Is there any way to get a loan modification to prevent foreclosure?

Yes, it is possible to get a loan modification to prevent foreclosure in California. A homeowner can contact their lender and request a loan modification to reduce the borrower’s payments. Loan modifications involve changing the terms of the loan, either by reducing the interest rate, extending the loan term, or reducing the principal balance. In California, homeowners may also be eligible for “foreclosure prevention counseling.” This counseling is free and provided by HUD-certified counselors. During these sessions, the counselors help the homeowners review their options and create an action plan to avoid foreclosure. The counselors also help the homeowners contact their lender and fill out the necessary paperwork for a loan modification. Homeowners in California may also be eligible for the “Keep Your Home California” program. This program helps eligible homeowners keep their homes by providing interest-free loans and grant payments. The program also helps eligible homeowners with their mortgage payments, property tax payments, or mortgage rate reduction. In addition to these options, California foreclosure defense attorneys may be able to negotiate a loan modification for the homeowner. These attorneys use their knowledge of the law to negotiate better terms with the lender. They can help the homeowner understand their rights and develop a legal strategy that may reduce the amount of debt owed, lower the interest rate, or extend the loan’s term.

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Is there any way to get a loan modification to prevent foreclosure?

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