Many say their servicers are not responsive — losing paperwork
CNN – Borrowers and housing counselors, however, have been complaining about the program since it began.
This is the common reoccurring theme that our law firm has experienced since early 2007 when we first started performing loan modification for our clients. If this was easy then we wouldn’t have so many foreclosures and everyone would be getting the help they deserve.
But you and I know that simply is not true.
Mortgage servicers do not have the manpower to handle the volume of delinquent borrowers and thousands of homeowners are simply getting lost Read more
California Foreclosure Moratorium
California imposed a 90-day moratorium on housing foreclosures called the California Foreclosure Prevention Act, similar to the Obama Making Homes Affordable Plan that took affect on June 15, 2009. Unfortunately, it does not guarantee homeowners a loan modification and may do little to stop a trustee sale.
We recieve calls to our firm every day from homeowners who have tried to reach out for help under these plans and should qualify, but they are denied or turned away. In frustration, they have to hire an attorney to fight for them and their home. Read more
How does a loan modification work?
The theory behind a home loan modification is quite simple. Also referred to as a loan workout, it is when your current lender agrees to modify (change the terms) of your mortgage in order for you to afford your monthly payments and help avoid foreclosure.
Often, homeowners find our law firm after they have attempted to obtain a loan modification on their own and or were unsuccessful in working with a non-profit. If this is you, the Fransen and Molinaro Law Firm is the perfect solution to help you make your case with your mortgage servicer.
OK, back to the lesson….. Read more
Foreclosure Attorney in California
Foreclosures are completely overwhelming, confusing, stressful, and the majority of California homeowners facing foreclosure are very unfamiliar with the process and timeline. An experienced foreclosure attorney who specializes in this field can help you draw up a plan of attack, navigate your situation, and will find the best alternative for you and your family.
Many people have come across situations that have caused them to lose their jobs, suffer from serious health emergencies, or live with unaffordable expenses that have lead to not being able to pay your mortgage on time. Many times you are unable to pay your mortgage for several months. Read more
Loan Modification Scams
Over the past year or so there has been a huge increase in the number of businesses offering loan modification services, a field that previously was not known by many. So because of this a large increase of complaints to the Federal Trade Commission (FTC), Attorney General (AG) and the Department of Real Estate (DRE) have also taken place. Resulting in many of these scam companies being sued and subsequently shut down.
Homeowners who are behind on their payments will often get contacted by a company who claims they offer special loan modification services. Beware of this, if your home is in the foreclosure stage it is posted in public records (like the newspaper) and that is probably how these companies found you.
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Band of Senate Dems Pressure Obama on Cramdown
There remains some disagreement among finace experts over why lenders and servicers have been so reluctant to modify loans, even when foreclosures are often the more expensive option. One theory posits that the servicers will be paid more from foreclosures, even if the owner’s of the loans will lose out.
“As long as servicers profit because homeowners are in default, they’re not going to volunteer to take a hit,” Alys Cohen, an attorney with the National Consumer Law Center, testified Thursday.
