Legal Loan Relief
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California Homeowners Can Stop Foreclosure with Loan Modifications, Forensic Loan Audits and Negotiated Mortgage Loan Modification Terms.
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25 Jun 09 Loan Modification Applicants Report Bottleneck

If you want to change the terms of your mortgage loan without mortgage refinancing then you need a loan modification. Unfortunately, recent reports indicate that you will be facing a huge bottleneck in the loss mitigation departments with most mortgage lenders. Homeowners have been screaming for foreclosure prevention assistance and more forgiving refinance loan programs, but nothing is ever good enough to solve this mortgage mess. Distressed homeowners continue to claim that they have been waiting months and only a small percentage of borrowers are getting tangible results with their lenders.

Frustration is going back and forth from homeowners to lenders. Unfortunately, Washington, is not helping much either. The Obama administration set up a $75 billion Making Home Affordable program to pay mortgage lenders to modify home loans, but a Treasury Department spokeswoman couldn’t even say whether lenders and banks have to reveal how many mortgage loans have been changed. So why bother trying to get an unaffordable loan modified? John Ulzheimer, president of consumer education for Credit.com, points out that a loan modification, if you can get it, won’t damage your credit the way a foreclosure or a short sale would. And he notes: This process, although difficult, is free.

You don’t have to use those law firms and companies that are advertising heavily, saying they can pull off a modification for a fee, usually of a few thousand dollars. To learn more about the Obama’s loan workout program and mortgage relief in general, go to www.makinghomeaffordable.gov. Homeowners Hope Hotline, 888-995-HOPE. Article was written by Harriet Johnson Brackey for the South Florida Sun-Sentinel.

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24 Jun 09 Foreclosure Moratorium California Loan Modifications

The State of California announced a new state law imposing a 90-day moratorium on foreclosures is in effect. Under this mortgage relief initiative, California lenders must prove that they made an effort to provide a loan modification with delinquent mortgages before they begin the foreclosure process. During that time home loan servicers can carry on with business as usual, including foreclosing on delinquent accounts. The State announced the California foreclosure moratorium would go into effect immediately, but will the major mortgage lenders fall into line with it?

California Foreclosure Moratorium Guidelines:

ü The moratorium applies to first mortgages made from 2003 through 2007.

ü The home loan must be for your principal residence.

ü The homeowner must have received a notice of default.

ü The home loan servicer does not have a California loan modification program in place.

ü Because many homeowners are upside down on their home loans

There is a concern that the 90-day negotiating period will only postpone the inevitable because so far the banks are not reducing the principal. Read the complete Article from the Loan Modification Outlet.> Loan Modification Plans and California Foreclosure Moratorium

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