Real Estate News

Over the last two years, tens of millions of people have learned far more about loan modifications than they ever thought they would. The economic crisis and real estate crash forced people caught in difficult situations and overwhelming mortgages to look for their best options to keep their home. Foreclosure signs littered entire neighborhoods, and the state of California was thrown into a tale spin from which is has not yet recovered.

The question then becomes “how can I keep my home in spite of everything that’s happening?” The answer might be different for everyone, but one thing is for sure, a California loan modification attorney might just be your new best friend. It has become clear that Wall Street’s interference with the real estate industry has caused more chaos than every before. Entire neighborhoods used subprime mortgages to buy their homes, and as a result those neighborhoods are at risk of total collapse.

Contrary to popular belief, loan modifications have been around for a long time, helping people throughout California, and the rest of America, stay in their homes. Yet, since our current economic crisis has led to so many foreclosures and bankruptcies, homeowners, politicians and even lenders are trying to find the best way to get a loan modification.

In order to qualify for a loan modification in 2009, here is some information you might want to know:

Every creditor and lender has their own loan modification guidelines. For example, the loan modification process at Wells Fargo might be completely different than the one at Washington Mutual. It’s vital that you spend time learning your lender’s criteria, and how their loan modification application works.

Learn about your debt ratio. A debt ratio lets you know how much you owe versus your monthly income. Your lender will use this information to determine the new target amount of your monthly mortgage payment.

Your disposable income is important. You are going to have to take stock of how much you spend each month, if you haven’t already. Loan modification applications include a financial statement which represents a complete breakdown of how much money you bring in every month and what your expenses are. The person applying for the loan modification has to show all of his or her monthly bills against the monthly income in order to prove it’s possible to continue to make monthly mortgage payments at a lower rate.

Hardship letters are an important part of the process. Possibly the most important part of the loan modification process is the hardship letter which details your explanation of the financial situation you find yourself in. It also explains why you want to keep your house and your future plans. All of this will give the lender a clear picture of your situation.

As you can see, the loan modification process is not simple, and in fact it requires a great deal of preparation, research and knowledge to execute properly. Contact a loan modification attorney today to help you carry out your loan modification application in the best way possible.

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

Do 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.

Avoiding 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

It’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.

At 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.

What 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.