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Gov. Works with Lenders to Help California Homeowners Avoid Foreclosure
The agreement the California Schwarzenegger Governor negotiated with mortgage lenders requires that lending companies try to keep subprime mortgage borrowers in their home by modifying them with a loan they can afford. A half million Californians have sub-prime mortgages that will jump to higher rates in the next two years.
Loan Modifications & the Foreclosure Crisis By Bryan Dornan
The foreclosure crisis continues to ravage our economy with more lost jobs, reduced home equity from plummeting home sales and delinquent mortgage payments. Unfortunately, many people have the ability to make their home loan payment on time but they jumped on the loan modification train with their neighbors and stopped paying their mortgage in hopes of reducing their monthly payments through renegotiations with the loss and mitigation department of their mortgage servicing company.
More Homeowners Delinquent on Mortgage Payments
The FDIC and many mortgage lenders are focusing their attention on foreclosure prevention remedies through loan modifications, short sales and forbearance. For prime loans at fixed rates, 0.34 % entered foreclosure proceedings in the quarter.
Debt Settlement
Settle your unsecured debts for pennies on the dollar. Stop throwing money away to credit card companies and banks that have taken advantage of you for far too long.
Equity Loan Settlement
Lenders are even willing to negotiate with borrowers who are not late on their 1st or 2nd loan. In the past you had to be at least sixty days past due to get a loan modification even considered. Hopefully Americans will utilize this foreclosure crisis and seize the opportunity to move forward as a stronger more pragmatic country.
The
Chapter 13 bankruptcy results in a more realistic repayment plan than the short term plans currently offered by most mortgage lender outside of the laws under Title 11, and you maintain all your rights under TILA, RESPA, HOEPA, FDCPA, FCRA, etc.
If you are a homeowner with several mortgages you may be able to remove or settle the second mortgages or home equity lines from title and county records. Only the
first mortgage loan will remain!
Short Sale Negotiations
Historical Interest Rate Cut
In a recent article Kelly Media Group president, Jason Cardiff, "The fact the mortgage lenders are willing to provide loan workouts to homeowners that do not qualify for traditional or FHA refinance loans is simply remarkable."
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FHA Loan Approvals Tough with No Equity
