Feldman Law Center – Five Steps to a Loan Modification

Feldman Law Center – News by Feldman Law Center – -If you check the stock market on Monday, people will be saying the market is up and everything is looking better financially. If you check the market on Tuesday, all economists will be in complete agreement that the world is going to end in 48 hours. What does this mean for you? No one, not even the “experts,” have any clue where the economy is going or how long it will take for the country to climb out of this “Great Recession.”

Real estate has been a nightmare for many people as well. One minute the housing markets look great, and yet with unemployment at a 25 year high and climbing, no one has any idea what the future will bring. This affects available homes, available credit, interest rates and more. There is very little sure footing in today’s market, but with a loan modification, you could be closer to security than many other people.

Five Steps

Here are five steps you can take to get a loan modification:

1. Do your homework – Read as much as you can about loan modifications. While at work, while watching the ball game, while you are eating lunch – read and learn about loan modifications. This will only enhance your understanding of the industry and give you a sense of what a loan modification can do for you.

2. Get your ducks in a row – It is important to have your financial paperwork in order to get the mortgage loan modification that is going to work for you. That means tax returns, pay stubs, bank slips and more, all from the last few years. A bank is going to want to see your financial history, as well as your current financial situation in order to make a decision.

3. Talk to your spouse – You cannot get a home loan modification without having the assistance and agreement of your spouse. While your financial situation may be dire, you must work together in order to make this happen.

4. Find a loan modification company – You can always attempt to get a loan modification on your own, but having a highly qualified loan modification attorney working with you might be the necessary help you need. Knowing how to fill the application out, how to file the paperwork, how to organize the communication between your side and the lender and much more can all be helped by a loan modification attorney. You wouldn’t go to court without an attorney, so do not try getting a loan modification without an attorney.

5. Calm yourself – It is important to be patient and understanding with yourself and your situation while trying to get a mortgage loan modification. It can be very easy to overreact and lose your calm. In fact, more marriages end because of financial troubles than for any other reason. So, giving yourself, your spouse and everyone else around you some slack will keep your relationships and your life in a good place.

Contact a loan modification attorney today, and begin the process of staying in your home.

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 or visit www.feldmanlawcenter.com

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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Feldman Law Center – Harvard’s Study, Citi’s Recommendations and Home Loan Modifications

Feldman Law Center – News by Feldman Law Center — A new report from Harvard’s Joint Center for Housing Studies indicates that if there is to be any stabilization in the housing market, it will be at “…extremely low levels that will make the climb up all that more difficult.” Muting any of the recent news in the steadiness of new construction and sales are housing price declines, a record level of foreclosures, rising interest rates, and a shrinking job market. Summing up the study, Nicolas P. Retsinas, Director of the Joint Center said, “Although there are some signs of improvement or at least steadiness in new construction and sales, housing starts stand near 60+ year lows and any life in home sales is coming from distressed foreclosure sales, temporary first-time buyer tax credits, and low interest rates that moved higher in recent weeks.”

Sounding like they were trying to find anything at all possible to spin to the positive, the center was optimistic about the coming of age of the “echo baby boom”, counting on the largest generation in American history to “refuel demand for housing of all types”. Considering that the EBB’s are witnessing the meltdown firsthand, it’s hard to make a convincing argument that the collective will be urgently buying real estate any time soon.

Separately Roger Orf, CEO of Citigroup Property Investors, was calling for governments to force banks to sell their foreclosed properties in a process he dubbed “creative destruction”. Orf favors an immediate clearing of the deck in terms of toxic properties as opposed to the malaise of a gradual unwinding of assets. Orf doesn’t expect fully functioning property lending markets to return before 2011, by when he hoped banks will have completed repair of their capital bases through a wave of real estate sales. The amount of damage to real estate prices as a result of Mr. Orf’s proposal is unknown but when the government forced savings and loans to sell their junk bond portfolios in the early 90’s prices dropped by up to 85% on bonds that were paying interest and backed with solid financials. In that instance, buyers simply stepped aside and let bond prices plummet to levels that carried no risk for the buyers.

What both reports signify is that the need for home loan modifications will continue for the next few years as prices either stabilize or drop and interest rates on mortgages continue to reset and recast. With a relatively small number of reluctant and extremely careful new homebuyers the lenders, servicers, and investors behind today’s mortgages could become much more interested in getting loan modifications completed, especially if a modification is the only way to generate cash flow from a property in a portfolio. While it’s unlikely that Mr. Orf’s proposition ever comes to pass, the foreclosure of properties will become less desirable if more buyers don’t materialize or if the value of REO’s at the banks continues to decrease.

With over six hundred completed loan modifications The Feldman Law Center proven home loan modification process can help homeowners to either avoid or stop foreclosure proceeding. If you are struggling with your payments and worried about the possibility of foreclosure, call The Feldman Law Center at (800) 527 8497. Take the first step toward regaining control of your mortgage payments today.

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 or visit www.feldmanlawcenter.com

Tags: mortgage loan modification, loan modification companies, home loan modification, loan modification agreement, loan modification company, hardship loan modification, California loan modifications, fdic loan modification, home loan modifications, loan modification attorney, loan modification programs, loan modification advice, federal loan modification law, loan modification help, Principle Reduction, loan modification process

What is a loan modification under the new Obama plan? - Feldman Law Center

Under the Homeowner Affordability and Stability Plan the announced by the President on Feb. 18, 2009, the goal of Obama's plan "Make Home’s Affordable" the loan modification plan is meant to reduce the amount struggling homeowners owe on their mortgage to sustainable levels. According to plan details:

· The lender would first be responsible for bringing down interest rates so that the borrowers monthly mortgage payment is no more than 38 percent of his or her income. The magic number baring any additional financial hardships.

· Next, the initiative would match further reductions in interest payments dollar-for-dollar with the lender to bring that ratio down to 31 percent. This is where the plan lends its factors to make things more attractive to the investor’s.

· Lenders will also be able to bring down monthly payments by reducing the principal owed on the mortgage, with Treasury sharing in the costs. The lenders and homeowners both should do well with this if it works.

· Borrowers will be put on a trial modification at the new interest rate and payment for three months. If they make all their payments on time, the modification will be implemented at the new rate and be fixed for five years.

Under Obama's plan, loan modifications will be standardized, with uniform loan modification guidelines used by Fannie and Freddie Mac, and then they will be implemented throughout the entire mortgage industry.
There will still be a need for third party assistance through the process to insure a loan modification approval. Even though the process sounds simple, borrowers must fit strict guidelines for approvals. An attorney that specializes in loan modifications and real estate law is by far the best choice. Borrowers must watch out for loan modification scams and make sure to make fraudulent complaints to the attorney general’s office in their state if they suspect they are targeted. Using an attorney for these matters is the only way to go if you want help.
Stay away from loan modification companies unless you can talk directly to a Lawyer, they are a member of the BBB and maintain an advance fee agreement with the Department of Real Estate.

Who is eligible for a loan modification?

To qualify, you must:

· Have originated your mortgage before Jan. 1, 2009.

· Be an owner-occupant. Non- owner occupied properties may be modified but not under the Obama plan.

· Have an unpaid balance that is equal to or less than $729,750 (for a single-family home).

· Have trouble paying your mortgage due to financial hardship. That could be because you have had an increase in your mortgage payments, or because your income was reduced or you suffered a hardship (like medical problems) that increased your bills, or, you can show that you soon will be unable to make your payments. You will be required to enter an affidavit of financial hardship.

<https://www.efanniemae.com/sf/formsdocs/forms/1023.jsp> It is best to get assistance and proper advice in completing this form.

· Your monthly mortgage payment must also be more than 31% of your gross (pre-tax) monthly income. This is another area where help from an attorney that prepares loan modification request may be necessary.

According to the Department of Treasury
: Anyone with high combined mortgage debt compared to income or who is underwater (i.e., has a combined mortgage balance higher than the current market value of his house) may be eligible for a loan modification. This initiative will also include borrowers who show other indications of being at risk of default. New borrowers will be accepted until Dec. 31, 2012.

Who's not eligible for a loan modification?

Speculators or those who bought homes for investment purposes -- are not eligible. All homes must be owner/occupied. Also, if you cannot afford the home due to job loss or a complete inability to pay, you will not be eligible. Also, mortgages with amounts above the conforming loan limits <https://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp> would not be eligible. For these reason alone you may need to hire a loan modification attorney to represent you. Lenders guidelines may vary from investor to investor.

How does someone get a loan modification?

First, gather this information:

· Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.

· Your most recent two years income tax return.

· Information about your assets. This is where one might consider professional advice of what the lender wants to see to qualify.

· Information about any second mortgage on the house.

· Account balances and minimum monthly payments due on all of your credit cards.

· Account balances and monthly payments on all your other debts such as student loans and car loans.

· A letter describing the circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.).

Second, call your mortgage servicer and ask to be considered for a "Home Affordable Modification." The number is on your monthly mortgage bill or coupon book. Honestly state your situation. They will assess your financial state through phone calls and paperwork to determine whether you qualify for a loan modification. Keep copious, detailed notes on who you speak with and details of the conversations so you have documentation down the road if you are faced with foreclosure.

Third, depending on the direness of your financial difficulties, it’s always good to hire legal counsel. Get a referral from your local state bar association.

Fourth, call a local HUD-Approved Housing Counseling Agency <http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm> for guidance.

Lastly, you can find more loan modification information at http://www.loanmodificatiionhelpcenter.org/

How do loan modifications benefit lenders and borrowers?

A loan modification is usually a win-win situation: the lenders get their money in a reworked fashion and borrowers get a new chance to support their mortgage payments at a reduced cost.

Also, under the Obama plan, there are incentives for both lender and borrower. According to the Treasury:


· Pay for Success Incentives to Servicers: Servicers will receive an up-front fee of $1,000 for each eligible modification meeting guidelines established under this initiative. They will also receive pay for success fees awarded monthly as long as the borrower stays current on the loan of up to $1,000 each year for three years.

· Incentives to Help Borrowers Stay Current: To provide an extra incentive for borrowers to keep paying on time, the initiative will provide a monthly balance reduction payment that goes straight towards reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.

· Reaching Borrowers Early: To keep lenders focused on reaching borrowers who are trying their best to stay current on their mortgages, an incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrower falls behind.

· Home Price Decline Reserve Payments: To encourage lenders to modify more mortgages and enable more families to keep their homes, the Administration -- together with the FDIC -- has developed an innovative partial guarantee initiative. The insurance fund to be created by the Treasury Department at a size of up to $10 billion will be designed to discourage lenders from opting to foreclose on mortgages that could be viable now out of fear that home prices will fall even further later on. Holders of mortgages modified under the program would be provided with an additional insurance payment on each modified loan, linked to declines in the home price index.

Also, banks would rather have you stay in your home than risk foreclosure since they stand to lose more money through foreclosure.
Think about it: a bank would need to make any repairs to the home, pay real estate agents to list it, and then perhaps list it at a discounted price. And, if the real estate market is slow, the price could be further reduced. There originally were only a few law offices providing loan modifications in the entire country up until lately. The Feldman Law Center in California has had great results for well over a year now with loan modifications. Mr. Steven C. Feldman was one of the original loan modification attorneys and has practiced law for over 30 years. A nationally recognized attorney, Feldman has helped thousands of home owners avoid foreclosure. For more information about Loan Modification please call us at (800) 588-0425 or visit http://www.feldmanlawcenter.com/

Feldman Law Center - Loan Modifications – Important things you must be aware of

Let’s face it; times are tough for everyone these days. On the top of the list are homeowners struggling with their mortgage payments as well as other financial hardships. Most of the news heard lately about “mortgage relief” and “bailouts” does not appear to be helping homeowners facing default or foreclosure as we may have anticipated. The truth is, mortgage lenders don’t do loan modifications unless they are forced to, one way or another. To make matters worse loan modification companies offering stop foreclosure or loan modification services may be placing borrowers in worse situations by re-submitting all their financial information to the lender for a loan modification. In most cases these loan modifications are denied and now the lender has updated information that may even implicate the troubled homeowner in mortgage fraud. Many borrowers who bought or refinanced a home in the last three years used a Mortgage Broker who sold them an ARM or worse yet Option ARM loan while inflated home values and stated income allowed them to borrow more than the home was worth. Real estate agents, mortgage brokers, appraisers, loan officers, underwriters as well as bank executives made a killing in this market, and now we’re really feeling the effect. Most homeowners can’t refinance these days due to drastic property value declines, bank failures as well as financial hardships most are facing due to the “credit crunch” and our troubled economy.

So with all the lenders “smoke and mirrors” and bad news surrounding us what’s a troubled homeowner to do?

A loan modification seems to be the best option, as well as your only hope if you want to keep your home. Currently, one out of six homeowners nationwide is in default or foreclosure. Loan modification companies are coming out of nowhere boasting they are going to use TILA and RESPA violations to go after mortgage loan servicers and force them to modify your loan and reduce your principal balance. This just isn’t true. In matter of fact and loan modification company that is not a Law Office has absolutely NO leverage against your lender. Honestly, do you think a Loan Modification Company that offers you NO legal representation or a Loan Modification Attorney that offers a Loan Modification service is going to sue your lender? In addition, some attorneys out there would like you to believe a law suit is going to save your home. It may, but trust me; it’s going to cost a fortune. In some cases when a attorney can prove “predatory lending” or significant TILA or RESPA violations a simple phone call can get the job done. Borrowers need to be very careful these days in their approach with the lender. A lender does not have to modify your loan just because the property value dropped, that is not considered a hardship to them and they certainly don’t have to reduce the principal balance but they will in some cases. The Feldman Law Center is a Law Office that specializes in representing troubled homeowners imminent danger of losing their home, whether they are behind in their mortgage payments or not . Saving homes and offering sound legal advice is what we do, and we’re the best in the business. Troubled borrowers need proper representation with their lender, limiting our client’s exposure as well as fighting for the best possible loan modification is what we do best.

We are not here to milk our client’s for hefty retainers and leave them for dead, in matter of fact our fees are modest considering what you get with the Feldman Law Center. Our sophisticated approach drives proven results that save our clients homes. We have modified mortgages for lenders employees as well as many high level executives. We deal directly with the banks executives and not the minimum wage loss mitigation employees you will find on your own or with a loan modification company.

WARNING: Attorney based and assisted loan modification companies are NOT law offices and only offer “smoke and mirrors” as a means to get you to trust them. The Attorney Generals office as well as the Department of Real Estate simply cannot keep up with the loan modification companies operating illegally & unethically.


Important things you must be aware of:

1) Do not give any up front fees to loan modification or stop foreclosure companies boasting “attorney based”, “attorney backed” or “attorney assisted”!

2) Do not pay for a forensic loan audit unless it is performed by a Law Office, an attorney is the only person that may use lending violations as leverage!

3) Do not use a loan modification company unless they have an up front fee agreement approved by the DRE and offer a 100% money back guarantee!

4) Do not trust just anyone with your difficult situation; contact a Law Office and hire an attorney who specializes in Loan Modification and Loss Mitigation services!


There are many companies using the words “attorney”, “legal”, “lawyer” and so on. The bottom line is, these loan modification companies are wrongfully using this language unless they properly disclose they are NOT a Law Firm. Also, not to mention giving you advice that could cost you to lose your home and put your family on the street. Struggling homeowners need real help during these difficult times and not some ex- loan officer trying to get a fat commission or give them advice. The Feldman Law Center offers troubled borrowers real solutions and legal representation with creditors at a very reasonable flat fee. We do not believe in milking our clients with monthly billing for legal services and offering false hope. We offer straight talk, sound legal advice and the best possible results utilizing our expert negotiation skills and Federal Mortgage Laws. Call us today and see the difference for yourself. We will be more than happy answer any questions and share our knowledge as well as our proven results. We take great pride in our work and strive to be the #1 Law Firm in the country offering loan modification services.
Mr. Steven C. Feldman, ESQ. is available Monday – Friday during normal operating hours for in office appointments or a free consultation.
Call or Law Office at 800-527-8497 or apply on line at www.feldmanlawcenter.com