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  1. 1. During these trying times when mortgages, real estate prices and other financial arrangementsare completely unstable, many homeowners are asking how they can qualify for a loan modification.  Both the FDIC and the federal treasury are strongly supporting loan modifications as a way to keep people in theirhomes.  Lenders don't want to take back anyone's home, homeowners obviously want to stay in their homes and thefederal government wants what the people and lenders want.
  2. 2. Many people who are trying to keep their homes are asking questionssuch as:  who qualifies for a loan modification? Homeowners throughout California who are trying to stay in their homesare interested in the loan modification process and want to learn moreabout California loan modifications Below are some basic tips on how torecognize whether or not you are eligible for a California loan modification(or loan modification in another state) Borrowers (those with a mortgage)struggling to stay current on their mortgage payments may be eligible fora loan modification if their income is not sufficient to continue to maketheir mortgate payments and they are at risk of imminent default  California homeowners may be eligible for a loan modification even ifthey are not currently behind on payments   Several factors maycause this scenario:  loss of income; significant increase inexpenses; or an interest rate that will resent to an unaffordable levelHere are three ways to know if you qualify for a California or federal loanmodification: 1)
  3. 3. You occupy your house as your primary residence 2) Your monthlymortgage payment is greater than 31% of your monthly gross income 3)Your loan (mortgate) is not large enough to exceed current Fannie Maeand Freddie Mac limits Loan Modification A Loan Modification is apermanent change in one or more of the terms of a mortgagor'sloan, allows the loan to be reinstated, and results in a payment themortgagor can afford    You may be seeking a California orfederal loan modification if you are having trouble paying your mortgage  The key is to find a qualified loan modification attorney whounderstands loan modification law Loan modification attorneys will tellyou that there are only three possible outcomes when a homeownercannot make the payments on their mortgage: 1
  4. 4. The property goes back to the lender through a foreclosure or a"deed-in-lieu" and the property goes back out on the market 2 Thehomeowner sells the home in a conventional sale or a "short sale" andthe home goes back onto the market 3 The lender (bank or mortgagecompany) modifies the loan so that the homeowner can make thepayments and the home does not go back onto the market The loanmodification option is the best solution, by far, for the lender, homeownerand country in almost all situations
  5. 5.   The loan modification process does not require any appraisals,credit reports or title reports because a loan modification is simply arenegotiation of the terms of an existing note   A loan modificationcan consist of a reduction in the interest rate, a change from a fullyamortized to interest only payments for a period of time, an extension ofthe loan term, a reduction of the principal balance of the loan and/or aresolution of any arrearages Loan Modifications are the best overallsolution for the following reasons: 1 Families are kept in their homesthrough the loan modification process 2 Los modifications ease thefinancial pressure that causes stress in families 3 Loan Modificationshave the least cost solution to the lenders, which is why many lenders arewilling to do them 4
  6. 6. Loan modifications keep the house off of the market and therefore eachloan modification represents a step closer to the solution to the currenteconomic crisis 5 Loan modifications are a market solution, meaningthey aren't taking taxpayer dollars 6 Loan Modifications can bedone quickly if you have an experienced loan modification attorney LoanModification, Foreclosure Assistance, & Foreclosure Help by TheFeldman Law Center Loan modification is the focus on our website,however; we do provide our clients with proper legal advice and shareexpertise in the areas of real estate transactions, mortgage negotiations,loan modifications and debt settlement
  7. 7. The Feldman Law Center, a Loan Modification Attorney, was founded bySteven C Feldman who has been licensed by the State Bar of Californiafor over 25 years We are consumer and homeowner advocates that willprotect you from home foreclosure with our detailed loan modificationprogram The Law Offices were established to focus on real estatematters that include debt negotiation, predatory lending violations,settlements and loan modification We are here to help stop foreclosure,and fight mortgage fraud