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Loan Modification California - A City Guide

Loan modification is often the first preference for California homeowners in financial distress. That’s so surprise, considering loan modification offers homeowners the possibility of keeping their home and maintaining their credit score.

In theory, loan modification should be a straightforward process, facilitated by the government's HAMP loan modification scheme. However, California loan modification can be challenging and the process can be drawn out and frustrating.

Loan Modification California Challenges

In a California loan mod, the terms of the note are restructured in an effort to make the loan seem more affordable. The most common loan modification techniques include stretching out the term of the loan to 40 years or reducing the interest rate. However, in the vast majority of cases, the house payment is not
more affordable after the loan modification.

Unfortunately, many California loan modifications fail, destroying a homeowner’s credit score in the process. Homeowners are back where they began, often with more debt that ever before. In many instances, a short sale would have been a better option to help a homeowner recover from financial difficulty and eventually purchase a more affordable property.

If you’re considering a loan modification, you’ll want to read the articles below on loan modification in your California city. Then contact Proper-t-Solutions for more information. We’ll arm you with the information and resources you need to make the best possible decision for you and your family.

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