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
The Federal Trade Commission Issues a Warning on Deceptive Mortgage Advertisements
December 3rd, 2009 by adminThe FTC remains busy on both the mortgage and loan modification fronts. After filing complaints and shuttering several loan modification shops in an action announced on April 6th, 2009, the FTC has issued a warning on deceptive mortgage advertisements. Deception has played a big role in current mortgage meltdown which probably has homeowners struggling with incomprehensible mortgages wondering why such a warning comes out about two years behind the times.
Still, the information is valuable in educating potential borrowers on how to detect a misleading mortgage advertisement. The essence of the warning covers the information that gets put into the ads as well as the information that gets left out. Typically, the information that the potential borrower sees is designed sell the mortgage using verbiage that conveys beneficial terms that may be short lived or illusory. When referring to rates, terms like “low fixed” and “very low” that are not defined may carry unseen surprises for the borrower. For instance, a “low fixed” or teaser rates may in fact be fixed only for an introductory period lasting as little as thirty days. “Very low” rates may pertain to either a payment rate or an interest rate. For the borrower, a very low interest rate is an advantage but if “very low” translates to a payment that doesn’t cover the monthly interest charges that same borrower may unknowingly be buying in to a negative amortization loan. The surprise comes when that borrower notices that, instead of decreasing each month, the balance on the mortgage keeps going up as the monthly payment shortage is tacked on to the balance. These principle increases don’t go on forever. At some point the loan will recast, meaning higher monthly payments for the borrower as the mortgage changes over to positive amortization. These types of mortgages are commonly listed as hardships when struggling borrowers apply to modify them due to payments that have suddenly gone out of reach.
Then there are the notices that appear to be either issued by the government or the borrower’s current mortgage company. Because loan details are considered to be in the public domain, predatory lenders can legally obtain borrowers’ mortgage information and act like their lender. In either case, it’s to the borrowers’ benefit to contact their current lender to see if the offer is legitimate.
Information omitted from advertisements can be equally dangerous for borrowers. Including the annual percentage rate (APR) in an ad allows for “apples to apples” comparisons between mortgages. When the APR is omitted, it’s usually for a reason. Most of the time the reason for the omission is that the lender doesn’t want an “apples to apples” comparison with other mortgages. Borrowers can avoid surprises by insisting on a payment schedule and terms for the life of the loan. Asking about impound accounts for property taxes and homeowners’ insurance can also help the borrower determine the monthly budget.
How To Apply For Government Subsidized Housing
October 25th, 2009 by Donald MillerThe subsidized housing program was set up by HUD to help people that are living in poverty to live in better homes. People that need subsidized housing are low income families, students and seniors.
From HUDs website you can get information on whether you can qualify for subsidized housing. Your income level must be below a maximum limit that HUD sets.
Next you must go to the housing agency in order to get the form and fill it out. You must bring with you tax return, pay stubs, identification etc, so that HUD can verify your information. Consult HUD for a complete list of things you should bring along.
When you are ready to look for subsidized housing, look for the free housing magazines that you sometimes see in the news stands. Grab a copy and check it out. It should give you a good idea about subsidized housing in your city.
Find a realtor who also manages property. These realtors should be managing many subsidized housing and you inquire them about it. If they do not have any subsidized housing that they are managing, they should refer you to someone that does.
Search online for subsidized housing. There are several websites that help people find housing. The great thing about this is you do not have to drive around looking for subsidized housing. You can do it all from the comfort of your home. You can find prospects faster.
Be cautious when you are look for subsidized housing online. Some people will try to trick you by asking you to send a deposit first. You should always go and look at the subsidized housing first with the owner. Make sure they actually own the place.
When you move into your subsidized housing, do a spot check with the landlord and point out things that need fixing and cleaning. Get them to do all this before you first move in.
Jim Bronson is a property manager who has managed several federal subsidized housing. He has helped thousands of people move into subsidized housing. For further information, please visit his website.
