Feldman Law Center -Home Loan Modifications as Homeowners’ Best Option

Feldman Law Center - News by Feldman Law Center
For all the negatives that have been written about loan modifications, and there have been a lot, the option is far and away the best option for struggling homeowners trying to stay in their homes and preserve their credit scores. As property values have plummeted, the possibility of selling or refinancing the home has been erased. That leaves foreclosure, a short sale, or short refinancing as the remaining options outside of a loan modification for homeowners to resolve their issues with their lenders. All of those options do extreme damage to credit scores and stay on the homeowners’ credit report for a minimum of seven years.

A home loan modification is basically a change in the terms of a homeowner’s existing mortgage with the objective of bringing the monthly mortgage payment back in line with the homeowner’s current financial situation. By modifying the existing mortgage, the transition doesn’t affect the credit score of the homeowner. Additionally, the credit score of the homeowner does not carry much weight in the loan modification process.

A home loan modification’s main feature is normally the alteration of terms on the existing mortgage’s first five years. It’s not unheard of for modifications to alter terms for the life of the mortgage but most of them cover the first five years. It is hoped by all that conditions in the economy, real estate values, and the job market improve enough by that time that homeowners will either be able to sell the property or afford payments at the higher levels that go into effect once the modified rates revert back to their original levels. The modification benefits the lender by keeping the homeowner in place, which results in continued cash flow from the property, and by preventing the property from going into foreclosure and back on to the books of the lender.

As simple as the process has been made to sound here, the negotiation of terms on a mortgage is not in the normal purview of a homeowner. Hiring legal representation is the best way for a homeowner to ensure that will get the best results possible for their personal situation. An attorney will base the negotiation for the loan modification on the homeowner’s total financial picture, including credit card and consumer debt. Where it makes sense, the firm may initiate debt negotiations, along with the home loan modification, on the other debts carried by the homeowner including credit cards, revolving debt, consumer loans, unpaid medical bills, etc.
The law firm will also assist in the drafting of a hardship letter, which details the conditions of the challenges facing the homeowner. Hardships can include an adjustable rate mortgage with payments that have increased to the point where they are out of reach of the homeowner, pay cuts, job losses, illness, or divorce. The hardship letter should also include the homeowners plan for dealing with and getting past the current hardship. From that point negotiations begin, the ultimate prize being the modification.

If you are struggling with your mortgage payments, are behind on payments, and/or facing foreclosure, talk to an attorney’s office that specializes in home loan modifications. The Feldman Law Center has executed over 600 loan modifications and has the experience and knowledge to get the best possible results to address your specific needs. Call them today at (949) 544 8224.

About Feldman Law Center
The Feldman Law Center was founded for the purpose of negotiating loan modifications on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either stop or avoid foreclosure proceedings. The mission at The Feldman Law Center is to provide the highest level of professional service while delivering the best possible result on each loan modification we negotiate on the behalf of the families we represent.

Having negotiated over 500 attorney driven loan modifications, we realize that each homeowner’s situation is unique and that each modification may require a different approach than the one before it. To that end, we can always call on our 25 years of negotiating, knowledge, and real estate experience to provide the most optimal solutions for each family’s situation. While we are negotiating your loan modification with your lenders our friendly and compassionate team will keep you updated all the way on how the process is advancing.

The people at The Feldman Law Center completely understand the stress of being behind in your monthly payments and the sleepless nights that can be brought on by an impending foreclosure. Rest assured that we will stand with you all the way through the loan modification process and that we are driven to get the best outcome possible for you and your family. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Call The Feldman Law Center today at 800-588-0425.

Resources:

Feldman Law Center: Profile - Business Exchange

Press Release - The Feldman Law Center's Code of Ethics and Practices

Loan Modification - Feldman Law Center

Feldman Law Center, Mission Viejo CA 92691

Feldman Law Center - The Cream Rises in Loan Modifications

Feldman Law Center - Ten Tips for a Successful Home Loan Modification

Feldman Law Center - Saving Thousands with a Loan Modification – Debt Settlement Combination

Feldman Law Center - Mission Viejo, CA, 92891 - Citysearch

Feldman Law Center - The New York Times gets it About Half Right

Feldmanlawcenter.com - Feldman Law Center Company News


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