If you are a homeowner in the San Diego area, and are faced with foreclosure, My HomeOwners Advocate can help you. The company has made a name for itself by coming up with practical and realistic financial options for those people who are unable to make their mortgage payments, and they offer a free consultation. The company can help you by reducing monthly payment amounts and the overall interest rate, and the company has been at the forefront of real estate financing for several years, because of the commitment to helping struggling homeowners fight foreclosure.
The company’s useful financial solutions include loan refinancing, loan modification and short sales, and during the free consultation, they will be able to explain their range of services whaich are aimed at lowering interest rates and payments.
One solution is to change the conditions and terms that are applicable to the current loan, and this process is known as a loan modification. Any such modification has to be seen to be beneficial to both the lender and the borrower, and of course, must be agreed to by the lender. People look at modifying their loan for various reasons, although a so called financial reversal is the most common reason, in which a homeowner no longer has the ability to make the payments in a timely manner. There can be various reasons for a financial reversal, including job loss and sudden medical expenses, and if any of these occur, a lender can agree to the option of modifying the loan to take the circumstances into consideration.
Sometimes, a lender will determine that a borrower is still unable to pay back the loan in a timely manner, even with a loan modification, and if this is the case, a lender may not agree to this option and other solutions can be considered.
MHA has determined the following to be some of the consequences of loan modification:

*   The interest rate can be lowered by one percent at first, followed by a further one percent per year, up to a pre-determined length of time, and the rate can be fixed at five percent for the term of the loan.
*   The loan can be extended for ten or more years.
*   Lenders can also be contacted by My HomeOwners Advocate to see if they would be willing to lower the outstanding loan amount in some way.