Economic Hardship: Is Loan Modification Right for You?

San Diego Mortgage Modification Attorney

Loan modification is the process whereby a homeowner's mortgage is modified and both the lender and borrower are bound by the new terms.

The Law Office of Michael E. Ripley is experienced in handling all types of mortgage modifications including:

  • Reduction of the interest rate
  • Reduction in payments
  • Converting variable-rate loan to a fixed-rate loan
  • Reducing the principal of the loan
  • Extending amortization, up to 40 years
  • Addressing tax arrearage, escrow fees, taxes and insurance

Unsure if Loan Modification Is Right for You?

In order to get a loan modification, a hardship letter is prepared that explains the client's situation. Our law firm knows what is required by lenders and can prepare a hardship letter that will satisfy a client's lender that loan modification is appropriate.

Is one, some, or all of the following factors involved?

  • Job loss
  • Reduced hours of work
  • High credit card debt
  • Medical bills/illness/death
  • Disability
  • Adjustable rate mortgage that has already reset
  • Adjustable rate mortgage that is going to reset in the near future
  • Homeowner owes more on home than it is worth
  • Homeowner is delinquent in house payments
  • Homeowner has received a Notice of Delinquency from his or her lender
  • Homeowner has had a Notice of Trustee's Sale posted on the front door of his or her home

If any or all of the above circumstances apply to you, you are eligible for loan modification.

A second factor for loan modification is your income. The goal and stated aim of loan modification is to reduce a homeowner's mortgage payments to equal 31 percent of their gross (pre-taxed) income. If your present mortgage payment exceeds 31 percent of your gross monthly income, then you should be able to qualify for a loan modification.

Call 858-792-1300 for a Free Consultation

The knowledgeable staff at the Law Office of Michael E. Ripley is here to help San Diego, California, residents who are seeking loan modifications. Contact a lawyer by filling out the form on this website or call 858-792-1300.


The Law Office of Michael E. Ripley focuses on loan modifications and serves clients throughout Southern California, including the East County and North County areas in San Diego, California, which includes: the cities of San Diego, Del Mar, La Jolla, Carmel Valley, Chula Vista, El Cajon, Carlsbad, Oceanside and San Diego County.