Helping People on the Fringes

Feldman Law Center

Despite the Obama administration’s best efforts to alleviate the strain of the financial crisis, many borrowers in America are still finding it difficult or impossible to modify the terms of their loans. On September 24, 2009, a congressional panel met in Washington D.C. to determine the effectiveness of homeowner-rescue programs so far, and the results were mixed. While they approved of the president’s progress in getting his Making Home Affordable modification plan running, many attendees questioned the wisdom of giving $75 million to mortgage servicers and other financial institutions while homeowners are still struggling to refinance their loans or even get a response from these financial institutions.

Countless borrowers in need of loan modification claim that their banks and mortgage servicers are often unresponsive to their requests and unwilling to help them. For instance: one man protesting outside the congressional oversight panel told how his lender had agreed to a loan modification and then, without warning, had withdrawn the offer. Stories like this are all too common since the financial crisis began; and, as a greater number of borrowers request loan modifications, more and more of their requests are lost in the shuffle of bank paperwork and government programs.

Even advocates from non-profit organizations have stated that banks and mortgage servicers remain “difficult to work with.” Homeowners attempting to complete the loan modification on their own often have extreme difficulty communicating with lenders who are either too busy with paperwork and other requests or are simply uninterested in resolving the borrowers’ problems. For many of these homeowners, a loan modification attorney can help turn the tide of the financial crisis and get the quick results that can avoid foreclosure.

A skilled California loan modification attorney can make sure your financial needs do not fall through the cracks. While you could potentially spend hours on the phone being shuffled from extension to extension, an experienced loan modification attorney will know who to contact and when to call to achieve the best possible results for your family’s future. They will also provide invaluable assistance with the often-confusing bank and government paperwork, making sure that everything is done right the first time and minimizing the chances that your loan modification will be denied due to missing, incomplete or incorrect paperwork.

Dealing with mortgage servicers is a frustrating, complicated process that can leave borrowers feeling like their voices are unheard. For many borrowers, the consequences of being lost or overlooked can be foreclosure and loss of their way of life. If you feel like no one is looking out for you, A California loan modification attorney may be able to help. They can ensure that you are not ignored, and may be able to provide you with the help you need to achieve a favorable loan modification and ride out this financial crisis in the security of your home. A loan modification can lower your interest rate, get you a principal reduction, eliminate late fees and much more. All of this is geared towards lowering your monthly mortgage payments.

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The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

October 13th, 2009 in California loan modification attorney, Foreclosure Laws, Foreclosure News, Foreclosure Process, Loan Modification, Principle Reduction, feldman law center, foreclosure, home loan modification, loan modification attorney, loan modification help | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | 1 Comment

Frequently Asked Loan Modification Questions

Feldman Law Center

At the Feldman Law Center, we do our best to give quality information to people seeking loan modifications. Homeowners often have the same questions regarding California loan modifications, as well as the real estate industry in general. Below are some recurring questions people have.

Question – Is it possible to keep the interest rate of my adjustable rate mortgage where it is without refinancing?

Answer – With a conventional adjustable rate mortgage (ARM), the loan documentation will detail whether or not you can keep the interest rate on your loan at a fixed level. Most ARMs obtained over the last five to ten years fall into different categories. The first category sets a fixed interest rate for an initial length of time and limits the increases on the interest rate during the remainder of the loan. With a 5/1 ARM, the interest rate is set for the first five years, and then at the beginning of the sixth year the interest rate is reset based upon the one-year Treasury interest rate or the one-year LIBOR (London Interbank Offered Rate). Obviously, this is quite complicated.

A second type of ARM, which some people had, allowed borrowers to lock in an interest rate at or before the end of the initial adjustable rate period; however, the fixed interest rate the loan fell into was rarely up to the borrower. In either case, if your mortgage loan is with a mortgage servicer that is owned by investors, you are out of luck. The only way you can move from an ARM to a fixed rate loan is to refinance your existing loan.

Question – I am applying for a loan modification and I was told the process will take 30 to 90 days. However, I am applying for mortgage insurance and I have been told that I must wait until the loan modification is complete. The lender says they will notify me once the loan modification is complete. What do I do?

Answer – If you are using President Obama’s Making Home Affordable Plan, then unfortunately lenders are taking way too long to process the paperwork for their borrowers under any and all loan modification plans. You may still have to follow up with your lender as often as possible to determine the status of your loan modification application. You should keep a log of every time you call (time and date) as well as whom you spoke to and their response.

Overall, a simpler way to deal with all these loan modification questions is to sit down with a California loan modification attorney. At the Feldman Law Center, our California loan modification attorney team is focused on helping homeowners stay in their homes by giving them the tools they need to overcome foreclosure proceedings. While you may not be an expert on the loan modification process, our skilled team has years of experience helping people get the loan modifications they need to stay in their homes. The Feldman Law Center’s California loan modification attorney team is one of the top in the state.

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

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Lenders Are Digging the Hole Deeper

Feldman Law Center

California loan modification attorneys are fighting to protect borrowers’ credit ratings, even as financial institutions are unwittingly doing great damage. As the financial crisis continues, it seems that the list of its financial consequences for borrowers continues to lengthen, including - lingering negative consequences that could affect borrowers long after the current recession has ended. Now, as lenders put new credit restrictions and requirements in place, many Americans are taking another financial hit, one that could potentially prevent them from opening new lines of credit or taking out loans in the future.

Every borrower in the United States has a credit score, a three-digit rating based on factors such as how many lines of credit they have open, their credit limits and payment histories. The most commonly used scoring method is the FICO score, which ranges from 300 (considered poor) to 800 (considered excellent); in this model, borrowers with a rating of 750 or better usually qualify for the lowest interest rates on loans or mortgages.

The actions of lenders and financial institutions throughout the financial crisis have already affected credit scores. Many banks are closing credit accounts or lowering spending limits for borrowers, while some mortgage servicers are reporting loan modifications in a way that creates one more credit problem for homeowners who are struggling to get their financial futures back on track.

The loan modification process, which is often the best option for homeowners hoping to avoid foreclosure, can also adversely affect credit scores if the lender reports the loan modification in a certain fashion. Typically in a loan modification situation, interest rates are lowered temporarily in order to lessen a homeowner’s monthly payments. Under current Credit Data Industry Association rules, a loan modification is reported as “partial payment,” which can seriously damage your credit score. Furthermore, borrowers may never know that their score has been affected until it is too late.

It is often responsible borrowers, those who pay their bills on time and do not go over their limits, who suffer the most from this tactic. For example, Cathey and Glen Hargrove of Tampa, FL., recently applied for a loan modification after Glen lost his job and their household income decreased. They were granted a “trial modification,” by CitiMortgage, and made all of their payments on time. Unfortunately, CitiMortgage reported to credit bureaus that the Hargroves made “partial” and “delinquent” payments, causing their credit score to drop sharply, a fact of which they were not aware until their loan modification was denied.

In the case of the Hargroves, CitiMortgage eventually rectified the reporting error; however, this happy ending is not typical. In a new, unpredictable credit system, your credit score could be in jeopardy even if you have never made a late payment. Our team of skilled California loan modification attorneys can help you with all aspects of the loan modification process, including protecting your credit. We will communicate with mortgage servicers on your behalf to eliminate the possibility of mistakes or misreporting. Why leave your credit score to chance? Call a California loan modification attorney today.

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

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October 9th, 2009 in Foreclosure Process, Loan Modification, home loan modification, loan modification attorney | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | No Comments

More Government Loan Modification Programs

Feldman Law Center

The federal government is taking the current real estate crisis quite seriously, and a result, there are a number of federal loan modification programs designed to help homeowners avoid foreclosure. In related news, the Obama Administration committed $35 billion to help beleaguered state and local housing agencies to continue to provide mortgages to low and moderate income families. Although many in government are fighting to suppress the increased expenditures, the Treasury Department is determined to entrench itself in the mortgage industry. The $35 billion will be used to buy housing bonds issued by state agencies and will provide additional funding as needed, to help agencies continue to use this cheap, short-term financing.

Government aid programs are all the rage, but that does not necessarily mean these programs are working. Banks are balking at various government programs, with many not offering the loan modifications that they were supposed to, and some of the government programs are suffering due to increased economic activity. For example, since the credit freeze around the globe is thawing, the need for government aid is decreasing rapidly. However, federal agencies are raising interest rates as a result, creating a bit of a log jam for borrowers, both on the residential and commercial levels.

All of these challenges with government programs can raise a variety of questions. For example, where exactly is the best outlet for a loan? How can you find affordable credit? If you need a loan modification for an existing loan, what is the best outlet to pursue? Consumers, borrowers and homeowners have been hit from all sides during this credit crisis, but one thing is for certain – if you are going to effectively navigate these waters, you need an experienced professional on your side. For example, when dealing with loan modifications, you need a qualified loan modification attorney helping you the entire way.

Federal loan modification programs, bank loan modification programs and the real estate industry in general have become difficult to deal with for most homeowners. Government programs were created to help people, but some of the concessions made due to bank lobbying really make it difficult for people to get the help they need. Self imposed bank loan modification programs are just designed to make the banks look good; rarely do they actually help the homeowners they claim to help. Other state and federal agencies, as well as non-profits, claim that they can offer assistance for little or no fee, but that does not mean they have the experience to produce the desired results.

At the Feldman Law Center, our loan modification attorney team is designed to help people get the best results possible by determining their range of options and then working aggressively on their behalf. If you are facing challenging financial circumstances, or if you’re being targeted for foreclosure, you may need a loan modification attorney who can get you results, and get them as quickly and efficiently as possible. At the Feldman Law Center, our loan modification attorney team is dedicated to the continued well-being of our clients, not government numbers, shareholder approval or any other outlying issues. We are dedicated to your success.

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

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October 8th, 2009 in California loan modification attorney, home loan modification, loan modification attorney | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | No Comments

Government Continues Real Estate Assistance

Feldman Law Center

When the real estate crisis began, the federal government approached the problem from many different angles, hoping to save as many people as possible from losing their homes. This included federal aid to mortgage servicers, federal aid to first time homebuyers, federal aid to those in need of loan modifications and more. Americans have become accustomed to these different programs, and now there is growing pressure on the federal government to continue programs which were originally intended to be short term solutions.

For example, the new home buyer’s credit has been brought up in Congress. The new buyer’s credit gives any first time home buyer an $8,000 tax credit the year they purchase a new home as incentive for people who might be sitting on the fence. That $8,000 has helped many first time buyers decide that this dangers market is the right time for them to buy a home. The federal aid packages and federal loan modification programs are aimed at helping people buy new homes or stay in their old ones. However, the challenge for many government officials seems to be that the problems change quicker than solutions can be thought up.

For example, the original federal loan modification program was designed to help people who were trapped by subprime mortgages and adjustable rate mortgages (ARMs). Unfortunately, the foreclosure plague has now spread to people who had tradition mortgages and who have been in their homes for ten or fifteen years. Loan modification solutions have to be adjusted to the problems people are facing right now. The federal loan modification program has certain drawbacks, and one of them is the inability to change on the fly. A possible solution for those facing unique or relatively new mortgage problems is to contact a qualified, experienced loan modification attorney. A California loan modification attorney can examine your case, let you know if you are indeed eligible for a loan modification, and guide you through the loan modification process with effectively and efficiently.

Many California loan modification attorneys are happy that state and federal officials are trying to help people stay in their homes. However, federal loan modification programs and California loan modification programs may not be right for every homeowner. Also, while some people may be eligible for loan modifications, they may not be eligible under the federal loan modification program. This means that unless they have someone with a unique insight into their particular situation, they may be left high and dry when it comes to avoiding foreclosure. This is not a knock on the government’s attempts, more a comment on the reality that any bill passed through Congress to change a law or bring about change has to be seen by over 500 elected officials, not to mention lobbyists, the media and so forth. However, a California loan modification attorney will be solely focused on you and your individual needs, not the needs of the banks or anyone else. If you are facing foreclosure, or if you want to learn if you are eligible for a California loan modification, you should look into an experienced loan modification attorney today.

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

Resources

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How to Avoid Foreclosure

Types of Mortgage Loans

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October 7th, 2009 in California loan modification attorney, Loan Modification, foreclosure, loan modification attorney | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | No Comments

Banks are Feeling the Hurt

Feldman Law Center

The Feldman Law Center works with borrowers everyday who have difficult financial problems based in part on their strenuous mortgage loans. Trying to find relief from banks is a major challenge, in part from because of the problems banks are having. Banks are frustrated by their mounting losses due to their own poor financial planning, and people are hurting as a result.

Case in point, on September 25, 2009 the Wall Street Journal had the following stories on the front page of their Money & Investing section: “Home sales Sap the Dow, Down 41.11”; “Losses on Banks’ Big Loans: $53 Billion”; and, “Raters Race Fresh Push in House Over Claims.” The major global banks, and some of the more regional ones, are hurting so bad from the housing crisis that they are grasping at straws wherever they can. Sales of new and used homes are down, banks are losing money on large loans (those starting at $20 million), and credit raters are being hammered by politicians and the general public.

If you are facing a foreclosure on your home, this should alarm you for a few different reasons. For starters, if you are a homeowner who needs a loan modification, you are going to have to convince the bank that you are able to continue to make payments and that it’s better to give you a loan modification than to foreclose on your home. However, banks are almost in a “slash and burn” mentality, where they are simply looking for the easiest way out of their jam. Rather than look at long term gains, banks such as Fifth Third Bancorp are looking for quick ways to remedy their multi-million dollar financial losses.

Another reason for concern is the high turnover rate of bank executives and bank policy. Banks are trading executives like they’re baseball cards, making their financial policies an ever-changing landscape. For homeowners, this could be good or bad. It could be good, because with the right California loan modification attorney, it might be the right time to take advantage of the situation and get the best deal possible. However, it could be bad, because a deal that exists today might not exist tomorrow. If a homeowner tries to contact a bank executive they were dealing with a month ago, that person might no longer work at that bank.

Lastly, with the credit ratings in flux, it means that the way banks determine credit rates will continue to change. Again, this could go either way for homeowners, because banks are on totally new ground. One of the biggest ways that homeowners get loan modifications is by getting a change in their interest rate. Banks determine interest rates by taking a number of factors into consideration. As these factors begin to change, having a qualified California loan modification attorney working with you to take advantage of possible changes in your favor is important.

Being able to stay on top of the news coming out of the banking industry is near impossible for any California homeowner, and having a qualified California loan modification attorney working on your behalf is incredibly valuable.

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

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October 6th, 2009 in California loan modification attorney, Loan Modification, loan modification attorney | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | 4 Comments

Mortgage Industry Consolidation

Feldman Law Center

Homeowners going through the loan modification process know how difficult dealing with both mortgage servicers and the government can be. Now, as the U.S. economy struggles to rebound from the largest recession since the 1930s, the federal government has become increasingly invested in getting large financial institutions on their feet again, and in the process has consolidated much of the mortgage business into three financial giants.

Figures released on the first half of 2009 indicate that three large banks are now making more than 50 percent of U.S. mortgages. Wells Fargo, Bank of America and J.P. Morgan Chase have originated 52 percent of mortgages in 2009 so far, which is more than double these banks’ share of the market in 2005.

This dramatic change raises very important questions for homeowners weighing their financial options or considering loan modification. The American housing market is still dependent largely on government support, and it remains to be seen what will happen to the market in the long run as a result of this support.

There are two possible long-term outcomes to this situation. Ideally, the large amount of aid the Fed is giving banks at the moment will lessen as the market and financial institutions regain strength; however, it is also possible that this emergency assistance could create a permanent system in which large mortgage servicers benefit from a larger share of fee revenue while taxpayers bear the brunt of mortgage default-risk. And without a California loan modification attorney to help navigate the shifting financial terrain, many homeowners can find themselves at the mercy of mortgage servicers and government bureaucracy.

Even while Wells Fargo, Bank of America and J.P. Morgan Chase are originating lots of new mortgages, they are selling them to other financial giants, Fannie Mae and Freddie Mac, both of whom are set for government acquisition. The amount of single-family mortgages actually held on the big three banks’ balance sheets is down 3.5 percent since the beginning of 2009. Meanwhile, their posted revenue from mortgage banking has skyrocketed to a combined $14 million, three times more than revenue of three years ago.

Though some of this revenue stems from the banks marking up their mortgage-servicing assets, most of the increase is due to fees from creating enormous amounts of new loans, which are eventually sold to the government in taxpayer- subsidized securities. If you are in need of a loan modification, now is the time to act. But if the back and forth between mortgage servicers and the government mystifies you, you are not alone.

The big banks seem to be getting bigger all the time, which can make loan modification seem like a daunting prospect to homeowners. An experienced California loan modification attorney can help you through the process by interacting with the monolithic mortgage servicers and the government on your behalf.

In today’s financial turmoil, having an accomplished California loan modification attorney working with you and for you will exponentially increase your chances of staying in your home and avoiding foreclosure. Doing battle with such large banks as Bank of America is near impossible to do by yourself, which is why a skilled attorney is so important to have by your side.

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

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October 4th, 2009 in California loan modification attorney, Loan Modification, foreclosure, home loan modification, loan modification attorney | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | 1 Comment

Lenders’ secret loan modification test

Feldman Law Center Many homeowners wonder what factors determine whether or not mortgage servicers agree to modify their loans. One of the most important parts of the process is also the most inexplicable, a computer evaluation known as the Net Present Value Test. A complex computer model, the NPV test is administered by mortgage servicers to ascertain a borrower’s eligibility for the current federal loan modification program. The test works by weighing two opposite scenarios, modification and foreclosure, and determining which would be more profitable for the lender. If the answer comes back as “foreclosure,” then the lender is under no obligation to refinance the loan in question. Lately, many analysts and homeowner advocates have questioned the processes and reliability of the NPV, citing a lack of information about how it works as well as many questionable results. For example, in June, an 83-year old widow in Illinois applied for a loan modification under President Obama’s Making Home Affordable program. Due to the unknown processes of the NPV Test, her loan modification was denied by CitiMortgage, and she was left with no recourse. There are many other instances of similar anecdotal evidence, where servicers entered incorrect information or made other inadvertent errors; however, because the program process is not available to the public, the borrowers had no way to challenge or appeal the mortgage servicer’s loan modification denial. In situations such as these, the services of a skilled loan modification attorney could make the difference between rectifying a bank’s error and losing your home. On the whole, this test has produced many fewer modifications than expected, and the veil of secrecy surrounding it makes it virtually impossible to pinpoint or discuss possible weaknesses or inaccuracies. The government has not yet released the exact components of the program, which it calls an “objective test,” though the Treasury Department says that it is striving towards fuller disclosure of the NPV process. If you are facing the possibility of foreclosure, you need someone to fight for your best interest. In its current incarnation, the NPV evaluation leaves homeowners entirely at the mercy of mortgage servicers who may or may not enter information correctly or take everything into account. In the case of the 83-year old Illinois widow, a mortgage broker who offered his assistance pro bono was allowed access to the actual numbers plugged in to the NPV evaluation of her loan modification request. He insisted that CitiMortgage had grossly inflated the value of the woman’s home, skewing the data towards foreclosure in the hopes of turning a profit. With his assistance, the woman was able to reduce her mortgage payments and stay in her home. Fortunately, this example ended happily, but that is not always the case. Taking on lenders and mortgage servicers will always be a challenge, but, with the help of a California loan modification attorney, it no longer needs to be an insurmountable one. If your loan modification has been denied based on an NPV evaluation or you just want a representative on your side to ensure your rights are being upheld, a loan modification attorney may be able to provide a solution. Why risk losing your home due to a bank’s mistakes? Contact a California loan modification attorney today. Visit us at http://www.feldmanlawcenter.com or call 800-588-0425. Legal Disclaimer The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

October 3rd, 2009 in Foreclosure Laws, Foreclosure News, Foreclosure Process, Loan Modification, home loan modification, loan modification attorney, loan modification help | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | 4 Comments

Lenders’ secret loan modification test

Feldman Law Center

Many homeowners wonder what factors determine whether or not mortgage servicers agree to modify their loans. One of the most important parts of the process is also the most inexplicable, a computer evaluation known as the Net Present Value Test.

A complex computer model, the NPV test is administered by mortgage servicers to ascertain a borrower’s eligibility for the current federal loan modification program. The test works by weighing two opposite scenarios, modification and foreclosure, and determining which would be more profitable for the lender. If the answer comes back as “foreclosure,” then the lender is under no obligation to refinance the loan in question. Lately, many analysts and homeowner advocates have questioned the processes and reliability of the NPV, citing a lack of information about how it works as well as many questionable results.

For example, in June, an 83-year old widow in Illinois applied for a loan modification under President Obama’s Making Home Affordable program. Due to the unknown processes of the NPV Test, her loan modification was denied by CitiMortgage, and she was left with no recourse. There are many other instances of similar anecdotal evidence, where servicers entered incorrect information or made other inadvertent errors; however, because the program process is not available to the public, the borrowers had no way to challenge or appeal the mortgage servicer’s loan modification denial. In situations such as these, the services of a skilled loan modification attorney could make the difference between rectifying a bank’s error and losing your home.

On the whole, this test has produced many fewer modifications than expected, and the veil of secrecy surrounding it makes it virtually impossible to pinpoint or discuss possible weaknesses or inaccuracies. The government has not yet released the exact components of the program, which it calls an “objective test,” though the Treasury Department says that it is striving towards fuller disclosure of the NPV process.

If you are facing the possibility of foreclosure, you need someone to fight for your best interest. In its current incarnation, the NPV evaluation leaves homeowners entirely at the mercy of mortgage servicers who may or may not enter information correctly or take everything into account. In the case of the 83-year old Illinois widow, a mortgage broker who offered his assistance pro bono was allowed access to the actual numbers plugged in to the NPV evaluation of her loan modification request. He insisted that CitiMortgage had grossly inflated the value of the woman’s home, skewing the data towards foreclosure in the hopes of turning a profit. With his assistance, the woman was able to reduce her mortgage payments and stay in her home.

Fortunately, this example ended happily, but that is not always the case. Taking on lenders and mortgage servicers will always be a challenge, but, with the help of a California loan modification attorney, it no longer needs to be an insurmountable one. If your loan modification has been denied based on an NPV evaluation or you just want a representative on your side to ensure your rights are being upheld, a loan modification attorney may be able to provide a solution. Why risk losing your home due to a bank’s mistakes? Contact a California loan modification attorney today.

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

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October 2nd, 2009 in home loan modification, loan modification help | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | 3 Comments

Government involvement in banks

Feldman Law Center

In recent months, we have seen an increase in government efforts at both the State and Federal levels to aid homeowners in their fight against foreclosure. First there was President Obama’s Making Home Affordable plan, which offers to assist homeowners who are looking to refinance or modify their mortgages. Then, in June, the California legislature passed The California Foreclosure Prevention Act, thereby enacting a 90-day moratorium on foreclosures in the state of California.

Despite both of these government programs, many Los Angeles homeowners are waiting for loan modification. In the first six months of the Making Home Affordable Plan, only 12 percent of eligible mortgage loans nationwide have been modified. Meanwhile, the term of the California Foreclosure Prevention Act was June 15th through September 15th, leading many analysts to speculate about the potential post-program fallout.

Now, the Los Angeles City Council is getting in on the action. There is a motion currently before the Los Angeles City Council focused on the city government’s ability to influence banks and lenders by strategic divestment and investment of the city’s funds.

Earlier this year, Los Angeles City Council member Richard Alacorn introduced the motion to divest city funds from banks that are not actively working with Los Angeles homeowners in need of loan modification. He suggests that the city take into account not only the dollars and cents when choosing banking partners, but also a range of social factors. The City Council’s aim in this policy would be to send the message that government investment is a privilege that will only be granted to financial institutions who are actively and responsibly serving the community.

These two bills are part of a larger view of the future relations between cities and banks. At a recent meeting, the City Council’s Jobs and Business Development Committee considered all the aspects of this proposed rating system. In a system like this, banks that demonstrate a record of dedication to social responsibility would be rewarded. For example: if a bank opens a new branch in a neighborhood that has been previously overlooked, that bank would receive a higher rating and, consequently, be given more government business.

The City Council is making positive steps towards preventing future foreclosures in Los Angeles; however, the best option for homeowners in need of a quicker solution to their foreclosure crises may be to contact a Los Angeles loan modification attorney directly. Government programs can take months, and sometimes years, to get going; homeowner who are waiting for the government to agree on a plan might find themselves waiting for too long. A California loan modification attorney can begin helping you today by reviewing your financial situation and recommend whether or not a loan modification is right for your situation.

A loan modification is a way to lower your monthly mortgage payments by lowering your interest rate, eliminating late fees and penalties, lengthening the term of your loan and more. The ultimate goal is to renegotiate your loan so that your monthly mortgage payment is more affordable, allowing you to stay in your home for the long term.

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

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October 1st, 2009 in California loan modification attorney, Loan Modification, feldman law center | tags: california loan modification, Loan Modification | 1 Comment

Preparing for a Loan Modification

Much of the confusion surrounding home loan modifications comes not from the process itself but all the issues which arise before the process begins. Issues such as qualifications required for a home loan modification, what can be sorted out by a loan modification, and whether a home owner should go it alone or hire a professional to negotiate the terms of the modification have been argued across the internet, television, radio, and in print. Prior to initiating a loan modification a homeowner should find the answers to the following questions:
* Who qualifies for a loan modification? The homeowners that loan modifications are designed for can demonstrate a verifiable financial hardship such as a job loss, a change in income, a divorce, an illness, or an increase in their mortgage payment due to a reset of interest rates or a recast. The homeowner must also be able to demonstrate that he or she will be able to make payments on the modified terms of the mortgage. Lenders will not consider modifying a loan unless the homeowner can afford to make the new payments. If homeowner is current, and paying on time, he or she can still get a modification if an upcoming reset or recast is going to push the payment beyond the reach of the homeowner’s ability to pay.
* Should I do this on my own? Loan modifications can be done directly between the homeowner and the lender or servicer. There is loads of free information at HUD’s website and through the department of real estate in the homeowner’s state of residence. The difference between “can” and “should” is huge one however.
* Should a homeowner sign up with a company that “specializes” in loan modifications? As mortgages go further into delinquency, homeowners are often contacted by individuals or companies offering to help them avoid foreclosure with a loan modification. In California, however, state law only allows attorneys providing services in the course of legal practice to accept fees upfront if a notice of default has been recorded against the property. This is true in most states. While there are many good companies helping homeowners, the loan modification industry is full of “bad actors” using deceptive practices to separate desperate homeowners from their money with last minute offers to help them save their homes. Exaggerated claims of success are common while little is delivered putting homeowners in an even more precarious position. If there has not been a notice of default filed, a licensed real estate broker can assist with a loan modification and ask for payment in advance for their services. Be warned, however, that many of these brokers were the same ones selling toxic subprimes and that their interest is much higher in a commission check than working out the solution for a homeowner’s problem. Additionally, they must have the homeowner sign a contract that details what services they are performing, their schedule, and the fees paid by the homeowner.
* How can an attorney add value to the process? An experienced attorney can look for predatory loan conditions which can be used to negotiate with the lender, but what an experienced loan modification attorney brings to every loan modification is negotiating experience and what can be negotiated on each mortgage with each lender. Part of that negotiation is making the loan modification look like a win for sides where the lender saves more money by changing terms than by foreclosing on the property and the homeowner wins by being able to stay in the property. Most lawyers prepare their presentation to highlight the benefits for both the homeowner and the lender.
* What can be negotiated with the lender? Technically there are several outcomes of a loan modification but only a few actually benefit the homeowner. Some of these changes, included in the definition of what a loan modification is do not provide long term relief to the homeowner and have played a role in the high re-default rate on early loan modifications. Included in the short term relief solutions are; a reinstatement where the lender agrees to let the borrower pay the total amount they are behind, in a lump sum payment and by a specific date. These are often combined with forbearance when the homeowner can show that funds in the form of a bonus, tax refund, or other source will become available at a specific time in the future. The second bit of assistance is called forbearance. This occurs when lenders offer a temporary reduction or suspension of mortgage payments while the homeowners get back on track. Forbearance is often combined with a reinstatement or a repayment plan to pay off the missed or reduced mortgage payments depending on the surrounding circumstances. Considered a loan modification but of essentially no assistance to homeowners are repayment plans. These give homeowners a schedule to repay the amount they are behind by combining a portion of what is past due with the regular monthly payment. Needless to say, struggling homeowners see their payments go up instead of down. The most beneficial changes which can be negotiated are terms of the loan which decreases the monthly payment. This is the type of relief sought after by most homeowners in trouble on the home loans. The terms which are usually negotiated in a loan modification agreement are a lower interest rate, an extension of the maturity of the loan, changing from an adjustable rate loan to a fixed rate loan, and reductions in the principle amount owed on the loan.
One of the other great benefits of hiring an attorney is their ability to cut through the red tape often encountered by homeowners trying to modify their loans on their own. If you are in need of a loan modification, educate yourself as much as possible. During that education you’ll see the difficulties that people are having doing their own modifications. The Feldman Law Center has negotiated hundreds of attorney driven positive outcomes for their clients. Call them today at (800) 527 8497.

September 30th, 2009 in Loan Modification, Principle Reduction, home loan modification, loan modification help | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | No Comments

Is the Recovery at Hand?

According to two reports released this week, home prices across most of the country have started to rise from the depths of the housing slump on a month to month basis, potentially the beginnings of a trend toward stabilization in the housing market and the overall economy. Standard & Poor’s/Case-Shiller U.S. National Home Price Index, an index of prices in twenty major cities across the country, had its first quarter to quarter increase in three years. The index also showed an increase from May to June with Dallas and Denver leading the pack with their fourth consecutive monthly gain. Detroit and Las Vegas were the only metropolitan areas in the study to show prices falling from May to June.
An improvement in home prices suggests the U.S. property market may be recovering, said Robert Shiller, a professor of economics at Yale University in New Haven, Connecticut. “We might be seeing a turnaround,” Shiller said in an interview on Bloomberg Radio and Bloomberg Television. “I say ‘might’ because there’s still a pretty weak economy out there.” Shiller is co-creator of the S&P/Case-Shiller home-price index, which fell 15.4 percent in June from a year earlier, the smallest decline since April 2008. On a month-over-month basis, the index rose by the most in four years.
The Standard & Poor’s/Case-Shiller U.S. National Home Price Index rose 1.4 percent from the first quarter to 133, though was still down almost 15 percent from the second quarter of last year. Case-Shiller index is considered to be the “go to” index in terms of gauging the level and direction of home prices. The indexes include a broader mix of properties compared to the index created by the Federal Housing Finance Agency. That index excludes many high-end properties, as well as homes bought with riskier mortgages or all cash.
Case/Schiller measures home price movements relative to the baseline reading of prices in January 2000. The baseline reading is 100 meaning that the current valuation of 133 represents a 33% increase in home prices since the initiation of the index. According to the Case/Schiller Index, prices have reverted back to levels last seen in the first quarter of 2003, down 30% since the peak of the index in the second quarter of 2006 and 15% since June of 2008. Every metro showed annual declines, with fifteen reporting double-digit drops.
A second report which heartened housing watchers was released by the Commerce Department showing that sales of new single-family homes soared 9.6 percent in July, the most in four years, to an annualized rate of 433,000. Because of cutbacks in housing starts, the number of homes on the market dropped last month to the lowest in 16 years as the sales pace accelerated. Home builders, even with the glut of existing homes on the market, must build selectively to maintain any kind of cash flow.
While the two reports continue a string of relatively good reports of late, most industry watchers are saying that it’s too early to say that the housing crisis has run its course. The main points being made by those not sold on a housing recovery are:
* The second quarter is consistently the best one of the year for housing
* Case/Schiller only monitors executed sales 20 metropolitan areas. While sale prices may be a general reflection of prices in an area, vacant and foreclosed homes which are currently unsellable would push prices down dramatically if they could be counted in the survey
* Demand at the low end is being spurred by low interest rates and an $8,000 first time buyer’s tax credit. Both drivers are temporary in nature.
* Real estate has led the economy out of every recession since the 60’s. With the longest economic contraction since the end of World War II having claimed 6.7 million jobs since December 2007 the driver for job creation remains unclear. By just about every indication, especially the unemployment rate’s influence on foreclosures, the economy will have to be led by another industry but there doesn’t appear to be anything with that kind of momentum at this point in time.
Even if the recent run of consistently positive news does signify some stabilization, the recovery will likely be a long struggle due to the record levels of delinquencies, foreclosures, and homes which are underwater. In the “sand states” of California, Arizona, Nevada, and Florida the increasing supply of shadow and actual foreclosures are likely to weigh on prices for several years, giving the appearance that should a recovery be in the offing, it will be uneven with some categories rising while others continue to suffer.
In this environment, where holding periods for real estate are being extended far beyond previous expectations, homeowners struggling with their mortgages need more than just a minimal loan modification. What are needed are substantial changes to the interest rate, payments, and, whenever possible, the amount owed on the balance of the mortgage resulting in mortgage payments which are sustainable for the long term. With lenders still playing hardball in their negotiations with their borrowers, having an attorney experienced in getting optimal results negotiate on your behalf is the best way to get a home loan modification that works for your personal situation. The Feldman Law Center has negotiated hundreds of positive outcomes for their clients since their founding in May of 2008. Call them today at (800) 527 8497.

September 29th, 2009 in Loan Modification, home loan modification | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | 2 Comments

Why People Fall Behind on Their Mortgages

Feldman Law Center

At the Feldman Law Center, we understand that people can fall behind on their mortgages for a number of reasons. In fact, millions of people have the same reason and don’t even know it. Often times, when someone falls behind on their mortgage, they feel ashamed or guilty. This leads to fear and often alienation, as people quietly face their financial struggles all by themselves.

The Feldman Law Center has mapped out some of the most common and obvious problems facing people who are in foreclosure or who could be facing foreclosure.

Interest rate hikes – This might be the most talked about reason for the recent spike in California foreclosures. The subprime mortgage crisis began when predatory lenders gave people home mortgage loans they could not afford, which led to a slew of foreclosures. People with adjustable rate mortgages or “ARMs” wound up having their payments balloon on them, sometimes jumping as much as 100% or 200% from month to month.

Medical bills – Unfortunately, people who are suffering from major illnesses, who needed major surgery or who are caring for family members with these types of issues usually face tragic financial consequences. There are many stories of people who had a car accident, cancer or some other illness or injury which led to incredible medical bills and cost them their house. This problem is rampant in America and is all too common to the people our California loan modification attorneys work with.

Loss of income – Coupled with our difficult economy is a growing level of unemployment. This means that homes that originally brought in $10,000 per month are now only bringing in $5,000. If you or your spouse lost a job, it means there is a smaller pot of money you can use to pay your mortgage, credit cards and other bills. With California’s unemployment rate over 10%, it means that there are quite a few people in this category.

Overall lack of knowledge – This can also be listed under “didn’t think it could happen to me.” People often find themselves in tough financial circumstances and think that money will come from somewhere. In many cases, people who are used to living paycheck to paycheck do not get alarmed when they miss one mortgage payment. These days however, missing one mortgage payment has turned into two and three payments for millions of people. In such cases it is understandable that people who have been in tough circumstances before were surprised that they weren’t able to dig themselves out of a hole.

Loan modification attorneys can help with all of these challenges by providing a way to overcome financial challenges with a California home loan modification. A loan modification is designed to lower your monthly mortgage payment and make it easier for you to afford your payments. With a California loan modification attorney from the Feldman Law Center, you will have someone who understands your situation and can help you find a way out of your circumstances. If you are facing foreclosure due to some form of financial crisis, the California loan modification attorneys at the Feldman Law Center can help you keep your home.

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

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Your Attorney, Predatory Lending Practices, and your Home Loan Modification

Many of the mortgages which are currently going into default never should have been originated in the first place due to violations during the origination and/or underwriting process commonly known as predatory lending practices. In an attorney driven loan modification, the determination that these violations occurred can give the attorney/homeowner team additional bargaining chips in negotiating terms with the lender.

The following is a list of regulations and violations which may be found as predatory practices:

* RESPA violations - “Real Estate Settlement and Procedures Act” is a consumer protection statute, first passed in 1974. One of its purposes is to help consumers level the playing field as they shop for settlement services. The main purpose is to eliminate kickbacks and referral fees that increase unnecessarily the costs of certain settlement services. RESPA requires that borrowers receive regular disclosures throughout the process. These are typically “small print” documents which are often ignored by borrowers. Some disclosures spell out the costs associated with the settlement, outline lender servicing and escrow account practices and describe business relationships between settlement service providers. RESPA also prohibits certain practices that increase the cost of settlement services. Section 8 of RESPA prohibits a person from giving or accepting anything of value for referrals of settlement service business related to a federally related mortgage loan. It also prohibits a person from giving or accepting any part of a charge for services that are not performed. Section 9 of RESPA prohibits home sellers from requiring home buyers to purchase title insurance from a particular company.
* The Truth in Lending Act – This act is also known as Title I of the Consumer Credit Protection Act, was passed to assist consumers in shopping for credit. It’s relation to mortgage lending is primarily through home equity lines of credit and second mortgages. The purpose of The Truth in Lending Act is to promote the full disclosure about the terms and cost of consumer credit. The Truth in Lending Act also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer’s principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. With the exception of certain high cost mortgages, The Truth in Lending Act does not regulate the charges that may be imposed for consumer credit. Rather, it requires a maximum interest rate to be stated in variable-rate contracts secured by the consumer’s dwelling. It also imposes limitations on certain home equity plans and mortgages.
* Good Faith Estimate - A good faith estimate must be provided by a mortgage lender or broker in the United States to a customer, as required by the Real Estate Settlement Procedures Act (RESPA). The estimate must include an itemized list of fees and expenses related to the mortgage and must be provided within three business days of applying for a loan. These mortgage fees, also called settlement costs or closing costs, cover every expense associated with a home loan, including inspections, title insurance, taxes and other charges. A good faith estimate is a standard form which is intended to give a uniform list of costs for comparisons between different lenders or brokers. The form is only for the purpose of providing an estimate. The final closing costs may be different but it is a requirement of RESPA that a Good Faith Estimate of costs be provided to prospective borrowers.
* Reverse engineering – This is the act of altering a loan document after it has been executed. This is most often seen when mortgages are sold to investment pools consisting of thousands of loans. It has been found that operators of these pools will change terms and conditions to increase the loan’s value when it is put up for sale the secondary market. A typical change would be to raise the margin on an adjustable rate loan to enhance its value on the open market.
* Incorrect or confusing disclosures - The act of creating a disclosure document in such a language as to intentionally confuse the client in regards to the terms and conditions of the mortgage. This is often used to dress potential adjustable rate mortgages to appear as fixed rates using long winded and confusing language to describe to terms of the loan
* Inflated appraisals – These are commonly used to assist in the underwriting of the loan by appraisers affiliated with a lender or is trying to become an approved service provider of a lender. This action could result in overpaying for a home or approval of a loan for a property that isn’t worth as much as is needed for underwriting.
* Overstatement of income – Commonly found on no doc and stated income loans, this violation was encouraged to allow homeowners to get into homes they couldn’t actually afford. It was not unusual for the income to be changed on an application after the signing of the loan documents when actual earnings weren’t enough to get approval for loans which were out of reach for the borrower from the beginning.
* Misrepresentation - The revision of any terms of agreement on a contract without the borrower’s consent. Commonly found when loan terms are changed from what was presented in the original purchase agreement to terms, even through all the compliance disclosures, that are less favorable to the borrower. These changes were often covered up until the last minute before closing where the borrower then gets a “take it or leave it” set of loan documents with changes which were never part of the original deal. Many homeowners went along with their loans despite the dishonestly because they had already paid for an appraisal, put up a deposit, and made plans move in to the home.

One of the many advantages of having an attorney see you through your loan modification is the ability to spot these predatory practices in the original mortgage. The Feldman Law Center has negotiated hundreds of attorney driven outcomes for their clients, including those which were originated using predatory practices. Call them today at (800) 527 8497.

California Foreclosure Moratorium Over

Feldman Law Center

Government intervention is nothing new to the real estate industry, or the loan modification attorneys who assist homeowners facing foreclosure. In response to mounting foreclosures throughout the state, the California legislature passed The California Foreclosure Prevention Act in June. The law established a 90-day moratorium on foreclosures, which had a dramatic affect on the number of foreclosures happening in California. RealtyTrac reported that foreclosure activity was down in August 2009 from August 2008, and down 15% from the previous year. However, the law was passed on June 15 and it ended on September 15.

Many analysts and on-lookers fear what the fallout will be from the end of the moratorium. Most hope that banks will not start home foreclosures with the purpose of putting those same homes right back on the market. This will flood the market with homes at a low cost, hurting all sellers in the process. Many analysts think that the market has hit bottom however, meaning that home prices and other economic factors will begin to edge up soon. Few see the market going down any further, and in fact some analysts have seen home prices edge up by $20,000 or even $40,000.

The challenge for homeowners who are in a perilous financial situation is that they no longer have the powerful arms of the state legislature protecting them. California politicians were able to limit the mortgage fallout for three months, but now it is up to homeowners to fend for themselves against banks that have hundreds of billions of dollars at their disposal. Unfortunately for some homeowners, this means that they will have their homes go into foreclosure, leaving them homeless. However, this does not have to be the case, because with a California loan modification attorney it is more than possible to avoid foreclosure and stay in your home for the long haul.

An experienced California loan modification attorney will have the skill and knowledge to be able to help any homeowner figure out their best options for avoiding foreclosure. This means examining all financial information, analyzing potential options and seeing what works best for each individual homeowner. A California loan modification attorney with a successful background will also know who contact at each bank, when the best time to call is, how to negotiate with each lender and so forth. This is all very important, as most homeowners lack most, if not all, of this information.

For homeowners in California, a loan modification attorney might be the best option to avoid foreclosure. There is truly only so much that the state can do, and the federal government is beginning to move on from the real estate crisis to focus on other national problems. Homeowners who are in the midst of foreclosure proceedings, or who are facing potential foreclosure proceedings have to research every possible solution to their debt and mortgage problems. California loan modification attorneys have helped thousands, if not tens of thousands of homeowners stay in their homes by aggressively representing their best interests to banks, lenders and other mortgage servicers.

Resources:

See Loan Modification Help Center for Loan Modification News

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

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The Complex Loan Modification Process

Feldman Law Center
Applying for a loan modification might sound easy. Filling out some forms, signing some documents and including your past tax returns really does not sound all that complicated. However, what many homeowners are discovering is that the loan modification process is not only complex, but time consuming and often frustrating.

One woman contacted Wells Fargo trying to get a loan modification because her home was at risk of foreclosure. After she contacted Wells Fargo, they asked her for multiple forms and pieces of paperwork which included income taxes, bank statements and other bits of financial information. In fact, she was turned down twice before actually getting through to the proper person at Wells Fargo just in time to save her home. After getting her loan modification, she had her interest rate adjusted from 9.75 percent down to just 5 percent, which saves her $250 per month on her mortgage payment.

Unfortunately for many homeowners, they do not have enough time to be turned down twice by the bank. So many borrowers are up against a wall, with foreclosure papers showing up, bills piling up and their lives seemingly in financial ruin. In cases such as this, a borrower does not have the luxury of time. Fortunately, there are ways to get better results much quicker.

An experienced California loan modification attorney will understand the loan modification process, as well as how to get a quicker response from mortgage service companies. Dealing with banks as large as Wells Fargo is immensely difficult, and trying to handle all of the communication and preparation on your own will be an uphill battle. Many statistics and polls show that most loan modification applications which fail usually lack the proper amount of information, or accurate information. This means that the individuals filling out the forms are not experienced enough to know what should and should not be included in the forms. A California loan modification attorney who has experience with the process can help locate exactly what information is needed.

An attorney can also help get a quicker response from the banks by using the law as an ally. For example, if a borrower calls a bank, they will be treated as one of millions of other borrowers. An attorney gets a different response because businesses respond much quicker when the law is brought into play. Banks understand that a lawyer can take them to court, and so they respond much quicker than they would to a non-lawyer. An experienced California loan modification attorney will also know who to call at a given bank, most likely because they have called that person a number of times before.

If you are a homeowner who is facing foreclosure, or who simply wants more information on how to get a loan modification, you should contact an experienced and successful loan modification attorney. At the Feldman Law Center, our California loan modification attorney team has helped countless people get the results they needed to stay in their homes and enjoy a safe financial future.

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

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Mortgage Servicers Are Frustrating the Government

Feldman Law Center

Mortgage servicers such as Wells Fargo and Bank of America were already having a difficult enough time protecting their reputations before recent events. Now, they have all three branches of the government focused on how they are treating borrowers. In fact, some judges are going to great lengths to find out the truth from mortgage servicers.

Recently, a woman had to submit her loan modification request to Wells Fargo three times and got no response from the bank. A federal judge in the United States Bankruptcy Court gave the woman a chance to actually question the bank executive face to face in a court of law. The judge said he was frustrated by Wells Fargo in general when it came to the way they handled loan modifications and wanted to take the opportunity to put them in the spotlight. The judge was quoted as saying “The kind of story I hear from this debtor is one that I and other bankruptcy judges around the country are hearing over and over and over again.” Unfortunately, this judge cannot make this woman’s house reappear.

The poor response time by mortgage servicers is damaging President Obama’s loan modification plan as borrowers are waiting an eternity for an answer to their claims. In the meantime, homeowners are succumbing to foreclosure and bankruptcy because they cannot get an answer from their banks regarding their loan modification application. One of the reasons cited by banks for failed responses is that loan modification applications are incomplete. In one instance, a bank official from Wells Fargo claimed that the person applying for a loan modification did not have the proper paperwork. In the end, this claim came back to bite the man as the letter Wells Fargo sent to the woman applying for the loan modification never mentioned the specific item he brought up.

While federal bankruptcy judges are extremely frustrated with mortgage servicers, there is nothing they can do at the moment to stop foreclosures or help people who have already fallen into bankruptcy. This is why a California loan modification attorney is so important to anyone applying for a California home loan modification. A California loan modification attorney will have the experience to properly fill out any and all paperwork, as well as to use the law against the mortgage companies should there be a problem.

As for proper loan modification applications, an attorney will know exactly what paper is needed for every application, allowing the borrower to worry about other things. A mortgage servicer may not include everything in the letter, but a California loan modification attorney will know every last document and piece of information necessary for the application. Yelling at bank executives at a bankruptcy hearing might have some level of satisfaction, but avoiding foreclosure is something more satisfying. One of the closest, fool-proof options to make sure your loan modification application is properly filled out is by using a California loan modification attorney. They may be able to help you avoid foreclosure, avoid bankruptcy, avoid a short sale and stay in your home.

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

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Who Knows the Most About Loan Modifications?

Feldman Law Center

California loan modifications are a way for people in troubling financial situations to stay in their homes. California loan modification attorneys can help people decide whether or not a loan modification is right for them, whether or not they qualify for a loan modification and help people get a loan modification from their lender. However, there are a number of other options being marketed on television, the radio and online for borrowers to use instead of a California loan modification attorney. These options include computer software, books, DVDs and other “tools” that have zero human interaction.

Computer Software

There are a number of products which tout the fact that they a cheap alternative to using a California loan modification attorney. Unfortunately, there are a number of drawbacks to such products. These draw backs include: an inability to ask a human being certain questions; a lack of direction on the loan modification application; and a complete reliance on the borrower to understand how to operate the software. Your loan application could be derailed by the fact that you use a Mac and not a PC; can you honestly leave such an important process in the hands of technology?

DVDs

The loan modification DVD is usually sold via an “infomercial” on television which boasts about how easy it can be to negotiate your own loan modification. While these types of products might be a little bit more informative and instructional than a book or piece of software, they still lack some major benefits. Of course there is no live interaction, but they are also unable to truly prepare you for what it is like to deal with a lender. Having knowledge is important when you are attempting to negotiate with a lender, but knowledge alone will not deliver the kinds of results you will need to get the best loan modification possible.

Books

There are a number of things you can learn from a book, but how to negotiate a loan modification is not one of them. Again, this is not to say that reading a book about loan modifications is a bad idea, rather that a loan modification book will probably not be able to adequately prepare you for all of the steps in the loan modification process.

What is Your Best Option?

While preparation is important, only a skilled California loan modification attorney can help you from A to Z. If you are in a situation where you need a loan modification, you can begin the process and end the process successfully when you use a skilled, qualified California loan modification attorney. He or she can help you with everything from organizing your financial information to negotiating with your lender. Software may only cost you $49.95, but it could also cost you a chance to stay in your home and avoid foreclosure!

If you are serious about keeping your family and yourself in your home, then a California loan modification attorney is where you should start. Read all you can about loan modifications in books, magazines and online articles, but don’t make the mistake of thinking a big thick book will save you when a bank is playing hardball, or when your loan modification application gets incredibly complicated. That’s when you need a qualified, experienced and skilled California loan modification attorney.

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

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September 14th, 2009 in Foreclosure News, Loan Modification, Principle Reduction, feldman law center, home loan modification, loan modification attorney, loan modification help | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | 6 Comments

How Can You Know Which Bank Offers to Trust

Feldman Law Center

At the Feldman Law Center, our California loan modification attorney team has seen many people buy into bank or lender offers that seem too good to be true. Time and time again, these offers prove to be less than advertised and leave people in a financial bind as bad as the ones they were trying to get out of. Many of the people who get trapped in less than helpful solutions to their foreclosure problems were people who did not seek out the experienced advice of a California loan modification attorney.

For example, Citi (one of the world’s largest banks and one of the hardest hit by the subprime mortgage crisis) is announcing it is offering more mortgage help. This is being done, allegedly, in response to the rise in delinquencies. Supposedly the program has helped 108,000 customers avoid foreclosure in the second quarter of 2009. What is truly telling about Citi’s efforts however is that fact that people 90 days behind in their payments surged to 4.7%, up from 3.9% in the first quarter.

That Citi is willing to help borrowers is not a bad thing at all, but the question is whether or not their plan is designed to help borrowers or is designed to help Citi make a buck. Without a qualified California loan modification working for you to discern all of the details in any offer made by a bank like Citi, a borrower is left to figure it out all on his or her own. Citi is not a charity; they are a “for profit” business that is more concerned with its own bottom line than with yours. They also have billions upon billions of dollars at their disposal to force an agreement upon you if you do not have proper assistance. A California loan modification attorney can help balance out the situation, by giving you qualified and experienced legal counsel.

Citi is also balancing its own loan modification program with the federal loan modification program, and this has led to total modifications being down 5% for the second quarter. This means that people who may have needed help were put on hold as the megabank worked out its situation. Again, banks are not in the business of helping people, they are in the business of making money for themselves and their shareholders. Citi is under a great deal of scrutiny however, as they accepted tens of billions of dollars in government aid and currently one third of the bank is owned by taxpayers.

At the Feldman Law Center, our California loan modification attorneys have experience working with such banks as Citi, JP Morgan, Bank of America and Wells Fargo. Our skilled loan modification company operates on behalf of our clients, putting your needs far above any bottom line the banks are concerned with. The experience of a qualified loan modification attorney can help you avoid being “suckered” by banks that seem to be offering a great loan modification, but that are really just taking advantage of borrowers who are in a perilous position. A California loan modification attorney might just be your new best friend.

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

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September 10th, 2009 in Foreclosure Laws, Foreclosure News, Foreclosure Process, Loan Modification, feldman law center, foreclosure, home loan modification, loan modification attorney, loan modification help | tags: California loan modifications, fdic loan modification, federal loan modification, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, mortgage loan modification, Principle Reduction | 7 Comments

The Key to Successful Loan Modifications

As the Obama Administration’s Home Affordable Modification Program (HAMP) approaches its sixth month, the challenges facing the plan are becoming more clearly defined while solutions to those challenges remain a work in progress. Admittedly off to a slow start, the program has about 175,000 loan modifications in its trial phase, according to Treasury officials. The trial phase of a loan modification is three month period where homeowners are granted lower payments while terms on the existing mortgage are modified. With 1.5 million foreclosure filings in the first half of the year alone the program needs to ramped up significantly before it can make a material difference in the foreclosure crisis.

At hearings held last week in Washington D.C. last week, the tone was that of frustration and confusion as to why there aren’t more modification getting done. Bred by that frustration, new plans were proposed and the rationale behind the foot dragging by lenders and servicers was hypothesized by industry insiders and analysts. Plans to turn foreclosed homeowners into renters and allowing for homeowners to put their homes back to lenders and demand reductions on their mortgage balances were a couple of ideas advanced by those convinced that the home loan modification plan that HAMP is based on has failed. Both plans still needed work to fill the gaping holes in logic behind them, as admitted by the designers of those plans.
Others, including economists at the Federal Reserve Bank of Boston, postulated theories on why banks are not embracing loan modifications whole heartedly. The Boston Fed’s new research suggests that the loan-modification effort may also be based on faulty economic assumptions. Their study basically refutes the idea of “everybody wins” loan modifications, based on the opinion that the process underestimates two of lenders’ strongest incentives to decide against modification. The first incentive is that, according to statistics, about a third of struggling homeowners “self heal” by finding new employment of making other financial adjustments like selling other assets. Since lenders have no idea which third of their portfolio is going to self heal they are willing to sit back and let situations play out instead of modifying the loan. The second disincentive is the high re-default rate on loan modifications. Again, according to the Boston Fed, banks are now looking at the historically high failure rates on modifications and deciding that they’re not worth the trouble. The summary of the Boston Fed economists is that, “the number of ‘preventable foreclosures’ may be far fewer than many believe.”
The problem with the theories proposed by the Boston Fed is that each disincentive carries a critical flaw; in the case of self healing homeowners, the flaw is that they’re using historical statistics that are based on a relatively healthy economy. Under normal circumstances, a homeowner may lose employment for a few months, fall behind on the mortgage, get re-hired, and then catch up on the missed payments. The odds for that kind of situation playing out in today’s economy are much lower with the national unemployment rate approaching 10% and certain states, like California, seeing jobless rates at 12%. Decreases in the average hourly work week are making it tougher on those that are unemployed as well. Executing loan modifications which lower payments in these situations makes sense for the lender, especially if the modification is tailored to the needs of the homeowner.
The second flawed piece of their theory is based on high default rates on modifications executed in 2008. As relatively new practice at that time, a high percentage of modifications didn’t lower payments at all and, in the case of negative amortization loans, actually raised them. Without payment reductions, it’s not a surprise at all that homeowners fell behind again after getting modifications that didn’t address the cause of the problem; mortgage payments that were too high relative to the homeowners’ income.
Contrary to the opinion of the Boston Fed and those looking for alternatives to loan modifications, there are loan modifications that are working and that can provide an “everyone wins” outcome, or at an least an outcome that inflicts the least amount of damage possible to all parties involved. The loan modifications which are working involve two changes; the first is a payment lowered by at least twenty percent. The second is a principle reduction on the mortgage balance, a relatively rare occurrence so far but one that is gradually proving out, especially when compared to foreclosure on the property. While lowering the interest rates is now considered a “given” for a successful modification, principle reductions are now been seen as the key to successful modifications. With foreclosure sales bogged down with both over supply and limited demand, bids at auction are now coming in between 30 and 60% of the mortgage balances for the small percentage of homes that actually attract buyers. Weighed against a 40 to 70% haircut and a one in fifty chance that the home will sell, cutting a principle balance by 20 to 30% looks like a big win. The servicer continues to charges fees off (smaller) payment collections and the homeowner has a home that is once again affordable. With an economy that is redefining what a win looks like, making or losing less money might just feel like a big victory when compared to the alternatives.
According to Steve Feldman, Senior Partner and loan modification attorney at The Feldman Law Center, “We are beginning to see a more receptive environment for principle reductions as lenders see statistics showing the success of loan modifications that include them.” He added, “The loan modifications for our homeowners that reduce principle balances give them a lot of confidence about staying in their homes, regardless of the current hardship they might be facing.”
There are some big issues that must be overcome so that loan modifications can play the role that the administration intends for them. Some are directly related to the process of getting a loan modification through the approval process such as hiring and training of staff and building the infrastructure to process reams of paperwork. The biggest obstacle at the moment, however, is an economy in recession which will trump even the noblest efforts in loan modifications by continuing to subtract jobs from the economy. A new focus on jump starting the economy with wide spread use of a proven loan modification formula could be exactly what everyone is looking for; a solution to the foreclosure crisis.

That will not be a welcome finding in the administration or in Congress — where impatience with the pace of loan modifications is growing. But it is a message that policymakers cannot afford to ignore.

It’s still too early to pass final judgment on HAMP. Cleary the program and others like it are struggling in part because of the rising rate of unemployment, which makes it impossible for many people to pay any kind of mortgage, even a more affordable one. No doubt, as critics of the financial industry suggest, many servicers have been slow to train enough staff to do modifications and investors in mortgage-backed securities pose a lingering obstacle.

In short, say the Boston Fed economists, “the number of ‘preventable foreclosures’ may be far fewer than many believe.” That will not be a welcome finding in the administration or in Congress — where impatience with the pace of loan modifications is growing. But it is a message that policymakers cannot afford to ignore.

September 8th, 2009 in Foreclosure Laws, Foreclosure Process, Loan Modification, feldman law center, foreclosure, home loan modification, loan modification attorney, loan modification help | tags: California loan modifications, fdic loan modification, federal loan, federal loan modification law, hardship loan modification, home loan modification, home loan modifications, Loan Modification, loan modification advice, loan modification agreement, loan modification attorney, loan modification companies, loan modification company, loan modification help, loan modification process, loan modification programs, loan modifications, modification, mortgage loan modification, Principle Reduction | No Comments

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Feldman Law Center – Are Lenders Giving Homeowners a Break? by Feldman Law Center
Feldman Law Center – News by Feldman Law Center – California’s recently passed anti-foreclosure bill exempted most lenders in the state from its regulations with loopholes big enough to drive a truck through. Read full article by Feldman Law Center
Laura Simpson
Here to exchange information regarding some Financial issues. Would like to share and network on the topics related to Debt Consolidation and Debt Settlement, which was my area of expertise.
Joe Buhler
Broad based experience in executive management, marketing, e-commerce and strategic business development in leisure travel & tourism. Hands on know how of the cultural and business environments in the most important global tourism source markets, North America, Europe & Japan/Asia in particular. Acquired leadership and management skills by having overall responsibility for the performance of business operations in key global markets. Held at various times influential elective positions in professional industry associations and interest groups. Interested in working with innovators in leisure travel and tourism and provide them support to achieve their business objectives by using the web as the most effective and efficient distribution and communications channel.

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The Key to Successful Loan Modifications – Home Loan Modification Advice
<div class="entry"><div class="snap_preview">As the Obama Administration’s Home Affordable Modification Program (HAMP) approaches its sixth month, the challenges facing the plan are becoming more clearly defined while solutions to those challenges remain a work in progress. Admittedly off to a slow start, the program has about 200,000 loan modifications in its trial phase, according to Treasury officials. The trial phase of a <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> is three month period where homeowners are granted lower payments while terms on the existing mortgage are modified. With 1.5 million foreclosure filings in the first half of the year alone the program needs to be ramped up significantly before it can make a material difference in the foreclosure crisis. At hearings held last week in Washington D.C. last week, the tone was that of frustration and confusion as to why there aren’t more modification getting done. Bred by that frustration, new plans were proposed and the rationale behind the foot dragging by lenders and servicers was hypothesized by industry insiders and analysts. Plans to turn foreclosed homeowners into renters and allowing for homeowners to put their homes back to lenders and demand reductions on their mortgage balances were a couple of ideas advanced by those convinced that the <a href="http://www.feldmanlawcenter.com/" title="home loan modification">home loan modification</a> plan that HAMP is based on has failed. Both plans still needed work to fill the gaping holes in logic behind them, as admitted by the designers of those plans. Others, including economists at the Federal Reserve Bank of Boston, postulated theories on why banks are not embracing <a href="http://www.feldmanlawcenter.com/" title="loan modifications">loan modifications </a>whole heartedly. The Boston Fed’s new research suggests that the loan-modification effort may also be based on faulty economic assumptions. Their study basically refutes the idea of “everybody wins” loan modifications, based on the opinion that the process underestimates two of lenders’ strongest incentives to decide against modification. The first incentive is that, according to statistics, about a third of struggling homeowners “self heal” by finding new employment or by making other financial adjustments like selling other assets. Since lenders have no idea which third of their portfolio is going to self heal they are willing to sit back and let situations play out instead of modifying the loan. The second disincentive is the high re-default rate on <a href="http://www.feldmanlawcenter.com/" title="loan modifications">loan modifications</a>. Again, according to the Boston Fed, banks are now looking at the historically high failure rates on modifications and deciding that they’re not worth the trouble. The summary of the Boston Fed economists is that, “the number of ‘preventable foreclosures’ may be far fewer than many believe.” The problem with the theories proposed by the Boston Fed is that each disincentive carries a critical flaw; in the case of self healing homeowners, the flaw is that they’re using historical statistics that are based on a relatively healthy economy. Under normal circumstances, a homeowner may lose employment for a few months, fall behind on the mortgage, get re-hired, and then catch up on the missed payments. The odds for that kind of situation playing out in today’s economy are much lower with the national unemployment rate approaching 10% and certain states, like California, seeing jobless rates at 12%. Decreases in the average hourly work week are making it tougher on those that are employed as well. Executing <a href="http://loanmodificationhelpcenter.org/" title="loan modifications">loan modifications</a> which lower payments in these situations still makes sense for the lender, especially if the modification is tailored to the needs of the homeowner. The second flawed piece of their theory is based on high default rates on modifications executed in 2008. As a relatively new practice at that time, a high percentage of modifications didn’t lower payments at all and, in the case of negative amortization loans, actually raised them. Without payment reductions, it’s not a surprise at all that homeowners fell behind again after getting modifications that didn’t address the cause of the problem; mortgage payments that were too high relative to the homeowners’ income. Contrary to the opinion of the Boston Fed and those looking for alternatives to loan modifications, there are <a href="http://loanmodificationhelpcenter.org/" title="loan modifications">loan modifications </a>that are working and that can provide an “everyone wins” outcome, or at an least an outcome that inflicts the least amount of damage possible to all parties involved. The <a href="http://feldmanlawcenter.com/" title="mortgage loan modifications">mortgage loan modifications</a> which are working involve two changes; the first is a mortgage payment lowered by at least twenty percent. The second is a principle reduction on the mortgage balance, a relatively rare occurrence so far but one that is gradually proving out, especially when compared to foreclosure on the property. While lowering the interest rates is now considered a “given” for a successful modification, principle reductions are now been seen as the key to successful modifications. With foreclosure sales bogged down with both over supply and limited demand, bids at auction are now coming in between 30 and 60% of the mortgage balances for the small percentage of homes that actually attract buyers. Weighed against a 40 to 70% haircut and a one in fifty chance that the home will sell, cutting a principle balance by 20 to 30% looks like a big win. The servicer continues to charges fees off (smaller) payment collections and the homeowner has a home that is once again affordable. With an economy that is redefining what a win looks like, making or losing less money might just feel like a big victory when compared to the alternatives. According to Steve Feldman, Senior Partner and <a href="http://loanmodificationattorney.com/" title="loan modification attorney">loan modification attorney</a> at The Feldman Law Center, “We are beginning to see a more receptive environment for principle reductions as lenders see statistics showing the success of <a href="http://feldmanlawcenter.com/" title="loan modifications">loan modifications</a> that include them.” He added, “The loan modifications for our homeowners that <a href="http://feldmanlawcenter.com/" title="reduce principle">reduce principle</a> balances give them a lot of confidence about staying in their homes, regardless of the current hardship they might be facing.” There are some big issues that must be overcome so that <a href="http://loanmodificationhelpcenter.org/" title="loan modification">loan modification</a>s can play the role that the administration intends for them. Some are directly related to the process of getting a loan modification through the approval process such as hiring and training of staff and building the infrastructure to process reams of paperwork. The biggest obstacle at the moment, however, is an economy in recession which will trump even the noblest efforts in loan modifications by continuing to subtract jobs from the economy. A new focus on jump starting the economy with wide spread use of a proven <a href="http://loanmodificationhelpcenter.org/" title="mortgage loan modification">mortgage loan modification</a> formula could be exactly what everyone is looking for; a solution to the foreclosure crisis. Feldman Law Center – <a href="http://feldmanlawcenter.com/" title="loan modification company">Loan Modification Company</a> – Visit www.feldmanlawcenter.com for more information.</div></div>
Feldman Law Center – Are Lenders Giving Homeowners a Break? by Feldman Law Center
<div class="marb10 clearfix blog_post_body">Feldman Law Center – News by <a href="http://loanmodificationagent.com/" title="Feldman Law Center">Feldman Law Center </a>– California’s recently passed anti-foreclosure bill exempted most lenders in the state from its regulations with loopholes big enough to drive a truck through. Trumpeted by legislators as another layer of protection for homeowners, the bill exempted the largest lenders in the state including Wells Fargo, Bank of America, and JP Morgan Chase because they already had <a href="http://www.feldmanlawcenter.com/" title="loan modification programs">loan modification programs</a> in place. Even for the rare lender that might have been out of compliance with the law, and then subject its regulations, adding a <a href="http://loanmodificationattorney.com/" title="loan modification program">loan modification program</a> would exempt it from the mandated 90 day postponement of foreclosure proceedings on delinquent homeowners. It was with amazement then that industry watchers marveled at the June foreclosure statistics which showed that foreclosures actually declined even as the state’s default filings increased. Many of the comments made it sound like lenders in California might actually be giving homeowners a break. ForeclosureRadar Chief Executive Sean O’Toole said, “A number of lenders appear to have self-imposed California’s latest foreclosure moratorium on themselves, despite having received an exemption from it.” The numbers definitely bear out that there could have been more foreclosures and more properties put up for auction in the month of June. An example of lenders’ restraint is Bank of America, which cut their notice of trustee sale filings by 48% from May to June. Seemingly puzzled by the decrease, Mr. O’Toole commented, “… (it’s) an outcome we are struggling to find an explanation for.” One thing for certain is that the ultimate explanation won’t have anything to do with lenders cutting homeowners a break because they feel sorry for them. It’s much more likely that what is being called a self imposed moratorium is based on the lenders choosing the lesser of two evils and the law of supply and demand. A look at a couple of statistics from the California auctions illustrates what the lenders are dealing with and why there aren’t more properties going to auction: * Of 22,291 foreclosures taken to auction only 2,687, representing 12% of the total, were sold. * Opening bids as set by lenders averaged 39.3% lower than the mortgage balance. * Almost half of the properties sold at auction were discounted by 50% or more. * Despite the steep discounts and the relatively limited supply, lenders were forced to take back 87% of the properties submitted for auction. Those are pretty grim stats given that the 22,000 properties that actually went to auction represents less than 20% of the amount that could have been submitted. Putting salt in the wound, the 2,600 properties that did sell were done at steep discounts and represent about 2% of the total of homes that could have been sold. A lender looking at those numbers would have no motivation at all to foreclose save for special situations where there is perceived value or a buyer waiting on the other side. Under normal circumstances, foreclosures typically run in an orderly three part process starting with the filing of a notice of default (NOD). The property then goes to auction at a trustee sale where it is either sold or taken back by the lender. The current bottleneck is occurring at part three of that process because homes aren’t selling and lenders are already flooded with properties in their REO departments. Continuing to foreclose at a brisk pace only adds to the existing backlog, building a supply that isn’t even close to being met by demand. In that situation the lesser evil is to leave the property in limbo and hope that borrowers can fix their mortgage problem or modify the existing loan. Leaving properties in limbo also benefits lenders by allowing them to carry properties on their books at a value of their choosing due to Congress’ relaxing of mark to market rules in the spring. A foreclosure sale forces the adjustment of valuation on properties sold at auction so even if properties were selling, it’s unlikely that lenders would be willing to accept massive write-downs at current valuations. In an environment where just about any action a lender can take results in a loss of some sort, moving as slowly as possible might be the only way to minimize damage on a daily basis. It could be that a write-down pace on 2% of the REO portfolio each month is a number that lenders can live with at the moment. Whatever the reason, the break that homeowners are getting right now is subject to change at a moment’s notice. For more information about <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> (<a href="http://www.feldmanlawcenter.com/" title="mortgage loan modification">mortgage loan modification</a>) visit <a href="http://stopforeclosurelawoffice.com/" title="Feldman Law Center">Feldman Law Center</a> at www.feldmanlawcenter.com About Feldman Law Center: The <a href="http://loanmodificationattorney.com/" title="Feldman Law Center">Feldman Law Center</a> was founded for the purpose of negotiating<a href="http://www.feldmanlawcenter.com/" title="loan modifications"> loan modifications</a> on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either stop or<a href="http://www.feldmanlawcenter.com/" title="avoid foreclosure"> avoid foreclosure</a> proceedings. The mission at The <a href="http://pressroom.prlog.org/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a> is to provide the highest level of professional service while delivering the best possible result on each <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> we negotiate on the behalf of the families we represent. Having negotiated over 500 attorney driven<a href="http://www.feldmanlawcenter.com/" title="mortgage loan modifications"> mortgage loan modifications</a>, we realize that each homeowner’s situation is unique and that each modification may require a different approach than the one before it. To that end, we can always call on our 25 years of negotiating, knowledge, and real estate experience to provide the most optimal solutions for each family’s situation. While we are negotiating your <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> with your lenders our friendly and compassionate team will keep you updated all the way on how the process is advancing. The people at The <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174" title="Feldman Law Center">Feldman Law Center</a> completely understand the stress of being behind in your monthly payments and the sleepless nights that can be brought on by an impending foreclosure. Rest assured that we will stand with you all the way through the <a href="http://loanmodificationattorney.com/" title="loan modification process">loan modification process</a> and that we are driven to get the best outcome possible for you and your family. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Call The <a href="http://www.prlog.org/10192520-loan-modification-feldman-law-center.html" title="Feldman Law Center">Feldman Law Center</a> today at 800-588-0425. Resources: <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/">Feldman Law Center: Profile – Business Exchange</a> <a href="http://www.24-7pressrelease.com/press-release/the-feldman-law-centers-code-of-ethics-and-practices-104677.php">Press Release – The Feldman Law Center’s Code of Ethics and Practices</a> <a href="http://www.prlog.org/10192520-loan-modification-feldman-law-center.html">Loan Modification – Feldman Law Center</a> <a href="http://www.merchantcircle.com/business/Feldman.Law.Center.800-527-8497">Feldman Law Center, Mission Viejo CA 92691</a> <a href="http://www.trafficlegaladvice.info/feldman-law-center-the-cream-rises-in-loan-modifications">Feldman Law Center – The Cream Rises in Loan Modifications</a> <a href="http://www.free-press-release.com/news/200906/1245863015.html">Feldman Law Center – Ten Tips for a Successful Home Loan Modification</a> <a href="http://hubpages.com/hub/Feldman-Law-Center---Saving-Thousands-with-a-Loan-Modification">Feldman Law Center – Saving Thousands with a Loan Modification – Debt Settlement Combination</a> <a href="http://orangecounty.citysearch.com/profile/602692682/mission_viejo_ca/feldman_law_center.html">Feldman Law Center – Mission Viejo, CA, 92891 – Citysearch</a> <a href="http://www.trulia.com/blog/feldmanlawcenter/2009/06/feldman_law_center_-_the">Feldman Law Center – The New York Times gets it About Half Right</a> <a href="http://www.1888pressrelease.com/feldman-law-center-47509-company-pr.html">Feldmanlawcenter.com – Feldman Law Center Company News</a> <a href="http://pressroom.prlog.org/feldmanlawcenter">Feldman Law Center</a> <a href="http://www.trulia.com/profile/feldmanlawcenter">Feldman Law Center</a> Trulia Profile</div>
The Labyrinth – Feldman Law Center – Loan Modification Help by Feldman Law Center
<div class="marb10 clearfix blog_post_body"><div class="entry"><div class="snap_preview">Feldman Law Center – News by Feldman Law Center — If homeowners are holding on to one aspect of the Obama Administration’s Homeowner Affordability and Stability Plan, it’s “2%”. Of the multitude of calls that come in to The <a href="http://stopforeclosurelawoffice.com/">Feldman Law Center</a>, a majority of them sound something like “How do I qualify for a 2% mortgage?” The promise of the program, in general, has been muted by its slow uptake by lenders and mortgage servicers and the incredibly slow response time for those that have applied with them for home <a href="http://www.feldmanlawcenter.com/">loan modifications</a>. Some homeowners are waiting months just to hear whether they qualify, while their foreclosure creeps ever closer. The one issue being proved out is that attorney driven home loan modifications are moving faster and have a much better chance of getting approved. Steve Feldman, Senior Partner at The <a href="http://loanmodificationagent.com/">Feldman Law Center</a> agreed saying, “We took the time to understand the guidelines and we’re familiar with the different protocols at the various lenders, so we’re very comfortable with navigating the process.” The new program has carried with it the problems of learning the guidelines, integrating systems, and training staff, all of which have slowed the process to a crawl at many of the lenders. Fifteen lenders, in addition to FNMA and FHLMC, are participating in the program. That group lists the biggest lenders in the country including BankAmerica, JP Morgan Chase, CitiMortgage, and Wells Fargo but the banks are still very limited in how many applications they can process at any given time. Homeowners unfamiliar with guidelines and the lender’s interpretations of them are getting different answers from different people at the banks and requests for multiple submissions for paperwork as files are passed from one overworked processor to the next. Another impediment is that the bulk of original loans were packaged and sold to domestic and international institutional investors. The mortgages are handled by servicers that process payments, do billing, and keep records but don’t actually own the mortgage paper. This brings a third party into the negotiations that may or may not agree with the new terms of a modified loan. Congress recently passed a “safe harbor law” that gives servicers more autonomy in their <a href="http://www.feldmanlawcenter.com/">loan modification</a> approval process but whether that increases the number of completed modifications remains to be seen. Jobs cutbacks and unemployment are now the largest single factor causing homeowners to struggle with their payments. “Employment issues started with people that worked directly in the real estate and mortgage areas, and then spread to the people that relied on business from those sectors like furniture, flooring, etc”, Mr. Feldman said, “Now, with the economy as soft as it is, unemployment is spread across the entire job market. We’re seeing <a href="http://www.feldmanlawcenter.com/">home loan modification</a> applications from all walks of life.” Borrowers who have received foreclosure documents from lenders/servicers and those who may soon miss a mortgage payment are eligible for the Homeowner Affordability and Stability Plan. To be eligible, a borrower must live in the home, have a monthly mortgage payment larger than 31 percent of their gross income, bought their homes before January 1st 2009, and owe less than $729,750 on the mortgage. The cap of the size of the mortgage excludes many homeowners on both coasts and other affluent areas. Under the most basic guidelines of the plan, the monthly payments of those who are approved for a modification are lowered to the 31 percent limit. Lenders can do this by reducing interest rates to as low as 2 percent, by extending the term of the loan to 40 years or by deferring principal. The plan has provisions to cover some of the homeowner’s mortgage balance in order to reach the 31% of gross income level. The plan also rewards borrowers and lenders for modifications where payments are made for twelve consecutive months. About 100,000 homeowners across the country so far have been extended <a href="http://www.feldmanlawcenter.com/">loan modification</a> offers, according to Meg Reilly, a spokeswoman for the Treasury Department. “We are absolutely working to make things move faster and provide relief to more homeowners as soon as possible,” Ms. Reilly said. “We are encouraging servicers to staff up, establishing a hotline for homeowners, looking for new tools to expedite this process, working with communities to get the word out about resources available to homeowners.” JP Morgan chase has 15,000 homeowners in trial modifications and Wells Fargo has enrolled approximately 3,000. A trial typically lasts 3 months and reduces a homeowner’s mortgage payments while the <a href="http://loanmodificationattorney.com/">home loan modification</a> is being processed. If the homeowner is late or misses a payment the <a href="http://loanmodificationattorney.com/">loan modification process</a> is stopped and the homeowner is immediately disqualified. There are no statistics at this point covering how many homeowners have been disqualified from the trial aspect of the modification process. With a million foreclosure already filed through May, industry watchers agree that more needs to be done but there are additional challenges that may prevent homeowners from receiving <a href="http://loanmodificationattorney.com/">home loan modifications</a>. One of those challenges is an aspect of the program that allows servicers to run what is known as a net present value test, which determines whether a loan modification would be a better value for the mortgage investors than foreclosure. In places where property values have been hard hit and many people owe more than their properties are worth, servicers are more likely to opt for <a href="http://www.feldmanlawcenter.com/">mortgage loan modifications</a> because the homes would not bring in enough money in a foreclosure sale, if the homes could be sold at all. On the other hand, the net present value test would favor foreclosure in places like New York City, where values are still high and loan amounts are much higher than other areas of the country. There, servicers might have to give more concessions in a modification to bring them in line with homeowners’ current financial picture. If homes haven’t lost as much value, on a relative basis, and there are indications that they could be sold at auction then foreclosure would provide a better return for the investors. At issue, is that servicers are using their own criteria for the net present value tests and are not required to tell borrowers the details of how they run them and how they determine a home’s value. The calculations derived from the test put homeowners at the mercy of the investors in terms of a foreclosure decision but they have no idea on how the decision is made. The incentives provided by the program to servicers are intended, in part, to mitigate the results of the net present value tests but at the higher price ranges they don’t pay enough money to alter the outcome of the test. According to Steve Feldman, “This is one of the areas where we add the most value for our clients”, referring to the net present value tests, “A lot of homeowners trying to do this on their own are getting bogged down and disqualified at this point in their modification. Our process gets the homeowner through the net present value test as quickly as possible.” Homeowners on the brink of foreclosure may want to consider those words before walking through the labyrinth of <a href="http://www.feldmanlawcenter.com/">home loan modifications</a> on their own. For more information visit <a href="http://loanmodificationattorney.com/" target="_blank">Feldman Law Center</a> at www.feldmanlawcenter.com. Resources: <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/">Feldman Law Center: Profile – Business Exchange</a> <a href="http://www.24-7pressrelease.com/press-release/the-feldman-law-centers-code-of-ethics-and-practices-104677.php">Press Release – The Feldman Law Center’s Code of Ethics and Practices</a> <a href="http://www.prlog.org/10192520-loan-modification-feldman-law-center.html">Loan Modification – Feldman Law Center</a> <a href="http://www.merchantcircle.com/business/Feldman.Law.Center.800-527-8497">Feldman Law Center, Mission Viejo CA 92691</a> <a href="http://www.trafficlegaladvice.info/feldman-law-center-the-cream-rises-in-loan-modifications">Feldman Law Center – The Cream Rises in Loan Modifications</a> <a href="http://www.free-press-release.com/news/200906/1245863015.html">Feldman Law Center – Ten Tips for a Successful Home Loan Modification</a> <a href="http://hubpages.com/hub/Feldman-Law-Center---Saving-Thousands-with-a-Loan-Modification">Feldman Law Center – Saving Thousands with a Loan Modification – Debt Settlement Combination</a> <a href="http://orangecounty.citysearch.com/profile/602692682/mission_viejo_ca/feldman_law_center.html">Feldman Law Center – Mission Viejo, CA, 92891 – Citysearch</a> <a href="http://www.trulia.com/blog/feldmanlawcenter/2009/06/feldman_law_center_-_the">Feldman Law Center – The New York Times gets it About Half Right</a> <a href="http://www.1888pressrelease.com/feldman-law-center-47509-company-pr.html">Feldmanlawcenter.com – Feldman Law Center Company News</a> <a href="http://pressroom.prlog.org/feldmanlawcenter">Feldman Law Center</a> <a href="http://www.trulia.com/profile/feldmanlawcenter">Feldman Law Center</a> Trulia Profile</div></div></div>
Feldman Law Center – Why Loan Modifications Are Better Than Bankruptcies
<div class="marb10 clearfix blog_post_body"><div class="entry"><div class="snap_preview">Feldman Law Center – News by Feldman Law Center – Feldman Law Center: If you are considering bankruptcy because of the debt you owe on your house, you probably know something about filing for bankruptcy, but are still checking out the options that you have. Chapter 7 Bankruptcy, sometimes referred to as a “straight bankruptcy,” is where your non-exempt property is sold and the cash proceeds are given to your creditors. This method of filing for bankruptcy has become more difficult recently, due to new legislation on the issue. Chapter 13 Bankruptcy allows you to reorganize your debts – consolidating your debts and paying them off, free of interest, over a time period of three to five years. This plan prevents creditors from collecting from you during the terms of the contract, as required by Federal Courts. However, you must have a consistent source of income for this type of bankruptcy to be approved, and you must continue to pay for your monthly living expenses as well as the debts you consolidate. Although both Chapter 7 and Chapter 13 bankruptcy can help you to get rid of some of your debts, filing for bankruptcy does cost money, and the legal battle can take time. A bankruptcy also stays on your credit report for ten years, marring your credit score, which can affect your ability to rent property or get a job, among other things. It also affects your short-term ability to get credit. In the past, bankruptcy was a popular way of dealing with mounting debts, such as too-high mortgage payments. Bankruptcy has become an increasingly difficult legal process to complete, it may not actually get you out of your mortgage agreement, and it is a major blemish on your credit history. The attorneys of The <a href="http://stopforeclosurelawoffice.com/" title="Feldman Law Center">Feldman Law Center</a> believe that you have other options, and that you should <a href="http://www.feldmanlawcenter.com/" title="avoid foreclosure">avoid foreclosure </a>at all costs. If you have been making late payments on your loan, have a climbing adjustable interest rate, or have not paid interest and fees on your mortgage, one option that you should consider is a <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a>. One of our <a href="http://www.feldmanlawcenter.com/" title="california loan modification">California loan modification</a> attorneys can help you negotiate your loan agreement with your mortgage company. The attorneys at the <a href="http://loanmodificationagent.com/" title="Feldman Law Center">Feldman Law Center</a> not only know the latest regulations regarding <a href="http://www.feldmanlawcenter.com/" title="home loan modifications">home loan modifications</a>, but they are able to negotiate a more favorable contract with your lender than you would be able to do on your own. Some positive changes that can result from a <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> include a lower interest rate on your mortgage, forgiveness of some of the amount you owe, stabilization of an adjustable rate mortgage, negotiation of lower monthly payments, and more. Not only can the above things result from enlisting the help of a<a href="http://loanmodificationattorney.com/" title="home loan modification"> home loan modification</a> attorney, but you can also avoid the expense and time that a bankruptcy would entail. A loan modification will not adversely affect your credit report like a bankruptcy will, and you can stay in your house and retain the money that you’ve already paid towards your mortgage. An attorney at the <a href="http://loanmodificationattorney.com/" title="Feldman Law Center">Feldman Law Center</a> can help you get these results more quickly than you could do on your own, and can save you the hassle of filing for bankruptcy. Contact us today for your free consultation. About Feldman Law Center The <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/" title="Feldman Law Center">Feldman Law Center</a> was founded for the purpose of negotiating <a href="http://www.feldmanlawcenter.com/" title="mortgage loan modifications">mortgage loan modifications</a> on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either <a href="http://www.feldmanlawcenter.com/" title="stop foreclosure">stop foreclosure</a> proceedings. The mission at The <a href="http://pressroom.prlog.org/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a> is to provide the highest level of professional service while delivering the best possible result on each <a href="http://loanmodificationattorney.com/" title="mortgage loan modification">mortgage loan modification</a> we negotiate on the behalf of the families we represent. Having negotiated over 500 attorney driven <a href="http://www.feldmanlawcenter.com/" title="loan modifications">loan modifications</a>, we realize that each homeowner’s situation is unique and that each modification may require a different approach than the one before it. To that end, we can always call on our 25 years of negotiating, knowledge, and real estate experience to provide the most optimal solutions for each family’s situation. While we are negotiating your <a href="http://www.feldmanlawcenter.com/" title="mortgage loan modification">mortgage loan modification</a> with your lenders our friendly and compassionate team will keep you updated all the way on how the process is advancing. The people at The <a href="http://pressroom.prlog.org/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a> completely understand the stress of being behind in your monthly payments and the sleepless nights that can be brought on by an impending foreclosure. Rest assured that we will stand with you all the way through the<a href="http://loanmodificationattorney.com/" title="loan modification process"> loan modification process</a> and that we are driven to get the best outcome possible for you and your family. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Call The <a href="http://stopforeclosurelawoffice.com/about-feldman-law-center.html" title="Feldman Law Center">Feldman Law Center</a> today at 800-588-0425 or visit www.feldmanlawcenter.com. Resources: <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/">Feldman Law Center: Profile – Business Exchange</a> <a href="http://www.24-7pressrelease.com/press-release/the-feldman-law-centers-code-of-ethics-and-practices-104677.php">Press Release – The Feldman Law Center’s Code of Ethics and Practices</a> <a href="http://www.prlog.org/10192520-loan-modification-feldman-law-center.html">Loan Modification – Feldman Law Center</a> <a href="http://www.merchantcircle.com/business/Feldman.Law.Center.800-527-8497">Feldman Law Center, Mission Viejo CA 92691</a> <a href="http://www.trafficlegaladvice.info/feldman-law-center-the-cream-rises-in-loan-modifications">Feldman Law Center – The Cream Rises in Loan Modifications</a> <a href="http://www.free-press-release.com/news/200906/1245863015.html">Feldman Law Center – Ten Tips for a Successful Home Loan Modification</a> <a href="http://hubpages.com/hub/Feldman-Law-Center---Saving-Thousands-with-a-Loan-Modification">Feldman Law Center – Saving Thousands with a Loan Modification – Debt Settlement Combination</a> <a href="http://orangecounty.citysearch.com/profile/602692682/mission_viejo_ca/feldman_law_center.html">Feldman Law Center – Mission Viejo, CA, 92891 – Citysearch</a> <a href="http://www.trulia.com/blog/feldmanlawcenter/2009/06/feldman_law_center_-_the">Feldman Law Center – The New York Times gets it About Half Right</a> <a href="http://www.1888pressrelease.com/feldman-law-center-47509-company-pr.html">Feldmanlawcenter.com – Feldman Law Center Company News</a> <a href="http://pressroom.prlog.org/feldmanlawcenter">Feldman Law Center</a> <a href="http://www.trulia.com/profile/feldmanlawcenter">Feldman Law Center</a> Trulia Profile</div></div></div>
Feldman Law Center – Why Does It Seem Like Everyone is in Foreclosure?
<div class="entry"><div class="snap_preview">At the <a href="http://stopforeclosurelawoffice.com/" title="Feldman Law Center">Feldman Law Center</a>, we have seen many homeowners wrestle with the difficult financial challenges facing everyone today. However, it is not just homeowners who are wrestling with difficult financial circumstances. Fortune 500 companies are declaring bankruptcy, banks are failing and even politicians are having a hard time selling their homes. One amazing occurrence that the entire financial industry is paying attention to is how many commercial foreclosures and bankruptcies there are. For example, in the first half of 2009, the bankruptcy and debt restructuring activity among major corporations increased 329 percent! For major corporations,<a href="http://www.feldmanlawcenter.com/" title="loan modifications"> loan modifications </a>are not an option, and they must handle their debts much differently. The industries facing the highest number of bankruptcies include financial services, manufacturing and industrials, real estate and consumer retail. Other signs of financial trauma include United States Secretary of the Treasury Timothy Geithner having a hard time selling his home. It was also reported that 1,200 businesses in Rhode Island were threatened with foreclosure for not paying their taxes. That is not 100 businesses, but over 1,000 businesses could face foreclosure for allegedly not paying taxes. It seems like there is just a smaller amount of money than ever before, and everyone is trying to get what they can. State governments are fighting city governments, large corporations are fighting small businesses and the average homeowner is trying to keep their home out of the <a href="http://www.feldmanlawcenter.com/" title="foreclosure process">foreclosure process</a>. As mentioned earlier, General Motors can’t just call a <a href="http://loanmodificationattorney.com/about-feldman-law-center.html" title="loan modification attorney">loan modification attorney</a> and try to get a <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> for all of their manufacturing plants. However, a homeowner can do just that, and save himself or herself the pain and embarrassment of a foreclosure. A <a href="http://www.feldmanlawcenter.com/" title="mortgage loan modification">mortgage loan modification</a> is an agreement between the borrower and the lender to renegotiate the terms of a home mortgage loan. A <a href="http://www.feldmanlawcenter.com/" title="home loan modification">home loan modification</a> could change the interest rate, eliminate late fees and penalties, adjust the length of the loan and much more. Another major asset in the <a href="http://loanmodificationattorney.com/" title="loan modification process">loan modification process </a>is a loan modification attorney. A loan modification attorney can offer a specialized skill which is incredibly valuable to anyone looking for a great loan modification. A loan modification can provide excellent advice and counsel, as well as a particular skill in negotiating a <a href="http://loanmodificationattorney.com/" title="home loan modification">home loan modification</a>. Negotiating with lenders can be trick, and even in a difficult financial time like we are in now, banks and mortgages companies do not want to give up too much. Banks will take advantage of every situation they can, but with a <a href="http://www.feldmanlawcenter.com/" title="california loan modification">California loan modification</a> attorney on your side, you can have a highly trained professional representing you. If you are in a difficult financial circumstance, you can comfort yourself with the knowledge that you do not have the debt problems that a large corporation has and you have many more options as well. A loan modification attorney can help you get the best <a href="http://loanmodificationattorney.com/" title="mortgage loan modification">mortgage loan modification</a> possible and help you stay in your home for the long term. Visit <a href="http://loanmodificationagent.com/" title="Feldman Law Center">Feldman Law Center</a> at http://www.feldmanlawcenter.com or call 800-588-0425. About Feldman Law Center The <a href="http://loanmodificationattorney.com/" title="Feldman Law Center">Feldman Law Center</a> was founded for the purpose of negotiating <a href="http://www.feldmanlawcenter.com/" title="loan modifications">loan modifications</a> on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either stop or <a href="http://feldmanlawcenter.com/" title="avoid foreclosure">avoid foreclosure</a> proceedings. The mission at The <a href="http://pressroom.prlog.org/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a> is to provide the highest level of professional service while delivering the best possible result on each <a href="http://feldmanlawcenter.com/works.php" title="loan modification">loan modification</a> we negotiate on the behalf of the families we represent. Having negotiated over 500 attorney driven loan modifications, we realize that each homeowner’s situation is unique and that each modification may require a different approach than the one before it. To that end, we can always call on our 25 years of negotiating, knowledge, and real estate experience to provide the most optimal solutions for each family’s situation. While we are negotiating your loan modification with your lenders our friendly and compassionate team will keep you updated all the way on how the process is advancing. The people at The <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174" title="Feldman Law Center">Feldman Law Center</a> completely understand the stress of being behind in your monthly payments and the sleepless nights that can be brought on by an impending foreclosure. Rest assured that we will stand with you all the way through the <a href="http://feldmanlawcenter.com/works.php" title="loan modification process">loan modification process</a> and that we are driven to get the best outcome possible for you and your family. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Call The <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174" title="Feldman Law Center">Feldman Law Center</a> today at 800-588-0425. Resources: <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/">Feldman Law Center: Profile – Business Exchange</a> <a href="http://www.24-7pressrelease.com/press-release/the-feldman-law-centers-code-of-ethics-and-practices-104677.php">Press Release – The Feldman Law Center’s Code of Ethics and Practices</a> <a href="http://www.prlog.org/10192520-loan-modification-feldman-law-center.html">Loan Modification – Feldman Law Center</a> <a href="http://www.merchantcircle.com/business/Feldman.Law.Center.800-527-8497">Feldman Law Center, Mission Viejo CA 92691</a> <a href="http://www.trafficlegaladvice.info/feldman-law-center-the-cream-rises-in-loan-modifications">Feldman Law Center – The Cream Rises in Loan Modifications</a> <a href="http://www.free-press-release.com/news/200906/1245863015.html">Feldman Law Center – Ten Tips for a Successful Home Loan Modification</a> <a href="http://hubpages.com/hub/Feldman-Law-Center---Saving-Thousands-with-a-Loan-Modification">Feldman Law Center – Saving Thousands with a Loan Modification – Debt Settlement Combination</a> <a href="http://orangecounty.citysearch.com/profile/602692682/mission_viejo_ca/feldman_law_center.html">Feldman Law Center – Mission Viejo, CA, 92891 – Citysearch</a> <a href="http://www.trulia.com/blog/feldmanlawcenter/2009/06/feldman_law_center_-_the">Feldman Law Center – The New York Times gets it About Half Right</a> <a href="http://www.1888pressrelease.com/feldman-law-center-47509-company-pr.html">Feldmanlawcenter.com – Feldman Law Center Company News</a> <a href="http://pressroom.prlog.org/feldmanlawcenter">Feldman Law Center</a> <a href="http://www.trulia.com/profile/feldmanlawcenter">Feldman Law Center</a> Trulia Profile</div></div>
Feldman Law Center – Loan Modifications Ramped Up by Government
<div class="marb10 clearfix blog_post_body"><div class="entry"><div class="snap_preview">Feldman Law Center – News by <a href="http://www.trulia.com/profile/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a> — The world of <a href="http://www.feldmanlawcenter.com/" title="loan modifications">loan modifications</a> is ever changing, and proof positive is the federal government’s ever-expanding role in influencing banks to offer <a href="http://www.feldmanlawcenter.com/" title="loan modifications">loan modifications</a>. It was recently reported that the government is frustrated with the progress of their federal <a href="http://loanmodificationattorney.com/" title="loan modification program">loan modification program</a>, and are trying to influence major banks to increase the number of loan modifications for homeowners. Of course, increasing the number of <a href="http://www.feldmanlawcenter.com/" title="mortgage loan modifications">mortgage loan modifications</a> means relaxing the standards which they are currently using to allow for loan modifications. Banks such as Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo were all summoned to a meeting in Washington, D.C. to discuss ways to improve the <a href="http://www.feldmanlawcenter.com/" title="federal loan modification program">federal loan modification program</a>, which was announced in February 2009. The Obama Administration put a great deal of effort and hope into the program, but it has not yet produced the kinds of results people thought it would. The administration’s goal is to complete 500,000 trial<a href="http://loanmodificationattorney.com/" title="home loan modifications"> home loan modifications</a>, although some analysts fear this is far too optimistic. The government has discussed ways to expand the program, including ways to simultaneously modify mortgages and home equity loans. When President Obama took office earlier this year, the number of foreclosures was sky rocketing due in large part to the subprime mortgage crisis and the adjustable rate mortgages (ARMs) which were offered so rampantly. As a result, millions of Americans were losing their homes and the government felt it needed to intervene. While the level of government involvement is new, loan modifications, are nothing new. California loan modification attorneys have been helping people stay in their homes for years, by helping them get <a href="http://www.feldmanlawcenter.com/" title="home loan modifications">home loan modifications</a> without government interference. Millions of people throughout California have used <a href="http://www.feldmanlawcenter.com/" title="california loan modification">California loan modification</a> attorneys for their <a href="http://www.feldmanlawcenter.com/">California home loan modifications</a> because attorneys carry a special place in our current culture. When a loan modification attorney calls a bank or lender, they get a much quicker response because they have the law on their side. When people try to handle loan modifications on their own, they usually do not know what they are doing exactly and can make many mistakes as a result. The recent government programs have helped a few people, but since the banks all have huge bureaucracies and the federal government is one giant bureaucracy, people often get lost in process. Trying to call the federal <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> program hotline can cause major headaches, and trying to get one huge bureaucracy to call another huge bureaucracy can take months and months. While it is encouraging that the federal government is trying to help the average homeowner, a <a href="http://loanmodificationattorney.com/" title="loan modification attorney">loan modification attorney</a> can get better results in less time. A <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> can help adjust a number of mortgage terms to lower your monthly mortgage payment, thus allowing you an affordable payment you can pay consistently. California <a href="http://loanmodificationattorney.com/" title="loan modification attorneys">loan modification attorneys</a>, such as those at the <a href="http://loanmodificationattorney.com/" title="Feldman Law Center">Feldman Law Center</a>, have years of experience in helping people avoid foreclosure and stay in their homes. Our loan modification attorney team is highly skilled in helping California homeowners in avoiding foreclosure, avoiding bankruptcy, avoiding a short sale and avoiding the “just walk away” option. Visit us at http://www.feldmanlawcenter.com or call 800-588-0425. About Feldman Law Center The <a href="http://loanmodificationagent.com/" title="Feldman Law Center">Feldman Law Center</a> was founded for the purpose of negotiating loan modifications on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either <a href="http://www.feldmanlawcenter.com/" title="stop foreclosure">stop foreclosure</a> proceedings. The mission at The <a href="http://stopforeclosurelawoffice.com/" title="Feldman Law Center">Feldman Law Center</a> is to provide the highest level of professional service while delivering the best possible result on each loan modification we negotiate on the behalf of the families we represent. Having negotiated over 500 attorney driven loan modifications, we realize that each homeowner’s situation is unique and that each modification may require a different approach than the one before it. To that end, we can always call on our 25 years of negotiating, knowledge, and real estate experience to provide the most optimal solutions for each family’s situation. While we are negotiating your loan modification with your lenders our friendly and compassionate team will keep you updated all the way on how the process is advancing. The people at The <a href="http://pressroom.prlog.org/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a> completely understand the stress of being behind in your monthly payments and the sleepless nights that can be brought on by an impending foreclosure. Rest assured that we will stand with you all the way through the <a href="http://www.feldmanlawcenter.com/" title="loan modification process">loan modification process</a> and that we are driven to get the best outcome possible for you and your family. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Call The <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174" title="Feldman Law Center">Feldman Law Center</a> today at 800-588-0425 or visit www.feldmanlawcenter.com. Resources: <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/">Feldman Law Center: Profile – Business Exchange</a> <a href="http://www.24-7pressrelease.com/press-release/the-feldman-law-centers-code-of-ethics-and-practices-104677.php">Press Release – The Feldman Law Center’s Code of Ethics and Practices</a> <a href="http://www.prlog.org/10192520-loan-modification-feldman-law-center.html">Loan Modification – Feldman Law Center</a> <a href="http://www.merchantcircle.com/business/Feldman.Law.Center.800-527-8497">Feldman Law Center, Mission Viejo CA 92691</a> <a href="http://www.trafficlegaladvice.info/feldman-law-center-the-cream-rises-in-loan-modifications">Feldman Law Center – The Cream Rises in Loan Modifications</a> <a href="http://www.free-press-release.com/news/200906/1245863015.html">Feldman Law Center – Ten Tips for a Successful Home Loan Modification</a> <a href="http://hubpages.com/hub/Feldman-Law-Center---Saving-Thousands-with-a-Loan-Modification">Feldman Law Center – Saving Thousands with a Loan Modification – Debt Settlement Combination</a> <a href="http://orangecounty.citysearch.com/profile/602692682/mission_viejo_ca/feldman_law_center.html">Feldman Law Center – Mission Viejo, CA, 92891 – Citysearch</a> <a href="http://www.trulia.com/blog/feldmanlawcenter/2009/06/feldman_law_center_-_the">Feldman Law Center – The New York Times gets it About Half Right</a> <a href="http://www.1888pressrelease.com/feldman-law-center-47509-company-pr.html">Feldmanlawcenter.com – Feldman Law Center Company News</a> <a href="http://pressroom.prlog.org/feldmanlawcenter">Feldman Law Center</a> <a href="http://www.trulia.com/profile/feldmanlawcenter">Feldman Law Center</a> Trulia Profile</div></div></div>
Feldman Law Center – News Regarding FDIC Loan Modifications
<div class="marb10 clearfix blog_post_body"><div class="entry"><div class="snap_preview">Feldman Law Center – News by Feldman Law Center — At the <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174" title="Feldman Law Center">Feldman Law Cente</a>r, our <a href="http://loanmodificationattorney.com/" title="loan modification attorney">loan modification attorney</a> team keeps their eye on all <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> news in order to properly inform and education every client we work with. Our California <a href="http://www.feldmanlawcenter.com/" title="loan modification company">loan modification company</a> works hard to provide top notch advice as well as a skilled legal ability to get you the best <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> agreement possible. Recently, the federal government has been paying far more attention to the <a href="http://loanmodificationattorney.com/" title="loan modification process">loan modification process</a> than they have in the past. The Federal Deposit Insurance Corporation (FDIC) and the Federal Housing Administration have rolled out plans over the last year to combat the rising foreclosure proceedings. The <a href="http://www.feldmanlawcenter.com/" title="fdic loan modification">FDIC loan modification</a> program and the FHA <a href="http://loanmodificationattorney.com/" title="loan modification program">loan modification program</a> have received some heavy criticism from large financial institutions such as Moody’s Investor Services. In a recent Moody’s report, the <a href="http://loanmodificationattorney.com/" title="fdic loan modification">FDIC loan modification</a> program may eventually reduce cumulative losses for mortgage loans involved in the subprime mortgage crisis. The FDIC loan modification program is designed to help more people get quality <a href="http://www.feldmanlawcenter.com/" title="loan modifications">loan modifications</a> by creating a streamlined framework with key incentives, including: a loss-sharing arrangement for existing investors; and a thousand dollar stipend for every successful <a href="http://feldmanlawcenter.com/" title="home loan modification">home loan modification</a>. Ultimately however, Moody’s feels that the participation in the <a href="http://www.feldmanlawcenter.com/" title="fdic loan modification program">FDIC loan modification program</a> might be limited, which weakens the effectiveness of the program. The FDIC loan modification program will have a lesser cumulative impact on the losses suffered by banks, lenders and homeowners. A<a href="http://www.feldmanlawcenter.com/" title="california loan modification"> California loan modification</a> can be had by utilizing the skills of a <a href="http://loanmodificationattorney.com/" title="california loan modification">California loan modification</a> attorney. At the <a href="http://pressroom.prlog.org/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a>, our <a href="http://www.feldmanlawcenter.com/" title="loan modification law firm">loan modification law firm</a> can provide the kind of unique experience and highly sought after knowledge necessary to procure a loan modification. Working with any lender or federal agency involves lots of red tape and bureaucratic road blocks; but with a skilled loan modification attorney, you could overcome those challenges. Many people are interested in how a <a href="http://www.feldmanlawcenter.com/" title="mortgage loan modification">mortgage loan modification</a> can help them change their financial situation and keep them in their house for the long haul. Throughout California, foreclosure signs are popping up in neighborhoods all over the state, and even in some areas that never thought it would happen to them. Even such neighborhoods as Beverly Hills, Bel Air and Walnut Creek are suffering from the subprime crisis, and everyone in the state is suffering as a result. California unemployment has reached double digits, and it could get much worse. A <a href="http://loanmodificationattorney.com/" title="mortgage loan modification">mortgage loan modification</a> is an agreement between the debtor and the mortgage company to renegotiate the terms of the mortgage loan. This is done so that the borrower can have an affordable, reasonable monthly payment, allowing them to keep making payments over the long haul. A <a href="http://www.feldmanlawcenter.com/" title="california home loan modification">California home loan modification</a> attorney can help the borrower negotiate with the lender, arrange the loan modification application and communicate with the bank or lender. With a loan modification attorney at your side, you can get the best <a href="http://feldmanlawcenter.com/loan_modification_options.php" title="loan modification">loan modification</a> possible and keep yourself and your family in your home. About Feldman Law Center The <a href="http://loanmodificationattorney.com/" title="Feldman Law Center">Feldman Law Center</a> was founded for the purpose of negotiating <a href="http://feldmanlawcenter.com/" title="loan modifications">loan modifications</a> on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either <a href="http://feldmanlawcenter.com/" title="stop foreclosure">stop foreclosure </a>proceedings. The mission at The <a href="http://loanmodificationagent.com/" title="Feldman Law Center">Feldman Law Center</a> is to provide the highest level of professional service while delivering the best possible result on each <a href="http://feldmanlawcenter.com/after_a_loan_modification.php" title="loan modification">loan modification</a> we negotiate on the behalf of the families we represent. Having negotiated over 500 attorney driven loan modifications, we realize that each homeowner’s situation is unique and that each modification may require a different approach than the one before it. To that end, we can always call on our 25 years of negotiating, knowledge, and real estate experience to provide the most optimal solutions for each family’s situation. While we are negotiating your<a href="http://feldmanlawcenter.com/loan_modification_options.php" title="loan modification"> loan modification</a> with your lenders our friendly and compassionate team will keep you updated all the way on how the process is advancing. The people at The <a href="http://stopforeclosurelawoffice.com/" title="Feldman Law Center">Feldman Law Center</a> completely understand the stress of being behind in your monthly payments and the sleepless nights that can be brought on by an impending foreclosure. Rest assured that we will stand with you all the way through the <a href="http://loanmodificationattorney.com/" title="loan modification process">loan modification process</a> and that we are driven to get the best outcome possible for you and your family. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Call The <a href="http://loanmodificationagent.com/about-feldman-law-center.html" title="Feldman Law Center">Feldman Law Center</a> today at 800-588-0425. Resources: <a href="http://www.trulia.com/profile/feldmanlawcenter">Feldman Law Center</a> Trulia Profile <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/">Feldman Law Center: Profile – Business Exchange</a> <a href="http://www.24-7pressrelease.com/press-release/the-feldman-law-centers-code-of-ethics-and-practices-104677.php">Press Release – The Feldman Law Center’s Code of Ethics and Practices</a> <a href="http://www.prlog.org/10192520-loan-modification-feldman-law-center.html">Loan Modification – Feldman Law Center</a> <a href="http://pressroom.prlog.org/feldmanlawcenter">Feldman Law Center</a></div></div></div>
Feldman Law Center-Behind the Numbers in the OCC and OTS Mortgage Metrics Summary for First Quarter
<div class="marb10 clearfix blog_post_body"><div class="entry"><div class="snap_preview"><a href="http://loanmodificationagent.com/" title="Feldman Law Center">Feldman Law Center</a> – News by Feldman Law Center: The report recently released by the Comptroller of the Currency and the Office of Thrift Supervision showed some startling numbers for the first quarter, made worse by the knowledge that anecdotal evidence shows that the numbers for the second quarter of the year will likely be worse. The problems popping up all over the economy in general in the real estate market appear to be deeper and broader while assistance in the form of The Obama administration’s Making Home Affordable plan has been slow to arrive. Here’s some of the data and what it signifies for the real estate market: * Serious delinquencies on prime loans, which account for two-thirds of all U.S. mortgages, rose to 661,914 in the first quarter from 250,986 a year earlier, according to the report. Overall, mortgages 60 days or more past due rose 88 percent from last year. Representing $4 trillion in mortgages, any incremental slippage in these numbers translates to major numbers in terms of inventory and dollars. * The data shows 5.9 percent of the 21.8 million Fannie Mae and Freddie Mac loans serviced by national banks or thrifts were at least days 30 days late, in foreclosure or subject to bankruptcy, compared with 3.2 percent a year earlier. That’s 1.2 million properties that were struggling in an economy that has worsened since the report. * Seriously delinquent mortgages (60 or more days past due or involving delinquent bankrupt borrowers) continued to increase across all mortgage categories. Economic contraction continued to weigh on homeowners. * Foreclosures in process also increased during the quarter to 844,389, or about 2.5 percent of all serviced loans, as moratoriums on foreclosures expired during the first quarter. This increase represented a 22 percent jump from the previous quarter and a 73 percent rise from the first quarter of 2008. Moratoriums continued to expire into the second quarter resulting in benchmark of one million foreclosures being reached in May. The OCC/OTS report initiated coverage on <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> metrics. The report gave results on a total of 185,186 loans that were modified in the quarter: * Almost two thirds of modified loans employed combinations where at least two terms were modified to reduce the mortgage payment. * Capitalization of delinquent interest, fees, and advances, combined with interest rate reductions and extended maturities were the most common combinations. * On completed <a href="http://www.feldmanlawcenter.com/" title="loan modifications">loan modifications</a>, 70.2 percent included a capitalization of missed payments and fees, 63.2 percent reduced the interest rate, and 25.1 included an extended maturity. * Modifications that reduced monthly payments by 20 percent or more jumped 19 percent from the previous quarter, to 29 percent of all modifications. Studies have shown that <a href="http://loanmodificationattorney.com/" title="home loan modification">home loan modifications</a> that lower payments by 20% or more go into default at less than half the rate of those that reduce payments by less. * By contrast, <a href="http://www.feldmanlawcenter.com/" title="mortgage loan modifications">mortgage loan modifications</a> that increased payments made up only 19 percent of the total, a drop of 25 percent from the previous quarter. Not surprisingly, these types of modification are falling out of favor due to their high re-default rate. The report indicated that the main cause of foreclosures has morphed from ill-fated and risky subprimes to unemployment and a recessed economy. Considering that both of those areas continued to deteriorate over the second quarter, the next report from the OCC/OTS could be an eye opener. About Feldman Law Center The <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174" title="Feldman Law Center">Feldman Law Cente</a>r is one of California’s top <a href="http://www.feldmanlawcenter.com/" title="loan modification companies">loan modification companies</a>, providing excellent service to our clients and is completely focused on keeping everyone one of our clients in their homes. Our <a href="http://loanmodificationattorney.com/" title="mortgage loan modification">mortgage loan modification</a> experts work tirelessly to provide every homeowner we work with the information, guidance and support they need to modify their mortgages and keep the homes they’ve worked to buy. About Loan Modifications If you’re unfamiliar with what a <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> is, a <a href="http://loanmodificationattorney.com/" title="home loan modification">home loan modification</a> is quite possibly the most effective tool you can utilize if you are behind on your mortgage, and are in the midst of a financial hardship, in order to save your home from interesting foreclosure. A <a href="http://www.feldmanlawcenter.com/" title="mortgage loan modification">mortgage loan modification</a> is literally is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e mortgagor and mortgagee). In general, any loan can be modified. The <a href="http://pressroom.prlog.org/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a> knows every law in California (and the country) that may be able to keep you in your home. Lenders would rather renegotiate the terms of your loan, and possibly even negotiate a <a href="http://www.feldmanlawcenter.com/" title="principle reduction">principle reduction</a>, than let the house go into foreclosure. With years of experience negotiating with lenders, as well as years of experience keeping people in their homes, the Feldman Law Center is one of the most experienced <a href="http://www.feldmanlawcenter.com/" title="loan modification firms">loan modification firms</a> in all of California. Related Resources: <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/">Feldman Law Center: Profile – Business Exchange</a> <a href="http://www.24-7pressrelease.com/press-release/the-feldman-law-centers-code-of-ethics-and-practices-104677.php">Press Release – The Feldman Law Center’s Code of Ethics and Practices</a> <a href="http://www.prlog.org/10192520-loan-modification-feldman-law-center.html">Loan Modification – Feldman Law Center</a> <a href="http://www.merchantcircle.com/business/Feldman.Law.Center.800-527-8497">Feldman Law Center, Mission Viejo CA 92691</a> <a href="http://www.trafficlegaladvice.info/feldman-law-center-the-cream-rises-in-loan-modifications">Feldman Law Center – The Cream Rises in Loan Modifications</a> <a href="http://www.free-press-release.com/news/200906/1245863015.html">Feldman Law Center – Ten Tips for a Successful Home Loan Modification</a> <a href="http://hubpages.com/hub/Feldman-Law-Center---Saving-Thousands-with-a-Loan-Modification">Feldman Law Center – Saving Thousands with a Loan Modification – Debt Settlement Combination</a> <a href="http://orangecounty.citysearch.com/profile/602692682/mission_viejo_ca/feldman_law_center.html">Feldman Law Center – Mission Viejo, CA, 92891 – Citysearch</a> <a href="http://www.trulia.com/blog/feldmanlawcenter/2009/06/feldman_law_center_-_the">Feldman Law Center – The New York Times gets it About Half Right</a> <a href="http://www.1888pressrelease.com/feldman-law-center-47509-company-pr.html">Feldmanlawcenter.com – Feldman Law Center Company News</a> <a href="http://pressroom.prlog.org/feldmanlawcenter">Feldman Law Center</a></div></div></div>
Feldman Law Center – Loan Modifications – Important things you must be aware of
<div class="marb10 clearfix blog_post_body"><div class="entry"><div class="snap_preview">Feldman Law Center - News by <a href="http://stopforeclosurelawoffice.com/about-feldman-law-center.html" title="Feldman Law Center">Feldman Law Center</a> — Let’s face it; times are tough for everyone these days. On the top of the list are homeowners struggling with their mortgage payments as well as other financial hardships. Most of the news heard lately about “mortgage relief” and “bailouts” does not appear to be helping homeowners facing default or foreclosure as we may have anticipated. The truth is, mortgage lenders don’t do loan modifications unless they are forced to, one way or another. To make matters worse <a href="http://www.feldmanlawcenter.com/" title="loan modification companies">loan modification companies</a> offering <a href="http://www.feldmanlawcenter.com/">stop foreclosure</a> or <a href="http://www.feldmanlawcenter.com/">loan modification services</a> may be placing borrowers in worse situations by re-submitting all their financial information to the lender for a loan modification. In most cases these loan modifications are denied and now the lender has updated information that may even implicate the troubled homeowner in mortgage fraud. Many borrowers who bought or refinanced a home in the last three years used a Mortgage Broker who sold them an ARM or worse yet Option ARM loan while inflated home values and stated income allowed them to borrow more than the home was worth. Real estate agents, mortgage brokers, appraisers, loan officers, underwriters as well as bank executives made a killing in this market, and now we’re really feeling the effect. Most homeowners can’t refinance these days due to drastic property value declines, bank failures as well as financial hardships most are facing due to the “credit crunch” and our troubled economy. So with all the lenders “smoke and mirrors” and bad news surrounding us what’s a troubled homeowner to do? A <a href="http://www.feldmanlawcenter.com/">loan modification</a> seems to be the best option, as well as your only hope if you want to keep your home. Currently, one out of six homeowners nationwide is in default or foreclosure. Loan modification companies are coming out of nowhere boasting they are going to use TILA and RESPA violations to go after mortgage loan servicers and force them to modify your loan and reduce your principal balance. This just isn’t true. In matter of fact and loan modification company that is not a Law Office has absolutely NO leverage against your lender. Honestly, do you think a Loan Modification Company that offers you NO legal representation or a Loan Modification Attorney that offers a <a href="http://www.feldmanlawcenter.com/" title="loan modification">Loan Modification</a> service is going to sue your lender? In addition, some attorneys out there would like you to believe a law suit is going to save your home. It may, but trust me; it’s going to cost a fortune. In some cases when a attorney can prove “predatory lending” or significant TILA or RESPA violations a simple phone call can get the job done. Borrowers need to be very careful these days in their approach with the lender. A lender does not have to modify your loan just because the property value dropped, that is not considered a hardship to them and they certainly don’t have to reduce the principal balance but they will in some cases. The<a href="http://stopforeclosurelawoffice.com/" title="Feldman Law Center"> Feldman Law Center</a> is a Law Office that specializes in representing troubled homeowners imminent danger of losing their home, whether they are behind in their mortgage payments or not . <a href="http://www.feldmanlawcenter.com/">Saving homes</a> and offering sound legal advice is what we do, and we’re the best in the business. Troubled borrowers need proper representation with their lender, limiting our client’s exposure as well as fighting for the best possible <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> is what we do best. We are not here to milk our client’s for hefty retainers and leave them for dead, in matter of fact our fees are modest considering what you get with the <a href="http://loanmodificationagent.com/" title="Feldman Law Center">Feldman Law Center</a>. Our sophisticated approach drives proven results that save our clients homes. We have modified mortgages for lenders employees as well as many high level executives. We deal directly with the banks executives and not the minimum wage loss mitigation employees you will find on your own or with a <a href="http://www.feldmanlawcenter.com/" title="loan modification company">loan modification company</a>. WARNING: Attorney based and assisted loan modification companies are NOT law offices and only offer “smoke and mirrors” as a means to get you to trust them. The Attorney Generals office as well as the Department of Real Estate simply cannot keep up with the <a href="http://www.feldmanlawcenter.com/" title="loan modification companies">loan modification companies</a> operating illegally & unethically. Important things you must be aware of: 1) Do not give any up front fees to <a href="http://www.feldmanlawcenter.com/" title="loan modification">loan modification</a> or <a href="http://www.feldmanlawcenter.com/" title="stop foreclosure">stop foreclosure</a> companies boasting “attorney based”, “attorney backed” or “attorney assisted”! 2) Do not pay for a forensic loan audit unless it is performed by a Law Office, an attorney is the only person that may use lending violations as leverage! 3) Do not use a <a href="http://loanmodificationattorney.com/" title="loan modification company">loan modification company</a> unless they have an up front fee agreement approved by the DRE and offer a 100% money back guarantee! 4) Do not trust just anyone with your difficult situation; contact a Law Office and hire an attorney who specializes in Loan Modification and Loss Mitigation services! There are many companies using the words “attorney”, “legal”, “lawyer” and so on. The bottom line is, these loan modification companies are wrongfully using this language unless they properly disclose they are NOT a Law Firm. Also, not to mention giving you advice that could cost you to lose your home and put your family on the street. Struggling homeowners need real help during these difficult times and not some ex- loan officer trying to get a fat commission or give them advice. The <a href="http://loanmodificationagent.com/about-feldman-law-center.html" title="Feldman Law Center">Feldman Law Center</a> offers troubled borrowers real solutions and legal representation with creditors at a very reasonable flat fee. We do not believe in milking our clients with monthly billing for legal services and offering false hope. We offer straight talk, sound legal advice and the best possible results utilizing our expert negotiation skills and Federal Mortgage Laws. Call us today and see the difference for yourself. We will be more than happy answer any questions and share our knowledge as well as our proven results. We take great pride in our work and strive to be the #1 Law Firm in the country offering <a href="http://loanmodificationattorney.com/">loan modification services</a>. Mr. Steven C. Feldman, ESQ. is available Monday – Friday during normal operating hours for in office appointments or a free consultation. Call <a href="http://loanmodificationattorney.com/" title="Feldman Law Center">Feldman Law Center</a> at 800-527-8497 or visit <a href="http://www.feldmanlawcenter.com/">www.feldmanlawcenter.com</a> About Feldman Law Center The <a href="http://loanmodificationattorney.com/about-feldman-law-center.html" title="Feldman Law Center">Feldman Law Center</a> was founded for the purpose of negotiating <a href="http://feldmanlawcenter.com/" title="loan modifications">loan modifications</a> on behalf of their clients. These negotiations have two major goals; to reduce monthly mortgage payments to a level of affordability for the homeowner and to either stop or <a href="http://feldmanlawcenter.com/" title="avoid foreclosure">avoid foreclosure</a> proceedings. The mission at The <a href="http://www.feldmanloanmods.com/" title="Feldman Law Center">Feldman Law Center</a> is to provide the highest level of professional service while delivering the best possible result on each <a href="http://loanmodificationattorney.com/" title="home loan modification">home loan modification</a> we negotiate on the behalf of the families we represent. Having negotiated over 500 attorney driven <a href="http://loanmodificationattorney.com/" title="mortgage loan modifications">mortgage loan modifications,</a> we realize that each homeowner’s situation is unique and that each modification may require a different approach than the one before it. To that end, we can always call on our 25 years of negotiating, knowledge, and real estate experience to provide the most optimal solutions for each family’s situation. While we are negotiating your <a href="http://feldmanlawcenter.com/" title="mortgage loan modification">mortgage loan modification</a> with your lenders our friendly and compassionate team will keep you updated all the way on how the process is advancing. The people at The <a href="http://pressroom.prlog.org/feldmanlawcenter" title="Feldman Law Center">Feldman Law Center</a> completely understand the stress of being behind in your monthly payments and the sleepless nights that can be brought on by an impending foreclosure. Rest assured that we will stand with you all the way through the <a href="http://feldmanlawcenter.com/" title="loan modification process">loan modification process</a> and that we are driven to get the best outcome possible for you and your family. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Call The <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174" title="Feldman Law Center">Feldman Law Center</a> today at 800-588-0425 or visit www.feldmanlawcenter.com Resources: <a href="http://pressroom.prlog.org/feldmanlawcenter">Feldman Law Center</a> <a href="http://bx.businessweek.com/profile/feldman-lawcenter/gfeldman174/">Feldman Law Center: Profile – Business Exchange</a> <a href="http://www.trulia.com/blog/feldmanlawcenter">Feldman Law Center</a> Trulia Blog <a href="http://www.merchantcircle.com/business/Feldman.Law.Center.800-527-8497">Feldman Law Center</a>, Mission Viejo CA 92691 – Merchant Circle Listing</div></div></div>
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Feldman Law Center | Loan ModificationsLoan Modification Help

Helping People on the Fringes

Frequently Asked Loan Modification Questions

Lenders Are Digging the Hole Deeper

More Government Loan Modification Programs

Government Continues Real Estate Assistance

Banks are Feeling the Hurt

Mortgage Industry Consolidation

Lenders’ secret loan modification test

Lenders’ secret loan modification test

Government involvement in banks

Preparing for a Loan Modification

Is the Recovery at Hand?

Why People Fall Behind on Their Mortgages

Your Attorney, Predatory Lending Practices, and your Home Loan Modification

California Foreclosure Moratorium Over

The Complex Loan Modification Process

Mortgage Servicers Are Frustrating the Government

Who Knows the Most About Loan Modifications?

How Can You Know Which Bank Offers to Trust

The Key to Successful Loan Modifications

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