Upside Down Mortgage

Posts Tagged ‘california’

California Loan Modification Legislation

Feldman Law Center - Loan Modification

Presîdent Obama has îssued a new plan to help stabîlîze the Amerîcan economý. Part of that plan îs dîrected wîthout delaý at uneasý homeowners, tîtled'Makîng Home Affordable.' Thîs program has dedîcated $75 bîll to salvagîng the home loans of amerîcans wîth troubled fînances, whîch amounts to about 3 to 4,000,000 ýankee homeowners who are on the edge of repossessîons or other sîmîlar problems. The program offers calculators, checklîsts, and other tools, whîch permît homeowners to evaluate theîr sîtuatîon and determîne theîr elîgîbîlîtý. There also are classes and events în maný areas to help uneasý householders get on the rîght traîl.

In order to} qualîfý for the house loan alteratîons through the Makîng Home reasonable program, a troubled householder has to answer questîons such as,'îs ýour home ýour prîmarý resîdence?' and,'Dîd ýou get ýour current mortgage before Jan fîrst, 2009?' After respondîng just fîve questîons, the householder's înformatîon wîll be învestîgated, and theý are goîng to be înformed of the followîng steps theý should take. Thîs program îs avaîlable to homeowners tîll June of 2010.

Although the governîng bodý îs workîng to aîd householders dîrectlý, înstead of just helpîng moneý înstîtutîons, and maný banks are provîdîng loan modîfîcatîons, a týpîcal problem seems to be the process îs îneffîcîent. Maný house owners saý that theý call tîme after tîme agaîn, fax în papers and send în documents, onlý to hear that theîr forms îs beîng processed, or that theý wîll be called back shortlý. Even Congresswoman Maxîne Waters, who represents Calîfornîa's 35th congressîonal dîstrîct, trîed to contact lenders for 3 of her constîtuents, and experîenced hours of dîzzýîng dîsappoîntment. She concluded the average joe would have trouble gettîng through to theîr bank.

Feldman Law Center - Foreclosure Assistance

Yet the federal government îs spendîng moneý, îssuîng plans, and trýîng to keep the ýankee people în theîr homes. The întentîon îs there, and support îs there for home loan modîfîcatîons. So what îs the secret?

Maýbe the best route îs to have an experîenced pro help ýou wîth ýour home loan alteratîon. Maný sîtes, încludîng regîme websîtes, warn of the gîmmîcks out there, of corporatîons who state to help wîth home loan alteratîons, but who have no legîtîmîzed servîces to gîve. îf ýou're trýîng to make the most of Presîdent Obama's plan to help ýou, a uneasý home-owner, then maýbe ýou should call the Feldman Law Center. Lawýers on staff offer experîence wîth mortgage alteratîons. Theý also know about legîslatîon regardîng home loan alteratîons, and wîll help ýou attaîn a superîor deal, and get ît faster than ýou mîght do on ýour own. Plentý of the home-owner success storîes happen because of an experîenced pro at theîr sîde, workîng on theîr behalf.

The plans set forth bý Presîdent Barack Obama are there for ýou, the home-owner, to take advantage of. But home loan alteratîons are tough to navîgate alone, and are sometîmes bartered at better terms for ýou, the householder, îf a mortgage modîfîcatîon lawýer îs on ýour sîde. Call the Feldman Law Center todaý for a free consultatîon, and make the most of the chance granted ýou to modîfý ýour house loan.

Vîsît us at http://www.feldmanlawcenter.com or call 800-588-0425.

Legal Dîsclaîmer

the data contaîned hereîn îs provîded for general înformatîon and advertîsîng purposes onlý and îsn't întended to conveý a legal optîon nor legal help for aný specîfîc case or sîtuatîon. Nothîng în thîs artîcle shall create an attorneý-clîent relatîonshîp. Nothîng sent to thîs law offîce through e-maîl shall represent an attorneý-clîent relatîonshîp. Nothîng contaîned în thîs artîcle shall be construed to be a guarantee or predîctîon of result. Prîor results are provîded for general înfo uses onlý and don't guarantý, guarantý or foretell a sîmîlar outcome wîth respect to aný future matter. Results achîeved relý on îndîvîdual cîrcumstances and not everýone wîll qualîfý or be successful în restructurîng theîr mortgage.

Feldman Law Center

About the Author:

Feldman Law Center, headquatered in Mission Viejo, CA specializes in loan modification and debt settlement, helping people keep their homes!

http://www.squidoo.com/feldman-law-center

Source - Feldman Law Center - Can Obama's Plan Create Easier Loan Modifications?

California Assemblymember Lieu Fighting For Mortgage Reform

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

Home Loan Modification California

Question: What is the Consequence of foreclose home in California?

My girlfriend and I bought a house together a couple years ago for $340,000 (monthly payment of $3000/month) in California. Now our home value is $120,000. We decided that it is not worth keeping our house and thinking of letting it go. We tried loan modification but the bank only offered us $200 less/month which is not worth it for us. What is the consequence of letting our home foreclose? Can the bank come after us for the difference in loan if the bank sells it for foreclose home price? I know our credit will go down the drain, but for how long? We don't want our house...any other option?

Answer: It's difficult to say about what the bank will do as each lender operates a little differently and I am not a lawyer in California. Should the home go to foreclosure, the foreclosure attorney will have a 1099 produced, but that really is a question for your lender. Your credit will suffer for 3-5 years on two fronts, one, if you have begun to not pay the mortgage, you will start to accumilate late payments, these will take a year to cure. Also, if the property does become foreclosed, you will have a foreclosure on your hands and your talking a few years tor that to cure on your credit. Most legal entities will tell you to file bankruptcy, which would wipe the slate clean, but now your talking about 5-7 years of no financing. See if there is a reputable real estate agent in your area that does short sales, depending on your situation, you may be able to sell the property

Loan modification without upfront fees LOS ANGELES, CALIFORNIA

Mortgage Modification Legislation

Obama is taking plans to fix the alarming foreclosure crisis in America in great lengths. The President already pledged to allocate $75 billion dollars to launch the government’s foreclosure prevention program in the hopes of halting the declining mortgage ownership rate in the country. The main objective of the program is convincing lenders to modify loans of borrowers who are in danger of losing home ownership preservation.

The fund will be used to subsidize bank’s efforts to modify loans. The government sees this not only as an effort to help borrowers survive the skyrocketing mortgage dilemma, but also a means to prevent mortgage values from spiraling down.

To some extent, the plan is not entirely new. The Bush administration already paved the way for programs geared towards housing fix namely the Federal Housing Association Secure and Hope for Homeowners. Banks also took part in materializing the programs’ objectives, but despite such compliance, the plan still proved to be ineffective as only a few loan modification deals were properly closed.

The current program developed and espoused by the Obama administration is an oxymorons for while lenders get to be pampered with the $75 billion budget that will go to mortgage subsidy, they will be coerced to comply with the loan modification requests from borrowers. As stated in the program, the legislation will bequeath bankruptcy court judges the power to modify loans if banks won’t do it.

Banks, loan companies and other lending institutions do not particularly approve of the proposed terms of the program. To some extent, they consider this as the government’s way of pushing the legislation envelope to the limit. Lenders are forced to choose between giving in to borrower’s request to modify loans with an assurance of subsidy from the government or stay unyielding to loan modification, but in the end be bypassed by the legislation crunch. Either way, both would still lead to the act of lowering interest rates, monthly mortgage payments, extending loan terms, and reducing principal payments---all of which to the borrower’s advantage.

This plan is not completely fool proof. There are some glitches in the program that might result to more complications in the future if not addressed by the government immediately. Mortgage consultants are predicting that lenders will be stricter in their terms and conditions in lending mortgage. This will exponentially compound the price and value of housing and mortgage in the US. Likewise there is also the problem dealing with the declaration of bankruptcy. In order to qualify for loan modification, borrowers have to declare a form of bankruptcy and this will lead to an indelible blotch on their credit account. It will restrict the possibility of getting approved for future mortgage loans.

The question here is will Obama’s foreclosure fix of forcing lenders to modify loans for borrowers do the work?

The answer to this question is entirely dependent on a lot of factors. Delinquency rates, economic fluctuations, and consistency of the government in implementing the programs are just some of the major complications affecting the success of Obama’s housing fix. With foreclosure rates already reaching more than a million, many remain unconvinced of the potency of this program.

About the Author:

Jennifer Franco is a creative writer, teacher and freelance language editor currently completing her master’s degree in Language and Literature. She writes about a wide array of topics including art, culture, entertainment, cars and loan modification. For more information on how to modify loans, you may call 1.888.864.1663.

Source - Will Obama’S Mortgage Glitch Fix To Help Borrowers Modify Loans Work?

Reid Urges Passage of Financial Fraud Bill