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Homeowners Are Fighting for Loan Modifications

Loan Modification Help Center

Since the real estate crisis began two or three years ago, homeowners have been fighting to get loan modifications from banks and lenders.  These banks and lenders are becoming increasingly swamped with phone calls, e-mails and other communication.  Many of these financial institutions were unprepared for the response to different loan modification programs.  Some banks hired many staff members to field the phone calls, but few of these staff members truly understood the loan modification process.  Now, homeowners throughout California and the rest of America are fighting to get loan modifications as a relief from their overwhelming mortgages.

People who are battling foreclosure proceedings see California loan modifications as a ray of hope in the midst of incredibly difficult circumstances.  One gentleman lost his job in January and called Wells Fargo himself to get his mortgage reviewed with the hopes of gaining a loan modification.  After his constant attempts to speak with someone at Wells Fargo failed, he was told that the bank would place a three-month moratorium on his mortgage payment.  While he does not have to pay his mortgage for July, August and September in 2009, he still hasn’t paid his mortgage in June.  This individual is just one of many Americans who say their attempts to get a loan modification have been met by long waiting periods, or no response at all.

Government and real estate officials are in agreement that new solutions are needed.  Treasury Secretary Timothy Geithner stated that “Much more progress is needed.”  And John Dalton, president of the Financial Services Roundtable’s Housing Policy Council, said “…we’ve got 3 million people today who are 60 days past due on their loans.”  These serious situations paint a grim picture of the current crisis facing many California homeowners.  People are receiving foreclosure letters even though they have been trying to work with banks.  Unfortunately, many people do not have the proper amount of knowledge or experience to deal with a megabank’s bureaucracy. 

One potential solution to this problem is using a qualified, experienced California loan modification attorney.  While many people are unsure who to call, or which department to contact at their lender, a loan modification attorney will have the proper information, knowledge and background to be able to begin their process quickly.  Plus, whenever a company receives a phone call from an attorney, it usually gets a quicker response than when a regular customer calls (for better or for worse).  So, using a California loan modification attorney will probably get a quicker response from your lender, and get the ball rolling more quickly on your loan modification application.

A loan modification is a way to help the homeowner solve their foreclosure problems without having to give up their homes.  A loan modification is a renegotiation between the lender and the borrower, which changes the terms of the mortgage loan.  This change can take multiple forms, but is geared towards lowering the monthly payments for the borrower, which allows him or her to stay in the home for the long term.  Using a California loan modification attorney can help you get a quicker response from the lender, and can help you fill out your application more accurately.

Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.

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We can help you stop foreclosure with a loan modification in the following states:

If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.



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