Getting a Loan With Better Terms
Many of our clients come to us feeling guilty that they are unable to pay their home loans or other debts. Although this problem can be caused by irresponsibility, as often as not the root of this problem can be traced not to the debtor but to the terms of an unfair loan. Some loans put the borrowers into a situation where it is impossible to repay the loan. If you are in this situation, you are probably looking for a way to reduce principal and reduce your interest rate so that you can manage your payments.
With more than 10 years of experience, the Sobti Law Group attorneys understand loan modification. Our debt-relief lawyers can negotiate with your lender and walk you through the entire loan modification process. We might be able to work out a better interest rate for you, better terms in general for repaying the loan, and in some rare instances, a reduction on the principal of the loan.
Answers to Your Loan Modification Questions
You probably have a lot of questions if you are thinking about a loan modification.
- What is the benefit of loan modification? A good loan modification can change your monthly payment requirements, alter the amount of time your loan will last, and in some cases it can reduce your principal or reduce your interest rate.
- How long does the process take? Six months is about the norm, generally, but sometimes it can take quite a bit longer. If you are looking into a loan modification, prepare yourself for a lengthy process.
- Is my lender required to modify the terms of my loan if I feel like the loan terms are unfair? No. You agreed to the terms of the loan and unless the court finds these terms unconscionable, you are locked in. However, when they see that their borrowers cannot afford the terms of the loan and might default many lenders are willing to work to make conditions that are more reasonable for the borrowers.
These are just a few of the questions you might have. Our attorneys are prepared to answer all of your questions and help you through the process of finding relief from excessive debts that will last you a lifetime.
Contact Us
San Bernardino ∙ Palm Springs ∙ Beaumont ∙ Orange ∙ Corona
Contact us online or call 888-627-8013 to schedule a free initial consultation with an attorney who can answer your questions and help you begin the loan modification process.
