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News (85)

One aspect of the Treasury Department’s motivating tactics to get mortgage servicers to move more quickly on loan modifications is called “Name and Shame”, an exercise where lenders’ and servicers’ data on loan modifications are made public. Current estimates are that 2.7 million U.S. homeowners are at least two months behind on their mortgage payments but that only 230,000 had been offered trial modification under the guidelines of the administration’s Making Home Affordable plan through June.



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loan modification

As the California State Bar, the California Attorney General’s Office, and the California Department of Real Estate work together to clean up the loan modification industry, The Feldman Law Center continues its Recovery and Outreach Program which is designed to assist homeowners in the recovery of lost fees and to see their loan modifications through to completion at steeply discounted rates.

In recent news, the California State Bar received resignations from two attorneys and filed charges against a third based on unethical and illegal loan modification activities. These activities included allegations of abandoning clients who retained them by failing to perform on their behalf, closing offices without any notice to clients, and the failure to return fees when modifications were not completed.

 

 

 

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For homeowners in financial trouble, there are a number of options that could help them solve their problems; few of them however are worth while.  A homeowner can - declare bankruptcy, walk away from their house, conduct a short sale, let their home to go into foreclosure or get a loan modification.  Many of these options have extremely negative consequences, and only one option absolutely allows the homeowner to stay in their home, that is a loan modification.






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The Los Angeles Times reported that banks are moving extremely slow in modifying people’s home loans.  There are many reasons why the banks are moving so slow, and while many people might believe that banks are simply being greedy, the truth is more complex.

Banks understand that loan modifications are actually good for their bottom lines, especially in comparison to the damage a foreclosure can do. However, various financial, governmental and circumstantial challenges have interfered with banks’ ability to perform loan modifications.

 

 

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loan modification

Loan Modification Help Center –

At the Loan Modification Help Center, we do our best to supply homeowners with the kinds of information that will help them stay in their homes.  If you find yourself in a perilous financial situation, such as receiving a foreclosure notice in the mail, then a California loan modification attorney might just be your best friend.  California loan modification attorneys can walk you through the loan modification process, as well as discuss your specific situation and all of the options open to you.  They can also inform you about such things as bankruptcies, short sales and other potential options which may not be in your best interest.

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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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