Tuesday, December 28, 2010
Key is to find a qualified Loan Modification Attorney Like Kramer & Kaslow
Loan Modifications can be done quickly if you have an experienced loan modification attorney. Click here to contact The Law Offices of Kramer and Kaslow for help with your home.
During these trying times when mortgages, real estate prices and other financial arrangements are completely unstable, many homeowners are asking how they can qualify for a loan modification. Both the FDIC and the federal treasury are strongly supporting loan modifications as a way to keep people in their homes. Lenders don’t want to take back anyone’s home, homeowners obviously want to stay in their homes and the federal government wants what the people and lenders want.
Many people who are trying to keep their homes are asking questions such as: who qualifies for a loan modification? Homeowners throughout California who are trying to stay in their homes are interested in the loan modification process and want to learn more about California loan modifications.
Below are some basic tips on how to recognize whether or not you are eligible for a California loan modification (or loan modification in another state).
Borrowers (those with a mortgage) struggling to stay current on their mortgage payments may be eligible for a loan modification if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. California homeowners may be eligible for a loan modification even if they are not currently behind on payments. Several factors may cause this scenario: loss of income; significant increase in expenses; or an interest rate that will resent to an unaffordable level.
Here are three ways to know if you qualify for a California or federal loan modification:
1).You occupy your house as your primary residence
2).Your monthly mortgage payment is greater than 31% of your monthly gross income
3).Your loan (mortgate) is not large enough to exceed current Fannie Mae and Freddie Mac limits
Loan Modification
A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. You may be seeking a California or federal loan modification if you are having trouble paying your mortgage. The key is to find a qualified loan modification attorney who understands loan modification law. Click here to contact The Law Offices of Kramer and Kaslow.
Loan modification attorneys will tell you that there are only three possible outcomes when a homeowner cannot make the payments on their mortgage:
1.The property goes back to the lender through a foreclosure or a “deed-in-lieu” and the property goes back out on the market.
2.The homeowner sells the home in a conventional sale or a “short sale” and the home goes back onto the market.
3.The lender (bank or mortgage company) modifies the loan so that the homeowner can make the payments and the home does not go back onto the market.
The loan modification option is the best solution, by far, for the lender, homeowner and country in almost all situations. The loan modification process does not require any appraisals, credit reports or title reports because a loan modification is simply a renegotiation of the terms of an existing note. A loan modification can consist of a reduction in the interest rate, a change from a fully amortized to interest only payments for a period of time, an extension of the loan term, a reduction of the principal balance of the loan and/or a resolution of any arrearages.
Loan Modifications are the best overall solution for the following reasons:
1. Families are kept in their homes through the loan modification process
2. Loan modifications ease the financial pressure that causes stress in families
3. Loan Modifications have the least cost solution to the lenders, which is why many lenders are willing to do them
4. Loan modifications keep the house off of the market and therefore each loan modification represents a step closer to the solution to the current economic crisis.
5. Loan modifications are a market solution, meaning they aren’t taking taxpayer dollars.
6. Loan Modifications can be done quickly if you have an experienced loan modification attorney.
Monday, December 27, 2010
Best California Loan Modification Programs
Get the right legal representation. Click here to contact The Law Offices of Kramer and Kaslow for help with your home.
Do you live in California? Are you looking for mortgage loan modification information in California?
Mortgage modification can be a helpful technique. However the personal loan modification requirements to make sense for both the lender and also the home owner. Are you seeking for Loan Modification - California?
Lenders usually lack the incentive to grant lengthy term loan modifications to homeowners who:
*Have no hardship -- Personal loan modification is granted to solve a issue. If there's not a issue the loan modification will solve, then why go via the mortgage modification method!
*Have unresolved or irresolvable hardships -- If the hardship is not resolved or resolvable in the extremely close future, then it will possibly look like the house owner can't pay for the house, and a mortgage modification won't be granted.
*Can't pay for the residence -- If the homeowner aren't able to afford the home, loan modifications are unlikely to solve the homeowners' difficulty.
However, despite the lack of affordability issue, lenders are possible to grant a "temporary" personal loan modification in this case while other options are pursued.
*Don't need outside help -- If the home owner is feasible to make the monthly payments without the lender's financial assistance with a loan modification, then why ought to the lender incur any losses if they do not need to?
Mortgage modifications are more possible to be granted exactly where a hardship existed that's now resolved. By approving personal loan modifications, lenders believe they're helping property owner get back on their feet financially so they can resume regular normal monthly payments.
A word of caution -- it has been proven that lenders will supply a temporary mortgage modification even when they know the house owners aren't able to afford the home. The intent is to get the payments, and they don't generally care what the sources of funds are, or if it produces other hardships for the property owners. Loan providers wish to maximize their revenues, but in the end, are not involved if this depletes the homeowners' savings and creates other budgetary imbalances for the homeowners.
For assist in obtaining a loan modification in California, you need to go to the following website. They can help you get your loan modification approved quick, with no upfront fees.
A good loan modification will lower your monthly payments to 31% of your monthly income or less, allowing you to make your payments easily each month. This is well worth the small cost of having someone who knows what they are doing represent you in your loan modification negotiations.
Thursday, December 23, 2010
How to screw up a mortgage modification
Don't let your mortgage modification be screwed up. Click here to contact The Law Offices of Kramer and Kaslow for help with your home and the proper legal representation.
I have no idea the story behind this mortgage modification, but it doesn’t matter why it was needed. What matters is that the consumer appears to have done everything right. She did all the paperwork, paid exactly as she was told to, kept making phone calls to ensure that everything was in order… and then one day Bank of America says they’re foreclosing because she’s supposedly behind.
Assuming this woman is telling the truth, she did exactly what she was supposed to. Bank of America’s systems failed, and she is now paying the price. Her credit is ruined. There is a credible threat of foreclosure. And all because Bank of America screwed up and will not take responsibility.
I know that mistakes happen. But Bank of America needs to step up, admit their mistake, and make this right. The consumer should not have to guess whether the BOA person on the phone is telling the truth or lying. The consumer should not have to figure out if the BOA person is just plain wrong. What is the consumer supposed to do if she keeps getting a different story every time she calls?
This woman had an approved mortgage modification. She paid the new payment. Heck, she even paid more each month. Bank of America failed to complete the process on their end, and it appears the consumer had zero blame in that. She got her paperwork in on time. She kept calling to make sure everything was okay. And she was told that it was. Bank of America screwed up and the consumer is being penalized because of it.
Wednesday, December 22, 2010
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