Foreclosures Help Information

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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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Mortgage Foreclosure Hardship Letter

Question: Is it true that you can pay partial mortgage payments while ur house is up for sale to prevent foreclosure?

I had someone tell me that I should be able to make partial mortgage payments and send my mortgage company a "hardship" letter to keep them from foreclosing on my house while I have it on the market trying to sell. Does anyone know much about this process? BTW, my mortgage company is the horrendous EMC Mortgage Co. - it doesn't get much worse than them.

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Answer: call your lender and ask them

Hardship Letters

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Stop Foreclosure Dallas

Houses found within walking distance of amenities such as schools, parks and shopping are not only more convenient for their owners, frequently they are also worth a bit more than houses in neighborhoods where driving is the rule, according to a new report released Tues.. Lafayette, CA Real Estate

The report looked at 94,000 real-estate transactions in 15 markets. In 13 of those markets, higher degrees of'walkability' were directly linked to higher home values.
Bond guru Bill Gross living big in California
Lafayette, CA Real Estate

WSJ's Sara Lin and Kelsey Hubbard on Pimco's Bill Gross', known as the'Bond Guru,' new gigantic home purchase in California.

The report,'Walking the Walk : How Walkability Raises Housing Values in U.S. Cities,' was commissioned by chairpersons for cities, a national network of urban leaders from the civic, business, academic and philanthropic sectors.

it's an critical point for home-buyers who try to identify which homes will hold their value, expounded Joseph Cortright, the report's author and a senior policy confidant to managers for cities. Cortright is an economist and president of Impresa, a Portland, Ore.-based consulting firm.

Walkable places have some of the best chances of performing well in years ahead, he revealed.

The analysis used exchange info from ZipRealty. It worked out walkability of the houses using the Walk Score algorithm, which grades addresses based primarily on facilities that are nearby, from restaurants and coffee shops to parks and libraries. Scores range between nil to 100, with 100 being the most walkable ; a score higher than 70 indicates it may be possible to get around in the area without using a vehicle.

Controlling for other considerations including a home's size, the amount of lavatories and bedrooms, age, neighborhood income levels, distance from the Central business district and access to jobs, the report found that an one-point increase in Walk Score is connected to an increase in home price between $500 and $3,000, depending on the market, according to the study.

The premium for homes in neighborhoods with better-than-average Walk Scores ranged from $4,000 to $34,000, according to the report.
Exceptions to the rule

But that premium wasn't found everywhere. In las vegas, walkability associated with lower housing values. Bakersfield, Calif, showed no statistically serious connection between walkability and home prices, according to the study. The report failed to analyze why houses in walkable neighborhoods did not bring a premium in those 2 places.

It's speculative, but in las vegas,'it might be that those areas that have the highest walkability are not the most attractive areas' in the metropolitan area, Cortright related.

Matt Lerner, chief technology officer of Front Seat, the software company behind Walk Score, claimed Bakersfield is rather sprawling and maybe never developed a healthy city center or clumps of walkable areas.

Or it could be that the volume of foreclosures and the macroeconomic trends with which these cities are dealing are overwhelming any positive effects that walkability could have on home prices, said Pat Lashinsky, Manager of ZipRealty.

'The effect is being masked,' he claimed.

Even in areas where walkability does statistically matter, the premium it affords isn't the same from place to place. Dense urban areas like Chicago and San Francisco showed higher price gains based primarily on higher Walk Scores ; in less dense markets like Tuscon and Fresno, home prices did not jump as much due to higher walkability.

Other metropolitan areas included in the study were : Arlington, Va. ; Austin, Texas ; Charlotte, N.C. ; Dallas, Texas ; Jacksonville, Fla. ; Phoenix, Ariz. ; Sacramento, Calif. ; Seattle, Wash. ; and Stockton, Calif.
There are environmental and health benefits from living in a place where the auto can stay parked. In promoting Walk Score, Lerner said his firm emphasizes how walking instead of driving can play a part in stopping global temperature rises and how folks who live in walkable areas weigh seven pounds less, normally than those that don't . Places with higher Walk Scores also often have better mass transit services, according to the report.
Lafayette, CA Real Estate

About the Author:

Michael Hughes

Source - Lafayette CA Real Estate - Walk Appeal Helps Deals

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