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Housing Crisis and Financial Crisis Summary: Angelides.mp3 |
In the News
Guidelines to Get HAMP Assistance
How It Works
A modification to an existing loan made by a
lender in response to a borrower's long-term inability to repay the
loan. Loan modifications typically involve a reduction in the principal
balance, interest rate or an extension of the length of the term of the
loan. In some cases a different type of loan or any combination of the
three. A lender might be open to modifying a loan because the cost of
doing so is less than the cost of default or foreclosure.
A loan modification agreement is different from a forbearance
agreement. A forbearance agreement provides short-term relief for
borrowers who have temporary financial problems, while a loan
modification agreement is a long-term solution for borrowers who will
never be able to repay an existing loan.
Loan modification is a term very unfamiliar to homeowners but not for
very long. What most people are coming to realize is that losing their
house to foreclosure is becoming a real possibility. Home foreclosure
in America today is at an all time high and is affecting many
homeowners that never believed they could lose their home to
foreclosure. Homeowners are feeling the crunch of higher interest rates
and a slowing economy. A loan modification may be the only way for a
homeowner to save the biggest investment of their life, their home.
Negotiating with the bank for a modification of your home loan can be
an overwhelming process for many homeowners. That is why retaining the
services of an experienced law firm or real estate attorney rather than
a loan modification company is of extreme importance.
The reality of today's market is one of steep drops in real estate
values nationwide coupled with tighter credit requirements. The
combination of the two makes a formidable opponent for someone facing
an upcoming adjustment in their payments due to an adjustable rate
mortgage (ARM). It's not a good idea to take on your lender alone, as
they would prefer. The Feldman Law Center will represent you in
bringing your mortgage lender to reasonable terms that make sense in
today's volatile economy. They will fight to save your home and get you
a payment you can afford. No matter what the reason, the sad truth is
that millions of people are in the same boat. People are struggling to
make their mortgage payments and live worry free lives.
The first thought most people have is to refinance their high interest
rate mortgage. During normal times this would be the correct answer,
although it's always painful to pay the associated fees with doing the
refinance. In today's market this formula doesn't work, between the
drop in real estate value and the tightening of credit you cannot
recreate your past deal. The Feldman Law Center will work to alter the
terms of your mortgage to fit a workable solution between you and your
lender so it's a win-win for all involved.
There is no more time to waste, now that you have a viable solution to
your mortgage problem. Save your home and protect your family. A
licensed real estate attorney is the solution. A loan modification
company may not be the answer if you are in fear of losing your home.
Save your mortgage and families life today. Make sure you contact ehomeassistance.com today and get started on restructuring your
mortgage.
