FAQ
At RA Law Group we know that you have many questions.
Please feel free to speak to one of our representatives by calling us at (888) 550-3004, or requesting a consultation by completing the form below.
During business hours (9am - 6pm, PST) you can also speak to one of our representatives through our live, online chat.
Question:
What fees can and can't be included in a loan modification?
Answer:
This is going to depend on the type of loan you have and the documents signed. You may be able to have all legal fees and related foreclosure costs worked into the loan modification as capitalized principal, though this may not be done in every instance. You will need to have a consultation with someone from our team to help answer this question specifically for you.
Question:
How do I know if I am qualified for a loan modification?
Answer:
It is important to know all of your legal options prior to determining if a loan modification is right for you or not. There are other options in California that may be more appropriate for you depending on many factors
At the very least to qualify for a loan modification you will need to be able to prove that you, or you and the other members of your household can afford the modified monthly payments. You will want to discuss this with one of our professionals in detail.
Question
Can I qualify for a loan modification if I am unemployed?
Answer:
If you are unemployed you may or may not be able to show that you can afford the monthly modified payments because the lender may consider the income of other household members.
Question:
Can I get a loan modification if I have bad credit?
Answer:
Your credit score is not a factor in most cases. The lender is trying to work with you in order to create terms that are acceptable to both you and them. Some of the primary considerations are the value of the property and the monthly payment you can afford (and prove to the bank you can afford).
Question:
How much lower can my payments be from a loan modification?
Answer:
Payments can be lowered by as little as hundreds of dollars each month to thousands of dollars each month depending on many factors. Every bank has different guidelines and our professionals will work with you and the bank representatives to determine if a loan modification is right for you and just how much money your payments can be lowered each month.
Question:
Can a mortgagee include late charges in the loan modification?
Answer:
Late charges in some loans can and will be waived. Again, this depends on the type of loan you have and the documentation signed.
Question:
Can the mortgagee come into the home to inspect the condition of the property as part of the process?
Answer:
Yes, the mortgagee can inspect the property to make sure that there is no problem that would impact the mortgagor's ability to continue with the modified mortgage payment schedule.
Question:
During the loan modification process will escrows be handled for property taxes, HOA fees and other such fees?
Answer:
Yes, in most cases escrow will be taken to protect the lien on the home which includes property taxes and HOA fees (if any).
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