Most people facing foreclosure or some other financial hardship don't really know whether or not they qualify for a California loan modification. If you get a loan modification, your monthly payments could be cut by as much as 60%, allowing you to continue to make your payments and stay in your home. A California home loan modification attorney can sit down with you and discuss your situation, helping you to know whether or not you actually qualify.
According to the Department of Treasury 'Anyone with high combined mortgage debt compared to income or who is 'underwater' (with a combined mortgage balance higher than the current market value of his house) may be eligible for a loan modification.' The federal government altered the standards a person has to meet to qualify for a home loan modification after hundreds of thousands of people started to fall into foreclosure or fall dangerously close to foreclosure. This radical change also includes borrowers who show other indications of being at risk of default. These signs of risk may include a spouse losing a job, a loss of revenue (such as a pay cut) or other financial hardship.
This federal loan modification program applies to homeowners and borrowers who are unable to make (or are struggling to make) payments which exceed 38% of their monthly income. Meaning that if your take home pay is $4,000 a month and your mortgage payment is $2,000 a month, your struggles to pay that mortgage bill could qualify you for a home loan modification.
Qualifying is just the first part however, because you then need to negotiate with a lender. The lender has to agree to lower the interest rate or reduce the principal amount to bring the payment to 38% of the borrower's income. This program is designed to help homeowners, people who want to live in their homes for a long time. Speculators, or those who bought homes for investment purposes, are not eligible.
Knowing if you qualify for a California home loan modification can be a difficult process to navigate, and having a California home loan modification attorney on your side can make the process much easier. Loan modification attorneys understand how complex the process can be, and can lend their experience to homeowners who do not know what to make of all the forms and paperwork. Also, California loan modification attorneys can work on your behalf, making phone calls and sending faxes, which can be a time consuming endeavor. Most homeowners trying to stay in their homes are working multiple jobs and do not have the time to talk to a government agent or wait on hold with a bank representative for one, two or three hours. A California home loan modification attorney can take that weight off of your shoulders and allow you to handle the rest of your life without worrying about your home. Contact a qualified California home loan modification attorney today and see if you qualify for a home loan modification.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
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.
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