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Is a Loan Modification Right For You?

Many people who face foreclosure on their homes try to solve the problem by getting a loan modification, which is a process by which new terms are worked out on an existing mortgage. Many in the Los Angeles area have attempted to modify their loan with the bank with no success, and the legal team at our firm can help. To discuss whether modifying your loan is the best solution to saving your home, or if another option might resolve your financial difficulties, Price Law Group urges you to contact a lawyer immediately. At our firm, we have 20 years of experience in bankruptcy law and with our extensive knowledge and skill in debt relief, can assist you in pursuing a loan modification with terms that are fair for you.

Understanding Your Financial Standing

Before you begin to negotiate a loan modification, you must understand the strengths and weaknesses of your position. Important questions to consider include:

  • Do you owe more money than the property is worth?
  • Will the bank make more money by simply foreclosing on the property?
  • Can you afford the payments even if the loan is modified?

Attorneys at the firm can review your financial situation to determine if filing bankruptcy is necessary to halt the process and engage in a foreclosure defense. This could buy the time to negotiate a loan modification for those who are facing foreclosure in a short amount of time. You can be confident that the attorney from the firm will work tirelessly to negotiate the best possible terms on your loan modification.

In the current economic climate, many of the major lenders are willing to come to the table and consider loan modification. With attorneys from the firm on your side, your chances of success and getting your loan modification approved from large lenders like Bank of America, Wells Fargo, and Chase Bank or CITI mortgage are greatly increased. Negotiating with large lenders can be a tough process and the firm's years of experience and contacts within the banking industry can be of great assistance for individuals who need a loan modification.

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