Upside Down Mortgage

Archive for January, 2009

Loan Modification Attorneys In California

The Wall Street Journal reported in July, 2009 that President Obama is now expanding the plan to help the number of borrowers who can refinance their homes.  The administration said that borrowers with mortgages worth up to 125 percent of their home’s value will now be eligible to refinance under its program, up from a 105 percent limit.

According to the new plan, borrowers must be current on their mortgages and have loans owned or backed by government controlled mortgage companies Fannie Mae or Freddie Mac.  One of the challenges with the government plan is that it does not help those who are in severe circumstances, either behind on payments or facing foreclosure.  The plan does expand the opportunities for those not facing foreclosure to get help, but if you are in the midst of a foreclosure proceeding or if you just received a foreclosure notice, you need some other form of assistance.

The government is hoping that by raising the percentage, many more Americans will be assisted in getting the help they need to stay in their homes.  Recent statistics state that almost 30 percent of American homeowners with mortgages owe more than their homes are worth (according to Economy.com).  The government’s initial plan seems to have fallen short of expectations as only 20,000 people were able to participate in the program, well short of the 4 million it was projected to help.  In fact, as late as April the government was denying there was any need to expand the program.

Interest rates have actually been rising of late, making things even more difficult for Americans.  Rates on 30 year fixed rate loans currently average 5.49 percent, up from a recent low of 4.84 percent in April.  Government agents hope that this plan will also lower the overall risk for Fannie Mae and Freddie Mac by allowing more people to stick with their mortgages and not default.

Loan modification attorneys are still working tirelessly, throughout California, to help people renegotiate the terms of their loans and get a better mortgage payment.  While the government is having a hard time with their refinancing program, California loan modification attorneys are spending morning, noon and night keeping people in their homes through California loan modifications.

A loan modification renegotiates the terms of your home loan, helping you get lower payments that you can actually pay.  Rather than see your home go through foreclosure and having to move, you can enjoy a new level of financial freedom as well as a renewed outlook on life.  With the unemployment rate in America continuing to rise and the financial future in doubt for many Americans, now may be the time to take advantage of a loan modification.  A loan modification attorney can work with you to get the best deal possible, and make sure that your interests are focused upon.  Lender driven loan modifications focus on the lender’s needs, and even some government programs focus on the government’s bottom line.  A loan modification attorney can represent you and you alone.

About the Author:

Loan Modification Help Center - loan modification company - is a free gathering place for resources and information on the rapidly evolving field of loan modifications. The internet is over flowing with information on this subject with the problem being that there can be as much bad information and advice as good. For a homeowner struggling with mortgage payments and facing the possibility of foreclosure, the importance of getting straightforward information with no agenda or ulterior motive is of utmost importance. The resources we make available at Loan Modification Help Center are just what homeowners need as they seek to understand their options and get the information they need to make the critical decisions involved in a loan modification. For more information visit http://loanmodificationhelpcenter.org.

Article Source: ArticlesBase.com - Loan Modification Help Center – President Obama Continues to Pass Legislation

Loan modification in california - Loan Modification

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Cra Subprime

Question: Why do the Republicans blame Carter, Clinton and the CRA?

for the housing crisis, when only 6% of subprime and other high cost loans were covered by the CRA?

"I can state very definitively that, from the research we have done, that the Community Reinvestment Act is not one of the causes of the current crisis," said Sandra Braunstein, Director of the Division of Consumer and Community Affairs of the Federal Reserve System.

For a related number, although larger see C. Romer's article mentioning a 2006 study

http://www.frbsf.org/news/speeches/2008/0331.html#16

Answer: In 1999 they stressed home ownership with minorities, even if they couldn't afford them. HUMMMM, That was Clinton. The mortgage meltdown was started by Clinton.

Due to Carter's economic policies, we had double digit inflation and interest rates. HUMMMM, that's the reason Carter is blamed.

What's the CRA? I've never heard about it. BTW, I'm not a republican. I'm a registered INDEPENDENT and a strong/proud conservative. I didn't leave the GOP party. They left me.

Greenlining CRA Myths & Facts

Mortgage Loan Modification Citibank

Question: Citibank loan modification?

Has anyone had real success modifying their Citibank Mortgage either themselves or via an “expert”. Is there anywhere I can see actual modification agreements with private info blacked out?

Answer: You can modify with ANY bank....

You arent going thru another CLOSING... they just change the rate and have you sign the papers agreeing to the new rate. It is REALLY simple...

Hacienda Resolution Services