The prospect of losing your home because of foreclosure is scary, but there are steps you can take to save your house. An experienced lawyer can help you explore your options and find a way to come up with a plan that works for you and your creditors. You may be able to reduce the principal on your mortgage by coming up with a restructured loan.
At the law offices of Resnik Hayes Moradi LLP, serving Los Angeles, San Fernando Valley, Riverside, San Bernardino and Orange Counties, we help our Southern California clients save their homes through loan modification. If you want to save your home and avoid bankruptcy, we can help you find a way to reduce the principal on your mortgage and get a fresh start.
Reduction in your principal is one of the major strategies in loan modification. While it is good to know that it is possible to reduce your interest rate, a reduction in the principal amount on your loan to the fair market value requires a plan that works. Our attorneys have years of experience helping Southern California families come up with plans to keep their homes. We work with closely with a number of lenders, and we have the results to prove it:
- We negotiated a Countrywide loan worth over $920,000 and waived over $51,000 in arrears, lowering payments from $5,451.57 to $3,258.94.*
- We reduced the principal on a Litton loan of over $584,000 dollars by over $100,000 to just $454,000, while reducing the interest rate as well, from 9.49% to 5.9%.*
*This testimonial or endorsement does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.
There are a number of different ways in which you can modify your current home loan and come up with a plan you can afford. In addition to finding a way to reduce the principal, we can also help you reduce your interest rate or extend the loan term. If you are looking for more comprehensive debt relief, we can help you explore bankruptcy.
If a reduction in your principal through a restructured mortgage could help you save your home, we are ready to help you take action. Providing a casual and accepting environment, our offices are open weekdays from 7 a.m. to 7 p.m. We offer long-term payment plans, so you can get the help you deserve.
For a free initial consultation about filing for bankruptcy with Resnik Hayes Moradi LLP, call (213) 344-0043 or contact us online. Our firm serves clients in the Los Angeles area and San Fernando Valley through offices in Sherman Oaks and Los Angeles.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.