In Ventura County and all of California loan modification is the option most home owners are exploring in order to keep their homes.  With a loan modification the home owner’s current lender agrees to reconstruct the loan in a way that the home owner can afford to make the payments.  Loan modifications differ from refinancing in many ways.  In today’s Real Estate market where many home owners owe more than their home’s current appraised value, loan modification seems to be the preferred and only alternative to refinancing.

Who Is most likely to Qualify For Loan Modification

• Home owners who are late on their mortgage or are in default.
• Home owners whose mortgage balance is higher than their property’s value.
• Home owners who have an adjustable rate mortgage.
• Home owners who have a negatively amortized mortgage.
• Home owners who can not afford to pay their mortgage any more.

If you fit one or more of the above criteria chances are your loan could be modified.

Possible Results of Loan Modification

• Lower interest rate.
• Lower monthly payments.
• Modify an adjustable rate loan into a fixed rate loan.
• Principal reduction thus creating a lower mortgage balance.
• Make your loan current (if defaulted) and add delinquent payments to the principal of the loan.

If you are interested in learning more about loan modification or if you would like to modify your loan please don’t hesitate to call me, Mana Tulberg, (805) 443-8898.