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.