Are your finances tightening while you think about dealing with a hike in your mortgage interest rate? Or are you facing a foreclosure or bankruptcy? If you are considering your financial options, a home loan modification might be the best answer. Here are ten good reasons that a home loan modification is right for you:
1.) It can save your credit score from the scars of foreclosure and bankruptcy. A loan modification is one of the few ways to redeem yourself from the credit nightmares of foreclosure and bankruptcy, and the loss involved in a short sale. Many are touting home loan modifications as the best solution to the current housing crisis.
2.) A California loan modification can save you from the expense, hassle, and upheaval of finding a new home during a time when your finances are tight, and credit is difficult to get. If you lose your home to bankruptcy or a short sale, the possibility also exists that some of your possessions will also be sold for cash, either by you or your lenders. With negative marks on your credit report, and credit tough to come by, the task of looking for new living accommodations can seem insurmountable.
3.) A qualified California loan modification attorney negotiates with your lender on your behalf, bringing their knowledge of laws and experience with home loan modifications to the situation. Because of their experience and past victories, having a home loan modification attorney on your side is invaluable. They can get a better deal for you, and do it more quickly.
4.) It can be a long term solution to the consistent monthly question, “where is the money going to come from?” If your interest rate keeps climbing, it can seem impossible to find more money each month to spend on the house payment. A loan modification can stabilize climbing adjustable rate mortgages.
5.) The FDIC and the federal government at large are focusing on modifications, so now may be the time to get one. The FDIC even has a “mod in a box” loan modification program, encouraging lenders to modify their clients’ bad loans. Since it’s a major focus, it may be wise to modify your loan while lenders are willing to make compromises.
6.) Because doing nothing is not really an option. Technically, troubled homeowners can decide not to take action to change their situations. However, doing nothing just postpones the inevitable piling up of debt, short sale, foreclosure, or bankruptcy. It is better to try to change your situation.
7.) A short sale might not offer the benefits you imagine. Short sales can be difficult, since the homeowner has to carry costs such as insurance and mortgage payments while waiting for the house to sell. Since the market is full of inexpensive houses, it may take a long time to sell. And even after the house is sold, you may still owe money.
8.) Your lender wants you to. If you are facing a foreclosure, bankruptcy, or short sale, your lender may actually make more money in the long run if they offer you a home loan modification. It seems unlikely, but even if they lose some money in the short run, they can be better off in the long run.
9.) You can stay in your house. A home loan modification offers you the best of both worlds – you can stay in the home you purchased, and you can also afford it.
10.) The attorneys of the Feldman Law Center can help you obtain a great deal.
Consultations are free, and they have experience negotiating with lenders. Having a specialist in California home loan modifications may be the best way for you to keep your piece of the American Dream.
Visit Feldman Law Center 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.