America’s most recent real estate boom cycle has gone bust and everyone is talking about it. Foreclosure and loan modification have become our new catchphrases as our national economy has come crashing down around us. Predatory lending has also become a phrase we hear often as we learn about examples of how mortgage lending companies frequently baited prospective home owners with low introductory interest rates on mortgages they could not actually afford.
High-risk mortgages flourished as lenders and prospective home owners alike rushed to buy up new homes. Now the proverbial chickens have come home to roost and foreclosure is becoming a more common occurrence as over-extended home owners see their adjustable interest rates reset and the real estate bust rapidly deflates the actual value of their home. Mortgage lenders, who are likewise seeing their profits fall as the number of homes in foreclosure rises, are increasingly under pressure to persuade home owners to keep making their mortgage payments no matter the cost. Even if lenders cannot prevent foreclosure, falling real estate prices will still deflate their profit margins if they are able to turn around and sell the houses in question. As any California home loan modification attorney can attest, home loan modification is a more attractive option for home owners and lenders alike than it ever has been before. Several banks are now expanding their existing home loan modification plans with the aim of reducing the amount of foreclosures on their hands. Bank JP Morgan is currently looking at loan modifications that would affect nearly 400,000 borrowers with as much as $70 billion in recent home loans. Large banks such as Bank of America are also following suit. Remember, home loan modification is preferred because foreclosure do not benefit anyone –especially not banks or mortgage lending companies.
If you are looking for a home loan modification to make your existing mortgage payments more affordable, or if you are facing foreclosure, contact a California home loan modification attorney today. Real estate and mortgage laws in California can be extremely tricky and the expertise and guidance provided by a California home loan modification attorney is absolutely invaluable during the loan modification process. Loan modifications, as any qualified California home loan modification attorney can tell you, come in many forms. Frequently, home loan modifications come in the form of lowering mortgage rates, reducing the principle balance of a loan, “fixing” adjustable interest rates or even the forgiveness of payment defaults and late fees.
Besides loan modification, a California home loan modification attorney can advise you in several other options to save your home from foreclosure. Options such as filing for bankruptcy or a short sale on your home are available. However, an experienced home loan modification attorney knows that bankruptcy laws have tightened in recent years and will not necessarily keep you from losing your home. Selling your home in a short sale may seem like a good quick fix, but selling your home quickly in this current economic climate may not be possible without substantial losses to both you and your mortgage lender.
A California home loan modification attorney can also explain the rights and protections you have as homeowner in the state of California. The home loan modification process can be started through your mortgage lender, however an experienced California home loan modification attorney will, of course, fight for loan modifications that are more favorable to you.
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.