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News (85)

Since the home mortgage crisis began, the government has been looking for various ways to get both lenders and borrowers back on their feet.  The economy—the housing market in particular—has shown some recent signs of recovery, but remains in a very fragile state.  So far, the government has instituted several plans to aid in the nation’s economic recovery, including its Making Home Affordable program and its purchase of securities bundles that include single-family home loans. 
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As bad as America's foreclosure crisis is -- and it's very bad, with over 300,000 homes receiving a foreclosure filing every month -- it's being made even more devastating by the lack of legal assistance available to beleaguered homeowners.

According to a new study by the Brennan Center for Justice, set to be released tomorrow, "the nation's massive foreclosure crisis is also, at its heart, a legal crisis" -- with the vast majority of homeowners facing foreclosure doing so without legal counsel.

For example, in New York's Nassau County, in foreclosures involving subprime or non-traditional mortgages (which disproportionately are targeted at minorities), 92 percent of the homeowners did not have a lawyer.

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Loan Modification Help Center—
More and more homeowners in California are recognizing the value of loan modifications in their fights to prevent foreclosure.  Silicon Valley reported a sharp drop in the pace of foreclosure activity last month, due in part to the increasing number of homeowners receiving loan modifications through the Federal government’s Making Home Affordable Plan.  Default notices—the first step in the foreclosure process—were also down 18 percent from July 2009, while trustee sale filings saw an 11.5 percent decrease.

 

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Loan Modification Help Center

Despite a slight decrease in home foreclosures in the month of August, many Americans are struggling to save their homes.  With no one to turn to, borrowers can find themselves overwhelmed by the complex, time-consuming process of modifying their loans.  The simplest way of navigating the rough economic waters is to sit down with a California loan modification attorney.  Skilled loan modification attorneys can provide homeowners with options to avoid foreclosure.

 

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People find themselves in need of mortgage loan modification for a variety of reasons.  For example, recent statistics show that the average family income has decreased over the last ten years, due in large part to the recent “Great Recession.”  According to the Census Bureau’s annual report on income, poverty and health insurance, the average household income in 2008 was $50,303, down from $51,295 in 1998.  This is the first full decade in the Census Bureau’s forty years of tracking U.S. household income in which the median failed to rise.

 

 

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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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