Feldman Law Center – News by Feldman Law Center — 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. They 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 mortgage 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 loan modification attorney today and get “in the know.”
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
About Feldman Law Center
The Feldman Law Center is one of California’s top loan modification companies, providing excellent service to our clients and is completely focused on keeping everyone one of our clients in their homes. Our loan modification experts work tirelessly to provide every homeowner we work with the information, guidance and support they need to modify their mortgages and keep the homes they’ve worked to buy.
About Loan Modifications
If you’re unfamiliar with what a loan modification is, a loan modification is quite possibly the most effective tool you can utilize if you are behind on your mortgage, and are in the midst of a financial hardship, in order to save your home from interesting foreclosure. A loan modification is literally is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e mortgagor and mortgagee). In general, any loan can be modified. The Feldman Law Center knows every law in California (and the country) that may be able to keep you in your home. Lenders would rather renegotiate the terms of your loan, and possibly even negotiate a principle reduction, than let the house go into foreclosure.
With years of experience negotiating with lenders, as well as years of experience keeping people in their homes, the Feldman Law Center is one of the most experienced loan modification firms in all of California.
Resources:
Feldman Law Center
Feldman Law Center: Profile – Business Exchange
Loan Modification – Feldman Law Center
No comments:
Post a Comment