Feldman Law Center – Home Loan Modifications as Homeowners Best Option
January 20th, 2010 by adminFeldman Law Center – News by Feldman Law Center – For all the negatives that have been written about loan modifications, and there have been a lot, the option is far and away the best option for struggling homeowners trying to stay in their homes and preserve their credit scores. As property values have plummeted, the possibility of selling or refinancing the home has been erased. That leaves foreclosure, a short sale, or short refinancing as the remaining options outside of a loan modification for homeowners to resolve their issues with their lenders. All of those options do extreme damage to credit scores and stay on the homeowners’ credit report for a minimum of seven years.
A home loan modification is basically a change in the terms of a homeowner’s existing mortgage with the objective of bringing the monthly mortgage payment back in line with the homeowner’s current financial situation. By modifying the existing mortgage, the transition doesn’t affect the credit score of the homeowner. Additionally, the credit score of the homeowner does not carry much weight in the modification process.
A home loan modification’s main feature is normally the alteration of terms on the existing mortgage’s first five years. It’s not unheard of for modifications to alter terms for the life of the mortgage but most of them cover the first five years. It is hoped by all that conditions in the economy, real estate values, and the job market improve enough by that time that homeowners will either be able to sell the property or afford payments at the higher levels that go into effect once the modified rates revert back to their original levels. The modification benefits the lender by keeping the homeowner in place, which results in continued cash flow from the property, and by preventing the property from going into foreclosure and back on to the books of the lender.
As simple as the process has been made to sound here, the negotiation of terms on a mortgage is not in the normal purview of a homeowner. Hiring legal representation is the best way for a homeowner to ensure that will get the best results possible for their personal situation. An attorney will base the negotiation for the loan modification on the homeowner’s total financial picture, including credit card and consumer debt. Where it makes sense, the firm may initiate debt negotiations, along with the home loan modification, on the other debts carried by the homeowner including credit cards, revolving debt, consumer loans, unpaid medical bills, etc.
The law firm will also assist in the drafting of a hardship letter, which details the conditions of the challenges facing the homeowner. Hardships can include an adjustable rate mortgage with payments that have increased to the point where they are out of reach of the homeowner, pay cuts, job losses, illness, or divorce. The hardship letter should also include the homeowners plan for dealing with and getting past the current hardship. From that point negotiations begin, the ultimate prize being the modification.
If you are struggling with your mortgage payments, are behind on payments, and/or facing foreclosure, talk to an attorney’s office that specializes in home loan modifications. The Feldman Law Center has executed over 600 loan modifications and has the experience and knowledge to get the best possible results to address your specific needs. Call them today at (949) 544 8224.
Feldman Law Center – Federal Government Prodding Loan Companies
January 13th, 2010 by adminLoan modifications have grown in popularity over the years because they have been increasingly successful in keeping people in their homes. As a result, the federal government has become a big fan of loan modifications and is getting more involved. The Obama administration is pressing mortgage servicing companies to step up their efforts to modify troubled loans under its housing rescue program. The White House is frustrated with the pace at which homes are being foreclosed on, as well as the pace with which loan modifications are being processed.
The Obama administration has seen a significant “ramp up” of loan modification activity, but it often times does not seem like enough when so many people are hurting. Federal loan modifications have helped some people stay in their homes, but the federal government often cannot give enough attention to all of the people who need help right now. Think about the millions upon millions of homeowners who need assistance with their mortgages and how few government representatives there are helping them. What many people need is a California loan modification attorney working with them, one on one, to keep their homes.
Housing counselors say they are disappointed by the progress made so far under the current Administration’s program, saying they are not getting anywhere near the results they were hoping for. They are saying the services are not up to par, which often means that there are not enough people answering phones for those who are calling. Sometimes, housing counselors have to educate the staff about their own programs, which means the government is not properly educating the people who were hired to help the public. In fact, Maeve Elise Brown of the Housing and Economic Rights Advocates said “Homeowners on their own are not able to navigate the system.”
All of this translates into homeowners needing an advocate who can take the time to listen to their needs, help them with their problem and be their advocate when no one else is helping them. A qualified loan modification attorney can walk you through all of the challenges and headaches that people are dealing with, whether you are considering a foreclosure, short sale or bankruptcy. A loan modification attorney can act on your behalf and aggressively fight for you, your family and your home.
Loan modifications can help you avoid foreclosure and stay in your home by renegotiating your mortgage terms to get your monthly payments much lower. This can be done by lowering your interest rate, getting a fixed rate instead of an adjustable interest rate, getting a principal reduction or some other option. A qualified California loan modification attorney will be able to effectively negotiate with banks and lenders, getting you the best terms possible for your loan modification. These are not easy times we live in, and everyone around you might be facing the most difficult financial circumstances anyone has faced in the last fifty years. However, with a loan modification attorney, you can rest assured that you have someone working on your behalf to help you avoid the storm.
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Author: Greg Feldman
Feldman Law Center – The Home Loan Modification Jungle
January 7th, 2010 by adminFeldman Law Center – News by Feldman Law Center – “It’s a jungle out there, kiddies…” ? Jimmy Buffet
Jimmy Buffet wasn’t talking about the home loan modification process, but he could have been. For home owners attempting to pick their way through a loan modification on their own, the experience is not much different than heading into the wild without a guide. Getting lost (waiting weeks for a reply to the simplest questions), taking wrong turns requiring backtracking (multiple submissions of the same paperwork), and surprise attacks from wildlife (rejection of your application for the slightest mis-step) are all part of the territory.
Steven Feldman, of The Feldman Law Center in Mission Viejo, California said recently, “We’ve negotiated loan modifications with just about every lender and servicer in the business. It’s amazing how each one has a slightly different method of measuring qualifying criteria, how much weight certain information carries, and what constitutes a deal breaker.”
The same information submitted to different lenders will often result in completely different outcomes. Amounts in disposable income, in terms of what is too much and what is too little, have different thresholds at different lenders. The same can be said for debt-to-income ratios, current income, expenses, and estimated payment capability. The tiniest of variations in set parameters between lenders can make a huge difference in the number and types of homeowners that qualify for home loan modifications.
The key for homeowners is to align themselves with firms that are familiar with what each lender considers as the key targets for financial information. To that, Mr. Feldman said, “Having executed over six hundred modifications, we feel like we have a pretty good handle on what each lender/servicer is looking for in terms of what financial information qualifies an applicant and what doesn’t.” He added, “Back in the day, mortgages were a pretty straightforward proposition. A fixed interest rate, 360 identical payment coupons, and payoff at maturity in thirty years were the standard. Now, with so many moving parts in a mortgage, you have to stay on top of all them because they all inter-relate and a couple of bucks here or there can make the difference between getting what you want and being turned down.”
The company line for lenders and servicers is that they follow parameters set within the Obama administration’s Home Affordable Modification Program, but attorneys with hundreds of executed modifications behind them tend to disagree. Mr. Feldman is one of them. He said, “We know of several instances where homeowners with almost identical incomes, ratios, etc. applied with different lenders. There were approvals by one lender while others were turned down. The key is knowing what the lenders want so the information can be presented in a manner that suits their protocol.”
Getting a guide for a trip in through a jungle is seen as plain common sense. Just like going on safari, the complexities of negotiating a successful home loan modification require guidance with expertise, knowledge, and experience. Get an attorney to guide your home loan modification. It may not save your life but it could save your home.
Feldman Law Center – What Do Higher Taxes Mean For Loan Modifications?
January 6th, 2010 by adminIn today’s unpredictable economy, you can’t take anything for granted. You don’t know if you’ll have a job tomorrow, if you will be asked to take an unpaid vacation, or if the interest rate on your home mortgage will spike. What if gas prices soar? Will a trip to the grocery store for your family’s weekly necessities cost more? So much of the territory that our country, and the world, is venturing into is unchartered.
While we don’t know what the future holds, we can try to plan appropriately for it. How can you prepare yourself for future expenses, save money, or spend less in your current situation? Many wise people are considering these questions now.
In addition to planning for the future, we can also take advantage of the opportunities that we are offered today. One opportunity being offered to many troubled homeowners is a home loan modification.
President Obama’s housing plan involves offering many people a chance to modify their home loans. If a distressed homeowner lives in his or her property, falls within the requirements for the amount they owe, and meets additional criteria, they could be eligible for the government plan. The FDIC even has a “mod in a box” home loan modification program that they are hoping to enlist lenders in taking part in. Even if you don’t take advantage of the government’s specific plans, and are a homeowner in a volatile financial situation, you can still opt to modify your home loan.
With the help of the Feldman Law Center, you can have a better chance at protecting your financial future. You do not know when home loan modifications will start to taper off, how long you will be at your current job, or how your taxes could be changed in the future. If you are concerned about your adjustable rate mortgage, or a potential bankruptcy or foreclosure, you need the help of experienced attorneys on your side.
The federal government as well as many state governments, are talking about increasing taxes. What is the potential fallout of that? Given the uncertainty we are facing now, it is hard to guess what higher taxes might result in. But perhaps homeowners would have to pay higher property taxes, or perhaps additional fees and penalties could be added to home loan modifications.
Debates on the efficacy of taxes, both low and high, are inevitable. Chances are good that tax rates and structures will soon change. Will this be good for your current situation? Will you pay more, or less? Will you be a part of the population paying for the benefit of others, or will you be the beneficiary? Obviously, this depends on many factors. It doesn’t seem prudent to generalize widely about this. Every situation will end up being different.
It might not be a good idea to wait for a loan modification. They are available now. Call the Feldman Law Center today. We specialize in loan modifications and are ready to assist you today.
Feldman Law Center – What to do About Interest Rates
January 5th, 2010 by adminWhen people hear about loan modifications, they learn that one of the most common ways to lower your monthly mortgage payments is to adjust your interest rate. For example, if you have an adjustable rate mortgage, you could get your interest rate lowered for some period of time. You could also switch from an adjustable rate mortgage to a fixed rate mortgage, and this way not only would your mortgage payment be cheaper, but you could know what it will be over the long haul.
The challenge is, adjusting your interest rate, or setting your interest rate permanently may not be your best option. It may seem simple, but you could have other choices available to you that you are not aware of. One of the benefits of having a loan modification attorney working with you is that they may be aware of options you are not aware of.
For example, a loan modification does not necessarily have to involve an interest rate adjustment. Other loan modification options involve principal reductions and lengthening the term of your loan. If you get a principal reduction, it could mean that a loan for $500,000 could be lowered to $380,000, which would obviously have a huge impact on your monthly mortgage payments. You could also get the term lengthened, and go from a 30 year mortgage to a 40 year mortgage. An extra ten years would give you an extra 120 months to spread out your payments, which would also lower your monthly mortgage payments.
Interest rates were at an all time low in December, and stayed there for quite a while. However, they’ve gone up and down and recently have reached their highest point in quite a while. This sort of uncertainty is not beneficial to your current situation, especially if you’re facing foreclosure. The federal government has instituted many plans to lower interest rates, including using $600 billion to get more buyers into the market in hopes of stabilizing home prices and reviving the economy. However, the federal government’s effectiveness has gone up and down.
Loan modification attorneys can be a trusted ally in the battle to keep your home. A California loan modification attorney can give you the lowdown on your situation, as well as the many options available to you. While getting an altered interest rate may be to your benefit, it could also be that other options work better for your situation. Lowering your principal balance could be an option, and it would also be a great long term solution. Changing the length of the loan could also be a great long term option, and both of these would lower your monthly payments.
If you are facing a foreclosure, or if you are facing some other type of financial crisis, a loan modification could be your best option. These days, almost everyone is watching the economy, waiting for their own situation to worsen. Unfortunately, these are tough times, but a loan modification attorney could help out quite a bit.
Feldman Law Center – Avoiding Loan Modification Scams
December 31st, 2009 by adminAvoiding a loan modification scam can be difficult, especially if you have not done your homework. Today, recent statistics show that one in ten homeowners is either in foreclosure or behind on their payments. This means there are millions of homeowners in dangerous financial positions, with millions more on the brink of chaos. There are so many loan modification companies in California, let alone America, that keeping on top of the illegitimate ones is impossible.
Here are some common loan modification scams being perpetrated throughout California:
The Disappearing Foreclosure Professional ? This is the kind of person who promises the world, then takes a payment and finally just vanishes. This individual will perform little or no service, will take your money and will leave you with all the problems you had to start with.
Loan Modification Helpers ? In this situation, a loan modification “expert” claiming they can negotiate directly with your bank. However, they never produce the results they promise. Sometimes, the expert will gain your trust and try to get you to make payments directly to them. Unfortunately, this loan modification scam can take quite a bit of your money.
Sale and Leaseback Scams ? There are people out there claiming to be able to bail you out of a jam. You sign over your house to the scam artist and then pay that person rent. They then claim that they will sell the house back to you at a bargain price later. Of course, being that this is a scam, these people often sell the house out from under the former owner, and they don’t tell the current occupants. What winds up happening is that you rent the home you used to own, then the home gets sold and you are left homeless.
Books and Seminars ? While attending a loan modification seminar, or buying a “do your own loan modification” book is not necessarily a scam, they can be misleading. Good writers and good public speakers can often portray a scenario as being much easier than it really is. For example, the loan modification process is complex, and there is quite a bit on the line for you and your family. A loan modification seminar or loan modification book will suggest that it is a simple process that you can handle all on your own. However, without a solid understanding of real estate, mortgages, foreclosure, the courts and lenders, doing a loan modification on your own is extremely difficult. You wind up exposing yourself to all kinds of mistakes, and without someone helping you there is a great chance you could be taken advantage of by a lender.
Finding a quality loan modification company is important. The Feldman Law Center has been around for many years, and we are constantly helping people who are facing foreclosure and other financial challenges. If you are afraid of losing your home, a California loan modification attorney can walk you through the loan modification process, negotiate with lenders and help keep you in your home, where you belong.
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Author: Greg Feldman
Loan Modification Help Center – How Loan Modifications Help People
December 22nd, 2009 by adminIt’s one thing to tout the promises of loan modifications, it’s a much more impressive thing to demonstrate how they have helped people avoid foreclosure and stay in their homes. Homeowners throughout America who have embraced home loan modifications have seen their lives altered for the better, and many of them have cried tears of joy at being able to remain in their homes with their families.
One man, Juliano, got a home loan modification which caused the lenders to stop the foreclosure sale. He was assisted by a loan modification company during a difficult time in his life, and has a great story to tell, instead of being just another statistic. Another man, Aaron, who is married, almost had his house sold out from under him! However, with the help of a qualified home loan modification company, he was able to keep himself and his family in his home.
A particular heart breaking story involved a woman who was in dire straits. She lost her job and went through a divorce, on top of facing a home foreclosure! The lack of equity in her home made selling it a huge challenge, and her inability to make her monthly payments meant that foreclosure was right around the corner. However after contacting a qualified home loan modification company, they renegotiated the terms of her home mortgage loan which allowed her to stay in her home and avoid foreclosure. There are countless other people who avoided foreclosure, avoided a short sale and were able to stay in their homes with their families due to the help of a loan modification attorney.
Millions of Americans are learning more about home loan modifications, and California loan modification attorneys have helped countless Californians stay in their houses. So many people have become statistics, falling victim to the current economic crisis because they were either unprepared or lacked knowledge. If people really understood just what a California home loan modification attorney could do for them, neighborhoods would have a lot less foreclosure signs.
A home loan modification could be made to the rate or the balance of your mortgage, lowering your monthly payments and giving you the option to stay in your home. Home loan modification specialists will negotiate with your lender/bank, getting them to agree to new loan terms, terms that favor your situation. Being in financial duress can be embarrassing, and you may feel as if you’re all alone in the world. However, as evidenced by the above examples, there are so many people who need help right now that reaching out for assistance actually makes you more normal.
People can be hampered by the strangest things when it comes to finances: shame; stubbornness; lack of knowledge; and other easy to fix situations. A home loan modification can be the answer most people are looking for to stay in their homes. If you need help staying in your home, contact a California home loan modification specialist. Their California home loan modification attorneys will work with you to assure you stay in your home for a long time.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Feldman Law Center – Loan Modification FAQs
December 20th, 2009 by adminYou may have a number of questions regarding loan modifications and how they can help you avoid foreclosure. Loan modifications have been all over the news lately. President Obama has passed major, historic legislation giving homeowners more access to loan modifications; the California legislature has also passed legislation promoting loan modifications.
Here are some questions and some answers for loan modifications:
Q: What is a loan modification?
A: A loan modification is an agreement between a lender and a borrower to change the original terms of a loan in order to make payments more affordable. For homeowners, a California loan modification could be a way to stay in their home. A loan modification attorney can be a major asset when trying to get a loan modification.
Q: How can a loan modification be accomplished?
A: There are actually a number of different ways to get a loan modification. The interest rate on a loan can be either lowered temporarily, or permanently set at a lower rate. An adjustable rate could be set to a fixed rate. The term of the loan could be changed, from say 30 years to 40 years. There could be a principal reduction of the loan amount. There are other ways and you could also have any combination of options. All of this is geared towards lowering your monthly payments and making your mortgage more affordable.
Q: How common are loan modifications?
A: As the real estate crisis continues, loan modifications are becoming increasingly common. Loan modifications have been around for a very long time, but only when many people are in danger of losing their homes does everyone begin to ask questions. Some think loan modifications are a new invention, or a scam, but people with mortgages have been getting loan modifications for quite a while.
Q: Does the federal of California state government play a role in loan modifications?
A: As so many people are suffering due to the economic crisis, President Obama and the California legislature have passed various laws pressuring lenders to offer loan modifications. Lenders are not opposed to loan modifications, especially at a time when so many Americans are facing foreclosure. A foreclosure hurts the banks’ bottom lines, and the industry has already seen hundreds of billions of dollars in financial loss due to the mortgage crisis. California passed a law in 2008 promoting loan modifications, and in early 2009 President Obama wasted no time in helping people get the loan modifications they need to stay in their homes. With Freddie Mac and Fannie Mae in serious trouble due to foreclosures (both of which are federal entities), it behooves the federal government to act that much quicker in saving people’s livelihood.
As you can see, there is a lot of information out there on loan modifications, and many people are unaware as to whether or not they qualify. If you are facing foreclosure or facing another financial crisis, contact a qualified California home loan modification attorney today and get “in the know.”
Loan Modification Help Center – Is It Too Late For a Loan Modification?
December 13th, 2009 by adminYour spouse lost her job, your wages were cut, you got behind on the mortgage, then got even further behind and now you have received a foreclosure notice in the mail. You start to question whether or not you have options, and whether or not it is worth even putting up a fight any longer.
Truth is, it is not too late. A loan modification could help you, and a California home loan modification attorney could work with you to stop that foreclosure dead in its tracks. The common myth about loan modifications is that once the wheels of foreclosure have begun to spin there is nothing you can do to stop them. However, as long as you still reside in the home, meaning that you have not voluntarily abandoned it, or that the home has not been sold at auction, you may still have time to work out a loan modification with your lender. The sooner you take action, the more options you will have available to you. Time is of the essence, but you must contact your California home loan modification attorney to see what your options are.
Demonstrating a good faith effort by contacting your lender can often buy you extra time. Banks and lenders suffer a financial loss on most foreclosures, and are willing to discuss loan modifications, even late into the foreclosure process.
California loan modification attorneys understand the complex nature of loan modifications, and have intimate knowledge of lenders, banks, the foreclosure process and other options available to you. Without this knowledge, the sense of hopelessness associated with foreclosure may lead you to make a poor decision. Truth be told, foreclosure is only a term, and until your home is auctioned off (or until you walk away) you are still in control.
In fact, loan modifications are becoming so vital to the real estate industry, banks, lenders, mortgage companies and America in general, that numerous business associations are calling for greater access to them. For example, the American Society of Appraisers is calling for more loan modifications throughout the country. Various industries are calling for the same thing, because loan modifications are keeping people in their homes. Hardly anyone is well-served by millions of homes going into foreclosure, leaving people on the street, living with their parents or without a hope.
There are tens of thousands of stories about people living in California who were able to stay in their homes, avoid foreclosure and live there they wanted to. One small business owner had prostate cancer and fell eight months behind on his mortgage on a house he had owned for 20 years. A California loan modification attorney stopped the foreclosure auction, cut his interest rate by more than 7% and the monthly payment by more than $1,800. Another story about a mother of two from the Inland Empire who was also a widow was almost heartbreaking, until a California home loan modification attorney helped her cut her payments in half.
Stories such as this are true, and could be your story, but only if you act quickly and find out what your options are.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Loan Modification Help Center – President Obama Continues to Pass Legislation
December 13th, 2009 by adminThe Wall Street Journal reported in July, 2009 that President Obama is now expanding the plan to help the number of borrowers who can refinance their homes. The administration said that borrowers with mortgages worth up to 125 percent of their home’s value will now be eligible to refinance under its program, up from a 105 percent limit.
According to the new plan, borrowers must be current on their mortgages and have loans owned or backed by government controlled mortgage companies Fannie Mae or Freddie Mac. One of the challenges with the government plan is that it does not help those who are in severe circumstances, either behind on payments or facing foreclosure. The plan does expand the opportunities for those not facing foreclosure to get help, but if you are in the midst of a foreclosure proceeding or if you just received a foreclosure notice, you need some other form of assistance.
The government is hoping that by raising the percentage, many more Americans will be assisted in getting the help they need to stay in their homes. Recent statistics state that almost 30 percent of American homeowners with mortgages owe more than their homes are worth (according to Economy.com). The government’s initial plan seems to have fallen short of expectations as only 20,000 people were able to participate in the program, well short of the 4 million it was projected to help. In fact, as late as April the government was denying there was any need to expand the program.
Interest rates have actually been rising of late, making things even more difficult for Americans. Rates on 30 year fixed rate loans currently average 5.49 percent, up from a recent low of 4.84 percent in April. Government agents hope that this plan will also lower the overall risk for Fannie Mae and Freddie Mac by allowing more people to stick with their mortgages and not default.
Loan modification attorneys are still working tirelessly, throughout California, to help people renegotiate the terms of their loans and get a better mortgage payment. While the government is having a hard time with their refinancing program, California loan modification attorneys are spending morning, noon and night keeping people in their homes through California loan modifications.
A loan modification renegotiates the terms of your home loan, helping you get lower payments that you can actually pay. Rather than see your home go through foreclosure and having to move, you can enjoy a new level of financial freedom as well as a renewed outlook on life. With the unemployment rate in America continuing to rise and the financial future in doubt for many Americans, now may be the time to take advantage of a loan modification. A loan modification attorney can work with you to get the best deal possible, and make sure that your interests are focused upon. Lender driven loan modifications focus on the lender’s needs, and even some government programs focus on the government’s bottom line. A loan modification attorney can represent you and you alone.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Loan Modification Help Center – Learn Your Options For Stopping Foreclosure Now
December 6th, 2009 by adminRegardless of where you are at financially, it is almost never too late to avoid losing your home to foreclosure. Qualified loan modification attorneys know that while it is easy to lose hope and fall into a place of inaction, you have many tools at your disposal.
Options
Contact your existing lender and see if you can get a forbearance, a payment plan or a deed in lieu of foreclosure. A forbearance is an agreement between the lender and the borrower that reinstates the delinquent loan through the payment of a lump sum or a schedule of payments over a period of time. A payment plan is similar to forbearance; in some cases, the lender may agree to a short term payment plan if you can prove you’ve had a hardship (loss of a job, medical bills, etc.). A deed in lieu of foreclosure is a voluntary transference of title to the lender. Most often, this is used as a last ditch effort by the homeowner to avoid the negative consequences of foreclosure.
The problem with all of these options is that they require a great deal of cash on hand, something you most likely do not have available. Foreclosures can be a challenging situation because most people facing foreclosure are not simply lazy people who forgot to pay a bill, they are hardworking people who are facing some sort of financial crisis. These might be options if you have $10,000 or $20,000 on hand, but odds are you do not. With a deed in lieu of foreclosure, the ultimate problem is you no longer own the home, and so now you’ve lost any equity in the house and you are not in control
Other options include refinancing, although that depends upon your credit history which could have taken a massive hit from your financial problems. If you do not have an outstanding credit history, or if your financial challenges are more than short term, a refinancing probably will not happen. A short sale is an option, although there is no guarantee that the lender will forgive whatever debt remains from the short sale. There is also always bankruptcy, but there are so many challenges before, during and after a bankruptcy that it can be a complete waste of time. A bankruptcy will stay on your credit history for up to a decade and provide nothing but headaches during that time. Even afterwards you can face financial challenges, career challenges and legal challenges stemming from the bankruptcy.
Quite possibly your best option when facing foreclosure is a California loan modification. A loan modification is a change of the terms of the original mortgage loan; the change could be to the interest rate, the length of the mortgage, the principal balance, the late fees or some other part of the original agreement. To get a loan modification, you can attempt to deal with the lender yourself or hire a California loan modification attorney to negotiate on your behalf. A loan modification attorney will often get a quicker response from a lender because he or she will have the law on their side. A lender will consider a loan modification when foreclosure is eminent and the borrower’s income has been decreased, but if the borrower will be able to keep paying the mortgage at a lower monthly rate.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Loan Modification Help Center – How to Stay in Your Home
December 5th, 2009 by adminDo you know who can qualify for a home loan modification? Odds are you don’t, very few people do, which is why a loan modification attorney can be an excellent resource, especially with the economy in such a difficult spot.
These days, financial hardship is a reality for countless people in California. The state has double digit unemployment and even more people are working two or three jobs, or just working a job they are overqualified for to pay the bills. That being the case, people need professionals who can help them save money and help them save their homes. The financial hardships coupled with the fact that so many questionable loans were sold over the past few years puts homeowners in a position where more foreclosures are happing now than ever before.
There are adjustable rate mortgages where the fixed term is up and the rate increases. Once the payment becomes too much to afford, may of the borrowers find that the stated income they used qualified them for loans far outside the scope of their finances. Loan modification attorneys have seen countless cases of this happening all across America.
Candidates for attorney based loan modifications include victims of decreasing home values who now have no equity or even negative equity in their homes. California foreclosures include hundreds, if not thousands of people who owed more than their homes were worth. Many homeowners feel they don’t want to put the effort into try to pay a huge mortgage payment when they are upside down tens of thousands of dollar and property values keep crashing. California loan modification attorneys are seeing cases of hopeless people just giving up and walking away from their homes, people who don’t understand that they do indeed qualify for a California loan modification. If you have the proper loan modification attorney who knows what he’s doing, you can have your balance reduced substantially, allowing you to pay a lower monthly payment.
Someone facing financial hardship is a textbook case of a borrower who qualifies for a California loan modification. What this means is that something happened n your life, something outside your control, that caused you to lose money, lose the ability to earn money, cut into your wages or something else along those lines. Homeowners with large savings accounts and a good monthly income rarely qualify for a loan modification, and rarely seek one.
If you’re near foreclosure, and you have nowhere to turn, contact the Loan Modification Help Center. We can guide you towards a proper path which may help you stay in your home. Qualified loan modification attorneys such as ours are helping people from Eureka to San Diego with their impending foreclosures, and helping to stem the tide of the foreclosure wave.
We have experience working with lenders, with banks and with other mortgage companies to get your monthly payments where you need them to be in order to keep your home. We work on your behalf and keep you informed throughout the process so that you know what’s going on with you and your family’s future.
Loan Modification Help Center – Understanding The Foreclosure Process
November 27th, 2009 by adminVery often, when someone contacts a loan modification attorney they really do not understand how the foreclosure process works or how to stop it. People who do not understand foreclosure proceedings are often scared, timid and unwilling to do what it takes to stay in their homes. Many think that if they just ignore their lenders, they will go away. However, inaction is not any way to respond to a potential foreclosure. The only way to mount a successful defense to foreclosure proceedings is to know how the process works, and talk to the loan modification attorneys who know how to stop it.
Foreclosure Process
The first step in the foreclosure process begins when a lender files a “Notice of Default” with the county recorder. This often proceeds a period of non-payment by the borrower, meaning the homeowner is defaulting on the loan by not making payments. This notice is mailed to the borrower and any other affected parties. This is in no way the end of the process; in fact, up to five business days before the trustee’s sale, the borrower can pay off the default amount plus any addition fees and/or fines and stop the foreclosure process. Obviously, very few people can simply cough up the thousands or tens of thousands of dollars it would take to pay this amount.
The second step comes ninety days after the Notice of Default is recorded. A “Notice of Sale” must be posted on the property and in one local public location, such as a library or town hall. The Notice of Sale is also published once a week for three weeks in a newspaper of some sort in the area. The Notice of Sale must clearly state the date, time and location of the sale, as well as the property address, the trustee’s contact information and any other pertinent information.
Step three usually occurs about four months after the foreclosure process began. The Trustee Sale Auction is held as a public auction at the time and place designated by the Notice of Sale. It is conducted by the lender’s representative, almost always an attorney, and the successful bidder must pay immediately with cash or a cashier’s check. The lender often bids in the amount of the balance due plus costs. If no one else bids (which is usually the case these days), the property reverts to the lender.
Contrary to popular belief, the lender or bank you got your mortgage from does not want your house back. The entire foreclosure process costs the lender far more than it is worth. The lender is not only losing money on the four months you aren’t paying your mortgage, but will most likely lose money paid to the attorney who runs the auction. A loan modification attorney can help you avoid foreclosure and stay in your home. Both you and your lender are interested in you keeping your home, and a loan modification attorney can help you avoid the headache, heartache and embarrassment of a foreclosure.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Loan Modification Help Center – Coping With the Third Wave
November 19th, 2009 by adminWhat most economists are only now hinting at is the “third wave” of foreclosures soon to be on their way. The first wave of foreclosures came from investors who simply walked away from homes they couldn’t afford. The second wave, which included many California foreclosures, was made up primarily of those who took out subprime loans. This coming third wave of foreclosures will be made up of people who have lived in their homes a long time, but who have been laid off or had their hours and income drastically cut. This third wave, quite a few of whom live in California, will hit the economy yet again, like a pile driver.
People who have lived in their homes for five, ten or even fifteen years, people who had nothing to do with the subprime mortgage crisis, will be facing foreclosure and asking themselves what they can do to avoid losing their home. What they will inevitably come to discover, is that a loan modification program could be right for them. California loan modification professionals will be there to help people pick up the pieces when their homes begin to go through foreclosure. In fact, California loan modification attorneys are already planning on working many long hours helping those people who have lost their jobs and now face a grim reality.
Dealing with the third wave of foreclosures, especially California foreclosures, will be a scary ordeal, especially for those who never expected to be in this position. What this means, is that having an experienced California loan modification attorney on your side is that much more important. Someone who has seen people make good and bad decisions, and people who know the loan modification process will be very valuable. Loan modifications are complex, but with the right loan modification professional it will be much easier to avoid foreclosure.
If you are part of this third wave of foreclosures, here is some information that will help you navigate the coming challenges:
1. Loan Modification Programs can help ? While many individuals will attempt to get your money, even bankruptcy attorneys who will promise an end to your troubles, the truth is a loan modification might be the best tool you have at your disposal.
2. Bankruptcy is a Poor option ? Bankruptcy will lead to ten years of financial challenges for you, and will solve very little in the short or long term. If you declare bankruptcy, you may be forced to sell your home, even if you have the means to keep your home.
3. A Loan Modification Attorney knows the way ? Loan modification attorneys have spent the last couple of years helping people in terrible financial circumstances keep their homes. You may not be able to avoid certain sacrifices, but giving up your home doesn’t have to be one of them.
4. A Loan Modification Company must have a Loan Modification Attorney ? A company without a loan modification attorney probably isn’t worth your effort.
Loan Modification Help Center – How Are California Mortgages Foreclosed?
November 6th, 2009 by adminAt the Loan Modificatin Help Center, we see many people throughout California who are facing foreclosure, or who are in danger of facing foreclosure, and they want desperately to get as much information as possible. Information about foreclosures, on how to keep their homes and especially about California home loan modifications. One of our primary goals is to keep people in their homes, to help people avoid foreclosure and to provide excellent home loan modification services.
One of the reasons a California loan modification company can be effective is that they can negotiate with the mortgage company if they have a home loan modification attorney.
We aim to provide information to people seeking to stay in their homes, especially information on how California mortgages can turn into foreclosures. The primary method of foreclosure in California involves what is know as a “non-judicial foreclosure” which does not involve court action. When a deed of trust is initially signed, it usually contains a provision which, upon default, allows a trustee to sell the property in order to satisfy the default loan. The trustee acts as a representative of the lender to carry out the sale, which usually occurs in the form of an auction.
At the Loan Modification Help Center, our loan modification attorneys educate people regarding the California foreclosure process, including the fact that California has a requirement known as the one-action rule. This means that if a foreclosure is completed by non-judicial means, a second action to recover a deficiency judgment is not permitted. Using a judicial foreclosure, a lender may recover a deficiency judgment in certain circumstances. California’s foreclosure process also has very strict notice requirements, and the mortgage documents are required to contain the “power of sale” language that allows for this type of foreclosure method.
Any California foreclosure process also requires:
A notice of default
A minimum 60-day period before a foreclosure can move forward
The borrower must receive a 20 day notice before any foreclosure sale
Foreclosure sales must take place on any business day between the hours of 9AM and 5PM and must occur at the location referenced on the notice of sale.
Having a trustworthy California loan modification attorney working with you is vitally important to avoid foreclosure and keep your home. The incredible amount of laws, regulations, dates and other statutes to keep in mind throughout the process are massive and overwhelming. The average person wouldn’t know how to negotiate with lenders, keep track of dates, fill out all the paperwork, and the million other details necessary to protect against foreclosure.
If you’re trying to avoid foreclosure, or if you’re if you think you might be in danger of foreclosure and don’t know what to do, contact a qualified California Loan Modification Attorney today and get educated. The information a loan modification attorney has can help you avoid a foreclosure, keep your home and keep your family in the neighborhood where they belong.
