Loan Modification Laws And Regulations

Loan Modification Laws

November 27th, 2009

Loan Modification Laws

Question: My home in California is on an ARM, and I want to get a fixed rate without refinancing, can it be done?

I read somewhere that this can be done with a loan modification through a workout specialist, but I have no clue how to go about it. Does the bank have the workout specialist, or do I have to hire one on my own? I know that there are new laws being passed in CA can anyone give me advice?

Answer: typically if you call up your lender you can talk to them about modifying your loan. Sometimes a pre payment penalty applies but at least you can possibly get a fixed rate. ARm loans are designed for those that planning on refing short term because you never want to let your arm period run out becaus the rate gets recast monthly based on the new loan value. If you payed only the minimum payment it may not have covered your interest on the loan and that would be added to the existing loan amount at the end of the arm period

Las Vegas Loan Modification Law Patterson and Jennings Ltd.