Loan Modifications are becoming quite common in California thanks to declining home values, high unemployment, and mortgage lenders seeking loan modifications instead of foreclosure. If you are late on your mortgage payments and have experienced financial hardships, then a loan modification may be the best option to save your home from foreclosure. 

A loan modification is a restructuring of a mortgage loan in order to make the monthly payments more affordable. San Diego Mortgage Group can help negotiate a successful loan modification on your mortgage with your lender to save your house. 

If you want to keep your home, but the current mortgage is too high, then a loan modification may be right for you. A foreclosure can threaten your credit score on top of losing your home, so isn’t it worth a minute-long phone call to see if a loan modification can help? 

About Loan Modifications in California

Years ago, to qualify for a loan modification your mortgage would have to be delinquent because of job loss, divorce proceedings, or illness. Things have changed a great deal! Nowadays, loan modifications are available to families suffering from an adjustable rate mortgage hike which brings the monthly payment beyond the means of the homeowner. It is important to begin the loan modification process shortly after the first missed mortgage payment. This way, damage to the borrower’s credit can still be minimized. The sooner a fixed rate is negotiated, the higher likelihood of a beneficial rate cut, which will bring the relief of lowered mortgage payments.