Foreclosures Help Information

Archive for May, 2009

Foreclosure Law Help

President Obama’s historic presidency began in the midst of possibly the worst financial crisis since the Great Depression.  The housing and real estate markets seemingly jumped off of a cliff, taking with it the financial stability of every other industry.  Obama passed sweeping legislation to help homeowners make payments and deal with the financial crisis while staying in their homes.  This plan in turn helps lenders who need homeowners to continue making their mortgage payments.  A key part of this plan is the loan modification process, which now helps homeowners even more.

The federal government is relying heavily on loan modifications with the Helping Families Save Their Homes Act of 2009 and Making Home Affordable Program.  Under these programs, current borrowers who are at imminent risk of default may qualify for a loan modification as long as the immanency of the default is tied to a specific event.  By specific event, they mean a pending interest rate increase in your mortgage loan or a demonstrable change in economic situation such as your spouse losing his/her job or a severe medical condition.

Ultimately, the plan centers around the thought that struggling borrowers can stay in their homes as long as they make their monthly payments (regardless of the sharp decline in value).  The plan has many backers, including billionaire Warrant Buffet.  In a recent letter to shareholders, Buffet wrote “Commentary about the current housing crisis often ignores the crucial fact that more foreclosures do not occur because a house is worth less than its mortgage (so-called ‘upside-down’ loans).  Rather, foreclosures take place because borrowers can’t pay the monthly payment that they agreed to pay.â€

In the end, regardless of what the cause is for the foreclosures, homeowners are looking for ways to stay in their homes and everyone is hoping that Obama’s plan is the path toward that reality.  For homeowners facing foreclosure, struggling to make payments, and overwhelmed by creditor and lender phone calls, having someone they can trust by their side could make a huge difference.  During these difficult financial times, California loan modification attorneys are doing their best to be more than just an attorney; they are trying to be a confidante.  

A California loan modification attorney can sit down with you and discuss your options and if any new options were opened up under the Obama plan.  At the Feldman Law Center, our California loan modification attorney team is up to date with all federal and state laws governing loan modifications.  FDIC loan modifications, California loan modifications and more all fall under our jurisdiction.  We can help you find the program that’s right for you and your financial situation.

Millions of California residents are investigating California loan modifications as a possible solution to their financial troubles and as a way to avoid foreclosure.  If you find yourself in this situation, you should contact a loan modification attorney and get as informed as you can about all the state and federal loan modification programs available to you.

Visit Feldman Law Center at feldmanlawcenter.com or call 800-588-0425.

About the Author:

About Feldman Law Center: The Feldman Law Center is owned and operated by Steven C. Feldman, attorney at law. Mr. Feldman has been a member of the California State Bar since 1983 and is well versed in federal loan modification law.

Source - Feldman Law Center – The Specifics of President Obama’s Plan

Stop Foreclosure DC, Foreclosure Help DC, Foreclosure Law D

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Buying Foreclosures Homes

Question: What is the process of buying a foreclosure home?

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Answer: Talk to Real Estate Agent that specializes in REO.
Real Estate Owned properties.
The problem with foreclosures is that you have no way
of determining the value of the property before the sale.
The house could be literally destroyed and you paid
what the bank asked for it...

REO's are foreclosures that weren't sold at the court house
and now belong to the Bank again. These are usually listed
with a Real Estate Agent and you can inspect them before
you make a decision. And on top of that they are usually
a lot less than the foreclosure where the bank is still trying
to get the money that is owed on the mortgage.

Again... be patient... most of them will be in bad shape and
it will take a lot of "touring houses" before you find one that
is acceptable and where you won't have to spend too much
money to fix up the house.

How To Buy Foreclosed Homes

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Tax Foreclosure Properties .gov

Question: Is John Becks' TV commercial about "Gov't Tax Foreclosure Properties" for real?

Does anyone here have a good or bad experience? Thanks

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Answer: Never believe that crap they peddle on TV. If its so lucrative, he would be doing it instead of trying to sell you his "system."

Tax Foreclosure Properties-Gorgeous U.S. Locations!

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