California is one of states that was affected badly by the economic meltdown. If you are one of those who struggles to pay for your monthly mortgage, a loan modification might be the answer to your bumpy situation.
Mortgages are given to people incapable of supporting the monthly rate and this are given too easily. The bank or the lender dispossessed the mortgagors from their homes, due to the crisis and they want the money invested back. With this situation, the banks are experiencing a great loss and they need money to function. Aside from that, the number of people interested in buying house dramatically decreased. The banks are unable to sell foreclosed homes for them to obtain profit. The authority from the State of Californian proposed a solution in order to overcome this great deadlock, which is the loan modification.
Under the law, the bank and home owner should be both open to new terms and agreements. The modification of the loan and its conditions should make it suitable for the mortgagor. In this case, the lender will have the repayment of the borrowed amount and then, the debtor will possess the house. In addition, mortgage time should be increased, which will lead to smaller and affordable monthly rates. This new law involves both the clients defaulting on their loans and every debtor; all of them have the opportunity to re-negotiate the terms and agreement of the contract. These countermeasures aim to reduce the number of foreclosed homes and put the system back on track.
The banks also raised the standards regarding loan offerings and you’ll have time to fulfill several requirements. It is harder to get a zero-down payment mortgage, because banks are following this so-called principle – If the debtor have no funds to make a down payment deposit, being at par with the monthly rates will be an issue for him/her as well. Now, banks are encouraged to open up and cooperate with their clients in finding the convenient solutions for both parties. Moreover, the authorities have advised its citizens to refrain from applying for a loan in these times or the citizens should make sure that they are now eligible for one.
The loan modification process targets the reduction of the number of foreclosed homes. The homes that are put up for sale outnumbered the buyers and because of that, the best way for the bank is to carry on their collaboration with the debtors.
First Nations Home Finance – Christi Robbins
2880 Pio Pico Drive
Money Wise Mortgage
(562)693-0336 Ext. 3043
6528 Greenleaf Ave
1241 E. Shaw Ave.
Nakoma Mortgage Company
207 N. Wright Street
Santa Ana, CA
Progressive Home Loans Inc
9198 Greenback Lane
Security One Lending
3570 Rancho Rd Suite 7″
First Capital Group Inc.
1465 Bush St.
San Francisco, CA
The Senior Care Index
9216 Kiefer Blvd
California Indian Legal Services
California Rural Legal Assistance (CRLA)
Housing and Economic Rights Advocates (HERA)
Legal Services of Northern California – Senior Legal Hotline (SLH)
Central California Legal Services, Inc.
Greater Bakersfield Legal Assistance, Inc. (GBLA)
Asian Law Alliance (ALA)
Bay Area Legal Aid
Community Legal Services of East Palo Alto
Law Foundation of Silicon Valley – Fair Housing Law Project
Legal Aid of Marin
Legal Aid of Napa Valley
Legal Services of Northern California
Bet Tzedek Legal Services
Inland Counties Legal Services
L.A. Gay and Lesbian Legal Services
Legal Aid Foundation of Los Angeles
Los Angeles Center for Law and Justice (LACLJ)
Neighborhood Legal Services of Los Angeles County
Public Counsel Law Center
Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.
Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)
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