Will Financial Institutions Embrace “The Housing Affordability and Stability Program” (Even if They Don’t Have To)?

When the Obama administration’s “Housing Affordability and Stability Program” (HASP) was announced last month it came with a lot of hoopla, back-slapping, and smiling politicians. For homeowners burdened by mortgages that continue to spiral out of reach, the announcement brought a degree of relief, hope, and the thought that the government was finally going to do something for the people of Main Street instead of Wall Street.

HASP is made up of two programs, “The Home Affordable Modification” plan and “The Home Affordable Refinance” plan which both get their starts at FNMA (Fannie Mae) and FHLMC (Freddie Mac). The program guidelines are expected then to be accepted and utilized by mortgage lenders across the country. “Expected” is the key word as lenders’ participation in both programs is voluntary as long as long as they did not accept Financial Stability Act funds. It is at this juncture where many homeowners are going to be disappointed to learn that HASP is not going to help them either due to the fact it is not going to be available to them or that, even if available, they’re not eligible because they don’t qualify for it.

Regarding availability, it is very unlikely that financial institutions not mandated into program and existing outside of the Fannie Mae/ Freddie Mac umbrella are going to voluntarily sign on to the homeowner-friendly guidelines of the plan without receiving additional government concessions. At the heart of the matter is the reluctance of lenders to have loan terms dictated to them in a cookie cutter fashion, especially when those terms would lock in losses on thousands of loans in their collective portfolios. The problem, as the lenders see it, is that while the formula for reducing borrowers’ payments will vary significantly, the four elements in the equation are going to be difficult to swallow. These elements include cutting interest rates to a floor of 2%, maturity extensions out to 40 years, forbearance of missed payments and penalties to the back end of the mortgage, and principle reductions to 90% of appraised value of the home.

Regarding eligibility, homeowners with mortgage balances greater than $729,750, even if they are with Fannie Mae/ Freddie Mac, are excluded from the plan, it’s as simple as that. For homeowners in many metropolitan areas, especially those on either coast, HASP is going to be non-event whether for refi’s or loan modifications.

Considering the public relations nightmare that would ensue for the already bruised and battered players in the mortgage industry, homeowners should not expect any kind of official announcement from their lenders regarding their non-participation in HASP. Instead, borrowers participation questions are currently being answered by lenders with responses like, ”We are examining our options” or “Implementing the guidelines is expected to take some time”.

For homeowners already behind on their mortgage payments, waiting for their lenders to sign on to The Housing Affordability and Stability Program and then ride to the rescue could be a huge mistake. If a lender has not made an announcement regarding their participation in HASP, chances are they are not participating. To learn about your options, call Feldman Law Center (949) 544 8224 today.

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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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