At the Law Office of Michael E. Ripley, we take pride in helping people with regard to their mortgages, as to a number of options, including loan modifications; short sales; Deed in Lieu; foreclosure assistance. The staff at the Law Office of Michael E. Ripley has over 50 years of combined legal and banking experience throughout San Diego County, including the North County and East County areas.
A Law Firm That Helps People Stay in Their Homes
The staff takes our work seriously, with regard to the mortgage assistance options outlined above. The results we have obtained for our clients have equaled or exceeded their expectations. To speak to a San Diego mortgage assistance attorney about your specific options, please call us at 858-792-5800 or 800-757-8000.
Who Is Eligible for Mortgage Assistance?
If any of the following circumstances or situations are facing you, we can help you with your mortgage options, including loan modification:
- You are behind in making your mortgage payments.
- You owe more money on your house than it is worth.
- You are unable to refinance the loan for your home.
- You have been served with foreclosure papers or a Notice of Trustee's Sale.
- You are having economic hardships because of such things as a job loss, medical expenses or disability.
- You have an adjustable rate mortgage, that has reset, or that is going to reset in the near future, so that you will not be able to afford your mortgage payments.
If your answer is "yes" to any of the statements above, then loan modification is right for you! For more detailed information, see Economic Hardship: Is a loan modification right for you?
How We Can Help
- Foreclosure avoidance: Our law office staff has been successful countless times in avoiding foreclosure sales. Generally, a bank will postpone a foreclosure sale once a loan modification application has been submitted that conforms to that lender's requirements. This includes a hardship packet and a client's financial information that is submitted in the appropriate form for that client's lender. Even though foreclosure is not in a lender's best interest, government statistics show the average foreclosure costs over $50,000 to the homeowner, his or her lender and the government. In addition to costs, the lender will generally not recover the full amount owed by the borrower because of the weak housing market and applicable anti-deficiency laws in the state of California. Those laws do not allow the lender to attempt to recover the difference from the borrower, between what is owed and what the house is sold for.
- Loan modification: This is a process through which a homeowner's mortgage is modified, so that both the homeowner and his or her lender are bound by a new contract, with newly negotiated terms that work for both of them. To qualify for a loan modification, there are two general requirements. First, a borrower is having difficulty paying his or her mortgage because of financial hardship. Second, a borrower's monthly mortgage payment is more than 31 percent of his or her gross (pre-taxed) monthly income.
- Mortgage default: After a borrower fails to make his or her house payment for more than 60 days, his or her lender can begin foreclosure proceedings. This involves the lender posting a Notice of Trustee's Sale posted on the borrower's front door. Thereafter, unless the appropriate steps are taken, the borrower's house can be sold by his or her lender.
Mortgage Assistance Attorney in San Diego
People who come to the Law Office of Michael E. Ripley seeking assistance with a loan modification are given personalized service from the time they contact us.
Once a new client fills out a questionnaire and provides information about his or her finances, the office staff will provide an analysis of the client's financial situation to determine whether loan modification is possible.
This will include contacting the prospective client's lender by telephone, in the client's presence, to determine whether the lender will agree that the borrower is pre-qualified for loan modification. These steps are taken before the law office will agree to represent the client to obtain loan modification, and before the client signs a contract with the law office in order to go forward.
We are now offering a new analysis tool called the Real Estate Services and Technology ("REST") report, which uses specific information about the client, the property and the mortgage. The REST report will run an NPV (net present value) analysis to determine the best options are for you. It will also determine whether it is in the best interest of your investor/lender to modify your loan. For more information about the REST report, please click into the REST Report logo on the left side of the page.
Contact Us · Free Initial Consultation
The Law Office of Michael E. Ripley offers free initial consultations. Our office on High Bluff Drive in San Diego is open Monday-Friday from 8:30 a.m. to 5 p.m. Evening and weekend appointments are available.
Contact us by filling out the form on this website, or by calling us at 858-792-5800.