HUD’s definition of a california loan modification isn’t very clear. As a result, it is recommended to have an Attorney negotiate on your behalf, so that your interests are represented to the fullest. Attorney Loan Modifications protect you as the Homeowner from losing your home and getting the best rates and terms available. The extra leverage from the Attorney is needed, else the banks will act in the interest of themselves and what benefits them and not the Homeowner. There are no clear guidelines for a California Loan Modification, which is why an experienced Attorney in the field can help you, the Homeowner with the process and realize results in the following areas.
- Change in interest rate
- Converting loan to a fixed rate
- Lower monthly payment
- Adjusting the length of the loan
- Deferring interest/fees
- Deferring portion of principal balance
- Reducing the principal balance
Why would the bank care to change my loan? It is less costly for the bank to modify your loan than to foreclose on the property. In addition, our tax money, (TARP), is paying the banks/investors for the modifications.
What motivates Banks?
- Foreclosure process is expensive
- Property has negative equity
- Future stability of Bank (Percent of loans gone bad)
- Cost of Loan Modification compared to Foreclosure
- Too many Bank owned properties
- TARP money received
- Avoid risk of Predatory Lending lawsuit
As you can see, the banks are motivated to do a save my home. In general, the Loan Modification process takes 60 to 90 days, which can be a long time for someone that needs relief immediately. This is much longer then a refinance and less costly. In order to make the process as quick and smooth as possible and to relieve your headaches, contact an Attorney based Loan Modification Company. As they know who to contact at the banks, as they have been doing Loan Modifications with those banks for years. These relationships established are invaluable.
As a Homeowner, if you contact your bank, you will find it very difficult to talk to the right person that will actually help you. You will be transferred from department to department and spend over 15 hours trying to get a Loan Modification done yourself. Once you do find someone who will listen to you, your next hurdle is getting better terms, which the bank will not help you with, leaving you feeling frustrated and not helped!An Attorney based Loan Modification Company will make sure that they discuss your ability to pay the new monthly mortgage payment before the process begins.
Over 50% of homeowners who represent themselves in negotiations with their lender re-default within 6 months of their new payment plan. ALMS is an california loan mod Company that is helping home owners adjust their mortgages so that the payments are affordable and avoid foreclosure.
Call us now or apply online (http://www.callalms.com/secure-online-application)for an instant response from one of our loan modification specialists.
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