The Feldman Law Center is one of the premier loan modification companies in California, and our skilled loan modification professionals are trained to successfully and carefully guide homeowners through the loan modification process. The Feldman Law Center can negotiate with your current lender if you are behind on your mortgage and need help.
A loan modification is arguably the most effective tool you can use if you are behind on your mortgage and in the midst of a financial hardship. At the Feldman Law Center, we do our best to guide you through the process of restructuring your mortgage through a California loan modification, FDIC loan modification or other available program. Once you’ve done a loan modification, the mortgage loan is restructured so that it is affordable and can fit comfortably into your budget. After you’ve gone through the loan modification process, you’ll have an affordable monthly payment instead of an overwhelming monthly drain on your already tight finances.
Loan Modifications
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated and results in a payment the mortgagor can afford.
Feldman Law Center loan modification professionals are heavily trained to both guide you through the loan modification process and to know about all the programs available to you. The FDIC and the state of California (as well as other government agencies) have programs that you may be eligible for and which may keep you in your home. Our main goal in assisting you with your California loan modification or FDIC loan modification is to keep you in your home and to avoid foreclosure.
Loan Modification Attorney
We employ full time loan modification attorneys on site who will assist you in handling paperwork, negotiating with lenders whenever possible and understanding all the legal traps that would otherwise cause you trouble. While many other companies are simply an outsourcing program that can’t actually assist you, we guide you through the loan modification from start to finish.
Loan Modification Agreements
One of the ways our loan modification professionals and loan modification attorneys can assist you is in navigating loan modification agreements. These agreements come in various forms, but quite often they involve the reduction of the mortgage’s interest rate for a specific period of time. This is done so that the homeowner can continue to make payments and stay in the home. Loan modifications can also be designed to increase the amortization term (say 40 years instead of 30) which will also cause the payment to decrease. Principal loan reductions are rare, but they do happen where the bank actually writes down the principal amount.
Mortgage Lenders
Lenders would rather modify a loan than have a foreclosure. Our loan modification professionals understand this fact and use that to your advantage. We regularly work with banks and other lenders to write down, modify and otherwise renegotiate loans. Our years of experience in the loan modification industry are unparalleled, and our track record of success is unmatched. We have helped countless homeowners stay in their homes through California loan modifications, FDIC loan modifications and other types of loan modifications.
Visit us at Feldman Law Center or call 800-588-0425.
Monday, April 27, 2009
Feldman Law Center - Can Fannie and Freddie Handle The Homeowner Affordability and Stability Plan?
As the Obama administration’s The Homeowner Affordability and Stability Plan begins to ramp up, high level employees at both Fannie Mae and (FNMA) and Freddie Mac (FHLMC) are leaving in droves with no replacements waiting in the wings. A recent article in The New York Times said suitable candidates are staying away due to heavy scrutiny, the sinking ship status of the agencies, and the burden of answering to 300 million taxpayers.
Fannie Mae is seeking to fill spots for a general counsel, chief risk officer, and, chief technology officer while Freddie Mac needs to fill all of their top C-level positions. While sitting on top of $6 trillion in mortgages, the agency is running without a chief executive officer, a chief financial officer, and a chief operating officer.
Staffers are jumping ship as well leaving those that remain with a workload that grows heavier by the day. James Lockhart, director of the Federal Housing Finance Agency, the group overseeing both Fannie Mae and Freddie Mac, is concerned about his staff: “Everybody is stretched very thin. We’re very worried, not only about the vacancies now, but also about future holes.” The timing for this concern and the events leading to it could not be worse as the agencies prepare for the roll out of The Homeowner Affordability and Stability Plan. With approximately 27 million mortgages in their portfolios, it’s unlikely that the agencies will be setting a high bar in terms of customer service.
Also facing hiring issues is Tim Geithner, currently working with a skeleton crew at the Treasury. The lack of talent has forced delays in the implementation of several key initiatives. One of his key people is Neel Kashkari, who was appointed by former President Bush to lead the Treasury’s financial rescue team. Mr. Kashkari has already indicated that he wants out as soon as a suitable replacement can be brought in. Evidence in the true shallowness of the talent pool is that President Obama’s pick for the position is none other than Herbert Allison Jr., currently the Chief Executive Officer of Fannie Mae.
What this all means for the homeowners trying to either refinance or modify their existing FNMA or FHLMC mortgages is unclear but not promising. Complaints of extended hold times, lack of information, and general incompetence are already circulating and things really haven’t even started yet. Homeowners contemplating a do-it-yourself for a loan modification should prepare to commit more (hold) time and to suffer more frustration as the program’s process gears up to full speed. Considering all this, hiring an attorney to run the loan modification instead is starting to look better and better.
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.
Fannie Mae is seeking to fill spots for a general counsel, chief risk officer, and, chief technology officer while Freddie Mac needs to fill all of their top C-level positions. While sitting on top of $6 trillion in mortgages, the agency is running without a chief executive officer, a chief financial officer, and a chief operating officer.
Staffers are jumping ship as well leaving those that remain with a workload that grows heavier by the day. James Lockhart, director of the Federal Housing Finance Agency, the group overseeing both Fannie Mae and Freddie Mac, is concerned about his staff: “Everybody is stretched very thin. We’re very worried, not only about the vacancies now, but also about future holes.” The timing for this concern and the events leading to it could not be worse as the agencies prepare for the roll out of The Homeowner Affordability and Stability Plan. With approximately 27 million mortgages in their portfolios, it’s unlikely that the agencies will be setting a high bar in terms of customer service.
Also facing hiring issues is Tim Geithner, currently working with a skeleton crew at the Treasury. The lack of talent has forced delays in the implementation of several key initiatives. One of his key people is Neel Kashkari, who was appointed by former President Bush to lead the Treasury’s financial rescue team. Mr. Kashkari has already indicated that he wants out as soon as a suitable replacement can be brought in. Evidence in the true shallowness of the talent pool is that President Obama’s pick for the position is none other than Herbert Allison Jr., currently the Chief Executive Officer of Fannie Mae.
What this all means for the homeowners trying to either refinance or modify their existing FNMA or FHLMC mortgages is unclear but not promising. Complaints of extended hold times, lack of information, and general incompetence are already circulating and things really haven’t even started yet. Homeowners contemplating a do-it-yourself for a loan modification should prepare to commit more (hold) time and to suffer more frustration as the program’s process gears up to full speed. Considering all this, hiring an attorney to run the loan modification instead is starting to look better and better.
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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