. Loan modification is income driven and can be complicated if there is a second mortgage involved. The loan company is going to be motivated to modify, but the mortgage holder will not reduce the principle of the property below the value of the property. Interest rate adjustments and recapitalization of back payments are common adjustments to the loan. The very best that we will hope to accomplish is getting a 30 year fixed rate loan at an affordable rate based on the current value of the house.






The Law Offices of Geri A. Saklad Services the cities of Malibu, Calabasas, Thousand Oaks, Ventura, Agoura Hills, Los Angeles, Tarzana, Sherman Oaks, Woodland Hills, Encino, Van Nuys, Canoga Park, Lancaster, Moorpark, Westlake Village, Agoura Hills, Valley Village, Chatsworth, Simi Valley, Oxnard, Newbury Park, West Hills, Santa Monica and West Los Angeles.




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The information on this Malibu Criminal Defense Attorney website and this page specifically is for general information purposes only. Nothing on this page or associated pages, documents, comments, answers, emails or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create an attorney-client relationship and receipt or viewing of this website information does not constitute an attorney-client relationship.
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