The current economic crisis has had far-reaching effects. Small businesses are closing or being absorbed into larger ones, unemployment is extremely high, and jobs are still being cut. Even financial institutions have not been immune to the changes in all areas of the economy.
One area that has certainly received a great deal of publicity during all this is the mortgage industry. Currently, it is a buyer’s market, with a plethora of homes being offered for sale, either through real estate companies, by the owners, or through auctions or other venues.
One reason for this situation is the fact that home foreclosures have increased in tremendous proportions. This, of course, is due to the “ripple effect” that is being felt as a result of the overall economic situation.
Any change in employment, whether it is a job loss or a salary reduction, affects income. No or reduced income makes it extremely difficult, if not impossible to keep up with mortgage payments. If too many mortgage payments are missed, then foreclosure proceedings can and will become a very real possibility.
There are options, however, for homeowners who may be faced with problems meeting their mortgages. Some, such as bankruptcy, are very extreme, and the impact will continue to be felt long after the overall economic picture changes. (And, eventually, it will change. When, for how long, and in what manner remains to be seen.)
Other options may provide a short-term solution; however, because it is unknown when conditions will change, a “quick-fix” may not turn out to be as successful as thought. Because of this, it is important that a solution be found that will benefit a homeowner both now and in the future.
A more viable option may be mortgage loan modification. Also known as loan restructuring or mortgage rate reduction, this simply means that efforts are made to reduce a current mortgage payment so that the homeowner can avoid foreclosure or bankruptcy and yet keep the current home.
www.loanmodificationhelpcenter.org is a website devoted to a great extent to mortgage loan modification. This simple-to-navigate website that has understandable information concerning the many options, including mortgage loan modification, that are available to homeowners. Additionally, it provides a means in which real, workable solutions may be found that can help alleviate homeowner concerns, rather than just temporarily ease them.
Because mortgage loan modification does require a significant level of expertise, it is important for a homeowner to have access to those professionals who can provide the highest quality service. www.FeldmanLawCenter.com describes the type of services that are available for anything involving real estate, including loan modification.
There are ways in which homeowners can meet and overcome crises caused by the economic situation, both overall and in the mortgage industry. Knowing where to look is the first step in acquiring the necessary information that is timely and factual, thereby allowing a homeowner to make wise decisions that will be effective both now and when the economic situation changes.
About Feldman Law Center
The Feldman Law Center is one of the premier loan modification companies in California, and our skilled loan modification professionals are trained to successfully and carefully guide homeowners through the loan modification process. The Feldman Law Center can negotiate with your current lender if you are behind on your mortgage and need help.
A loan modification is arguably the most effective tool you can use if you are behind on your mortgage and in the midst of a financial hardship. At the Feldman Law Center, we do our best to guide you through the process of restructuring your mortgage through a California loan modification, FDIC loan modification or other available program. Once you’ve done a loan modification, the mortgage loan is restructured so that it is affordable and can fit comfortably into your budget. After you’ve gone through the loan modification process, you’ll have an affordable monthly payment instead of an overwhelming monthly drain on your already tight finances.
Loan Modifications
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.
Our loan modification professionals are heavily trained to both guide you through the loan modification process and to know about all the programs available to you. The FDIC and the state of California (as well as other government agencies) have programs that you may be eligible for and which may keep you in your home. Our main goal in assisting you with your California loan modification or FDIC loan modification is to keep you in your home and to avoid foreclosure.
Loan Modification Attorney
We employ full time loan modification attorneys on site who will assist you in handling paperwork, negotiating with lenders whenever possible and understanding all the legal traps that would otherwise cause you trouble. While many other companies are simply an outsourcing program that can’t actually assist you, we guide you through the loan modification from start to finish.
Loan Modification Agreements
One of the ways our loan modification professionals and loan modification attorneys can assist you is in navigating loan modification agreements. These agreements come in various forms, but quite often they involve the reduction of the mortgage’s interest rate for a specific period of time. This is done so that the homeowner can continue to make payments and stay in the home. Loan modifications can also be designed to increase the amortization term (say 40 years instead of 30) which will also cause the payment to decrease. Principal loan reductions are rare, but they do happen where the bank actually writes down the principal amount.
Mortgage Lenders
Lenders would rather modify a loan than have a foreclosure. Our loan modification professionals understand this fact and use that to your advantage. We regularly work with banks and other lenders to write down, modify and otherwise renegotiate loans. Our years of experience in the loan modification industry are unparalleled, and our track record of success is unmatched. We have helped countless homeowners stay in their homes through California loan modifications, FDIC loan modifications and other types of loan modifications.
Visit us at Feldman Law Center or call 800-588-0425.
Legal DisclaimerThe 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.
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