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.
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