Modification
How Can I Qualify for a Loan Modification?
As many Americans living in California are facing the possibility of falling behind on their mortgage, or even foreclosure, they are looking into how to qualify for a loan modification. California loan modifications can seem like a complex process, and many people either lack the knowledge or instruction to see if they qualify. Loan modifications can save a family a great deal of stress, and a qualified loan modification attorney can keep a family in their house where they belong.Learning to qualify for a loan modification is important, because it may be the only way to stay in your house while you’re facing financial hardship. There are three conditions that usually must be present in order for a loan modification to be possible: there must be a hardship which results in the inability of the homeowner to make the current mortgage payment or the increased payment which will result from an adjusted interest rate.
When someone is assessing whether or not a hardship does exist, they will look for a situation to have changed which caused the income to go down or the expenses to go up. These changes in either the income or expenses (these days usually both) will often cause the homeowner not to have enough income to make the current mortgage payments, or future mortgage payments.
The second condition which usually must exist in order to qualify for a loan modification is that there must not be enough equity remaining to sell the home and to pay off the mortgage without the lender agreeing to take less than is owed. Many lenders want to avoid a short sale, and if you can negotiate with the lender, they would rather do a loan modification than a short sale.
Thirdly, and possibly the most important issues, the homeowner has to be able to provide specific documentation showing that they can afford to make the proposed modified payment. Since this isn’t a refinancing, rather a negotiation between the homeowner(or their representative such as The Feldman Law Center) and the lender, published guidelines don’t exist. All income can be considered so long as it is documented. Usually, common sense prevails when the proposed loan modification is evaluated.
California loan modifications, as well as federal loan modifications and FDIC loan modifications, can be the answer homeowners are looking for if they cannot currently make their mortgage payments. If you can make a lower payment, be assured that the lender would rather a lower payment than a foreclosure.
Loan Modification, Foreclosure Assistance, & Foreclosure Help by The Feldman Law Center
Loan modification is the focus on our website, however; we do provide our clients with proper legal advice and share expertise in the areas of real estate transactions, mortgage negotiations, loan modifications and debt settlement. The Feldman Law Center, a Loan Modification Attorney, was founded by Steven C. Feldman who has been licensed by the State Bar of California for over 25 years. We are consumer and homeowner advocates that will protect you from home foreclosure with our detailed loan modification program. The Law Offices were established to focus on real estate matters that include debt negotiation, predatory lending violations, settlements and loan modification. We are here to help stop foreclosure, and fight mortgage fraud..
Loan Modification Help Center – How Are California Mortgages Foreclosed?
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.
Mortgage Refinance or Loan Modification Can Help You to Save Your Money
A loan modification is quite similar to mortgage refinance as both have an objective to make payments simpler for people facing financial step down. Loan modification can also be called as modified refinance. The line of difference lies in the fact that one has to get the loan refinanced in case of Mortgage Refinance that is look up for a new loan. In case of loan modification, one doesn’t have to look up for a new loan. Simply it is modified to make it affordable.
Mortgage refinancing should be an attractive affordable option, but it is not for quite a large number of homeowners. Here comes in the picture, Loan Modification. It is for those homeowners who have not been able to make their monthly mortgage payments due to financial hardship.
Loan modification is not an act of kindness. Either it mortgage refinance or Mortgage Loan Modification, it is an act in the best interest of the bank. Modification of current loan is a product of current economic condition. According to Obama’s plan “Making Home Affordable” million of homeowners get into affordable monthly mortgage payments, either by home mortgage refinance or loan modification
There are a number of mortgage refinancing institute from where Mortgage Refinance Loans can be obtained. Loan modification is becoming upcoming mainstream. One of the limitation of it is loan can be modified only from the lender or the one serving current mortgage account. Ever lender have different program for loan modification.
Eligibility for loan modification will surely be a question in your mind. The eligibility depends on the server (to whom you are already sending your mortgage payments). However qualification criteria of loan modification are similar to mortgage refinance standards. The main aim of Loan Modification Companies is to evaluate the risk in modifying your loan. They require certain documents. If they are evaluated risk free than the new modified mortgage loan is an easy task to achieve.
Saving Millions by Home Loan Modification Program at Low Interest Rates
Mortgage loan modification means to try to get a better bargain from one’s moneylender regarding the terms and conditions levied on the loan. It could be a request to write off precedent credit amounts, decreasing the rate of interest, and increase the tenure of loan repayment, which will reduce the monthly sum to be paid. All the credentials involved in the process should be handled carefully, and the creditors should be handled efficiently to get the best deal possible. Loan modification will reorganize one’s current loan, to make it easier to repay, by fitting it into one’s budget.
A loan modification letter is a letter one writes to a mortgage refinance company to make them aware that one is in a crisis, and it is becoming difficult to make the compulsory monthly payments. The letter should be precise and should not resemble a sob story. The letter can help one evade bankruptcy, and some of the loan payments may be relieved, until one comes out of the financial trouble one is in. One has to be very sincere in writing this letter, as the mortgage company will check, and recheck the financial background of the writer.
Home loan modification can be of great help to homeowners, who are in great debt. While availing this loan one should carefully consider the rate of interest, and the terms and conditions involved. One should have a good credit history to get a fast loan approval. A home loan modification program helps to lower the applicable rate of interest. The program is made to benefit the lenders as well as borrowers. The program also helps the borrower to avert the risk of selling off their home.
A lender will definitely reject a loan application if one has poor or no credit. A hardship loan modification will help to make the routine payments on time, and thus give one good credit, and raise one’s credit ranking. This loan can be availed by submitting a hardship letter to the money lending individual or organization. A mortgage is a responsibility on the person who has taken it. Mortgage refinance has many advantages. It lowers the amount of monthly payment to be made, rate of interest and the tenure of repayment.
Refinance mortgage rates depends on factors like one’s credit ranking, and the amount of down payment one can afford to make. One should refinance mortgage when the prevailing interest rates are low, so the monthly payments one needs to make will also be lower. A second mortgage is a loan taken after availing a first loan against the same property. A second mortgage has its own share of positives and negatives. It should not be taken unless one requires a great amount of finance, as it can turn out to be a liability. Bad credit mortgage refinance offers refinance to people with bad or no credit. The benefits of this loan include a fast approval of the loan, and a lower rate of interest.
Feldman Law Center – California Loan Modification Information For 2009
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
Loan Modification Help Center – Learn Your Options For Stopping Foreclosure Now
Regardless 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.
Mortgage loan modification and the law
The passage of legislation that affects the mortgage industry has taken a major upswing. The bankruptcy loan modification bill, Obama’s housing bill, and the creation and distribution of the economic stimulus package are but a few of the changes in existing laws and ordinances that have been put into practice.
Even before all these new documents and writs came into being, there was already an increased interest in mortgage loan modification. Because of this, as well as the new legislation, every day sees the addition of more and more information.
Take mortgage loan modification, for example. The term itself implies change. Mortgages that seemed like the best deals two, five, or ten years ago now are proving to be a source of stress and, indeed, a burden on many homeowners. And, it doesn’t help that the current economic situation has caused changes in employment situations.
So, where does the average homeowner, who most likely does not have law degree, nor studied real estate, go to find the answers to questions about the different pieces of legislation, and for an explanation of such terms as “mortgage loan modification”? And, once the information is found, how can one tell if it is current and accurate?
www.loanmodificationhelpcenter.org is an obvious choice. The information on the website is timely, accurate, and readily available. The choices and options that homeowners have and can take advantage are clearly listed, and the explanations are written for the layperson.
Mortgage loan modification is explained more fully at loanmodificationhelpcenter.org Homeowners can learn what is involved in mortgage loan modification (also called loan restructuring or mortgage rate reduction). They can see what is required in order to ascertain if mortgage loan modification is a viable option for them, and, if so, how the process works.
Should, for some reason, mortgage loan modification is not an option; the website also offers explanations of other services which can assist homeowners who are feeling the effects of the economy on the mortgage industry. However, mortgage loan modification can, and most likely will, be considered first, before any other steps are taken.
With changes in legislation comes a change in procedures. Methods that were once effective may now themselves require changing (or modification, if you will). This is where FeldmanLawCenter.com can be an invaluable source of information for homeowners.
The average citizen is not expected to understand all aspects of each real estate transaction. This is true whether it deals with home buying or selling, or more intensive services such as mortgage loan modifications. No, it is up to the professionals who are available through FeldmanLawCenter.com to navigate the maze of forms, documents, and other paperwork that are required.
FeldmanLawCenter prides itself on making mortgage loan modification the main focus of the website. This does not mean, however, that they deal solely in that area. Other services are available, and it is for sure that the expertise that is evident in the handling of mortgage loan modifications will also be seen in other areas well. One click is most likely all that will be needed for homeowners to find the answers to their questions.
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
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425
Feldman Law Center – Avoiding Loan Modification Scams
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
What is Home Loan Modification?
During these rough economic times, more and more people are looking into possible ways to keep their finances organized. One way to help organize your finances, especially in relation to home ownership, is to begin researching a possible home loan modification.
A home loan modification can actually be a very important tool in reorganizing your finances, and may help you to make better economic decisions in your budget.
A home loan modification is basically a way for you to reorganize your home loan, and the specific parameters surrounding your loan (the terms of the loan, minimum payments etc). This is often done in times of extreme financial difficulty, since the reorganization of a loan is most commonly done in order to make home mortgage payments more affordable for homeowners. When a lender realizes that the person who has borrowed the money from them is currently unable to make the monthly payments on their account, they will open up discussion for a home loan modification. This is done to ensure that the borrower continues making payments, and does not default on the loan.
In simplistic terms, the bank needs to gain back any money that has been lent to a borrower, plus interest. A borrower needs to keep possession of their home, and continue making monthly mortgage payments. As you can see, in many cases, it is in the best interest of both parties involved to begin discussing possible home loan modification procedures.
A lender has several options when dealing with a delinquent home loan account. They may simply take the significant financial hit of a lost loan, attempt to repossess the property (foreclosure), hire a collection agency, wait for the borrower to declare bankruptcy, or begin looking into a home loan modification process. As you can tell, home loan modification is the first, and most desirable choice for a bank, prior to a foreclosure.
However, not everyone can be approved for a home loan modification from their lender. In order to justify making significant changes to a loan, a lender will have to obtain substantial evidence that this is the most beneficial financial option. In order to do this, the borrower will have to present many different documents that outline their current financial situation. Upon receipt of these documents, the lender may then restructure the loan to fit into the borrower’s monthly budget. If this is done currently, it will result in a financial agreement that is in the best interests of both the lender and the borrower.
Feldman Law Center – Loan Modification FAQs
You 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.”
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