Feldman Law Center – News by Feldman Law Center — When people hear about loan modifications, they learn that one of the most common ways to lower your monthly mortgage payments is to adjust your interest rate. For example, if you have an adjustable rate mortgage, you could get your interest rate lowered for some period of time. You could also switch from an adjustable rate mortgage to a fixed rate mortgage, and this way not only would your mortgage payment be cheaper, but you could know what it will be over the long haul.
The challenge is, adjusting your interest rate, or setting your interest rate permanently may not be your best option. It may seem simple, but you could have other choices available to you that you are not aware of. One of the benefits of having a loan modification attorney working with you is that they may be aware of options you are not aware of.
For example, a loan modification does not necessarily have to involve an interest rate adjustment. Other loan modification options involve principal reduction and lengthening the term of your loan. If you get a principal reduction, it could mean that a loan for $500,000 could be lowered to $380,000, which would obviously have a huge impact on your monthly mortgage payments. You could also get the term lengthened, and go from a 30 year mortgage to a 40 year mortgage. An extra ten years would give you an extra 120 months to spread out your payments, which would also lower your monthly mortgage payments.
Interest rates were at an all time low in December, and stayed there for quite a while. However, they’ve gone up and down and recently have reached their highest point in quite a while. This sort of uncertainty is not beneficial to your current situation, especially if you’re facing foreclosure. The federal government has instituted many plans to lower interest rates, including using $600 billion to get more buyers into the market in hopes of stabilizing home prices and reviving the economy. However, the federal government’s effectiveness has gone up and down.
Loan modification attorneys can be a trusted ally in the battle to keep your home. A California loan modification attorney can give you the lowdown on your situation, as well as the many options available to you. While getting an altered interest rate may be to your benefit, it could also be that other options work better for your situation. Lowering your principal balance could be an option, and it would also be a great long term solution. Changing the length of the loan could also be a great long term option, and both of these would lower your monthly payments.
If you are facing a foreclosure, or if you are facing some other type of financial crisis, a loan modification could be your best option. These days, almost everyone is watching the economy, waiting for their own situation to worsen. Unfortunately, these are tough times, but a loan modification attorney could help out quite a bit.
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 mortgage 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 home 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: Profile – Business Exchange
Feldman Law Center
Feldman Law Center – The New York Times gets it About Half Right
Feldmanlawcenter.com – Feldman Law Center Company News
Subscribe to:
Post Comments (Atom)
It looks like Steven Feldman Esq. is really stepping to the plate helping homeowners left out in the cold. Feldman announced that the Feldman Law Center is offering steep discounts to homeowners that were vitims of the FTC's "loan lies" shutting down the Lucas Law Center and other fradulent loan modification companies. It's nice to see some of these attorneys have a heart and are not all about the money
ReplyDelete