During these trying times when mortgages, real estate prices and other financial arrangements are completely unstable, many homeowners are asking how they can qualify for a loan modification. Both the FDIC and the federal treasury are strongly supporting loan modifications as a way to keep people in their homes. Lenders don't want to take back anyone's home, homeowners obviously want to stay in their homes and the federal government wants what the people and lenders want.
Many people who are trying to keep their homes are asking questions such as: who
qualifies for a loan modification? Homeowners throughout California who are trying
to stay in their homes are interested in the loan modification process and want
to learn more about California loan modifications.
Below are some basic tips on how to recognize whether or not you are eligible for
a California loan modification (or loan modification in another state).
Borrowers (those with a mortgage) struggling to stay current on their mortgage payments
may be eligible for a loan modification if their income is not sufficient to continue
to make their mortgate payments and they are at risk of imminent default. California
homeowners may be eligible for a loan modification even if they are not currently
behind on payments. Several factors may cause this scenario: loss of income; significant
increase in expenses; or an interest rate that will resent to an unaffordable level.
Here are three ways to know if you qualify for a California or federal loan modification:
1).You occupy your house as your primary residence
2).Your monthly mortgage payment is greater than 31% of your monthly gross income
3).Your loan (mortgate) is not large enough to exceed current Fannie Mae and Freddie
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's
loan, allows the loan to be reinstated, and results in a payment the mortgagor can
afford. You may be seeking a California or federal loan modification if you are
having trouble paying your mortgage. The key is to find a qualified loan modification
attorney who understands loan modification law.
Loan modification attorneys will tell you that there are only three possible outcomes
when a homeowner cannot make the payments on their mortgage:
1.The property goes back to the lender through a foreclosure or a "deed-in-lieu"
and the property goes back out on the market.
2.The homeowner sells the home in a conventional sale or a "short sale" and the
home goes back onto the market.
3.The lender (bank or mortgage company) modifies the loan so that the homeowner
can make the payments and the home does not go back onto the market.
The loan modification option is the best solution, by far, for the lender, homeowner
and country in almost all situations. The loan modification process does not require
any appraisals, credit reports or title reports because a loan modification is simply
a renegotiation of the terms of an existing note. A loan modification can consist
of a reduction in the interest rate, a change from a fully amortized to interest
only payments for a period of time, an extension of the loan term, a reduction of
the principal balance of the loan and/or a resolution of any arrearages.
Loan Modifications are the best overall solution for the following reasons:
1.Families are kept in their homes through the loan modification process
2.Los modifications ease the financial pressure that causes stress in families
3.Loan Modifications have the least cost solution to the lenders, which is why many
lenders are willing to do them
4.Loan modifications keep the house off of the market and therefore each loan modification
represents a step closer to the solution to the current economic crisis.
5.Loan modifications are a market solution, meaning they aren't taking taxpayer
6.Loan Modifications can be done quickly if you have an experienced loan modification
Loan Modification, Foreclosure Assistance, & Foreclosure Help by The Feldman
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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