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Archive by category 'Loan Modification'
Written by: Timothy McFarlin | Publish date: May 9th, 2012
With foreclosures at all time highs throughout the county, many homeowners are asking how to stop foreclosure and save their home. There is so much questionable information circulating today about how to stop foreclosure and save homes, we thought it would be a good idea to put together a list of your most likely options to not only stop foreclosure, but also to save your home in the process. Keep in mind, none of these options are guaranteed, but rather a list of possible options that may accomplish your goal to stop foreclosure and save your home. Loan Modification to [...]
Written by: Timothy McFarlin | Publish date: April 15th, 2012
With so many homeowners behind on mortgage payments and struggling to save their homes, many people are asking, will loan modification stop foreclosure? The short answer is yes! Loan Modification will stop foreclosure…if the lender agrees to it. Loan Modification Will Stop Foreclosure Generally, a loan modification to stop foreclosure is a voluntary arrangement between borrower and lender, both must agree. Most of the time the borrower is the one pushing for a loan modification to stop foreclosure because they don’t want to lose their home and have to move. This is a possibility when the borrower can show they [...]
Written by: Timothy McFarlin | Publish date: March 29th, 2012
As a loan modification lawyer, many people ask me, what are the secrets to getting home loan modification or qualifying for a government loan modification program? To most people, a loan modification may seem like a mysterious process, but it can be fairly straightforward. “Secrets” or suggestions we would recommend include: good organizational skills, keep detailed notes, and be patient and persistent. Secrets to Getting Home Loan Modification 1: Good Organizational Skills As most people realize quickly, a government loan modification requires a substantial amount of documents and information to be provided to the lender. This includes forms the lender [...]
Written by: Timothy McFarlin | Publish date: March 28th, 2012
There has been continuous discussion in the media and among homeowners about the available Obama loan modification programs guidelines and criteria available to struggling borrowers. The most common questions surround the qualifications and criteria for Obama loan modification programs. The Obama loan modification program is also commonly referred to as HAMP. Obama Loan Modification Program Criteria Qualifications and Eligibility To understand Obama loan modification program criteria and guidelines, here are some of the qualifications: 1. The home must be your primary residence; 2. The first mortgage loan amount must be less than $729,750; 3. The first mortgage must have been [...]
Written by: Timothy McFarlin | Publish date: March 25th, 2012
- Are you upside down in your mortgage? – Did your mortgage payment increase and now you’re realizing that you can’t afford your home? – Have you lost your job or had to take a cut in pay? A mortgage loan modification may provide some much needed relief and help you avoid foreclosure of your home. However, there are a number of things to consider when you want to apply for loan modification. Don’t wait to seek help! If you know that you cannot make your monthly mortgage payments, seek help now! Do not wait for the foreclosure process to begin. [...]
Written by: Timothy McFarlin | Publish date: March 24th, 2012
Loan modification in California can be an unusual and tricky process. A California loan modification really works no differently than loan modification anywhere else, but California borrowers tend to have unique challenges including: larger loan amounts, second mortgages, other properties and greater amounts of other debt. Loan Modification California Issue 1: Larger Loan Amounts California homeowners are concentrated largely in its many urban centers including San Diego, Orange County, Los Angeles, San Jose, Oakland, San Francisco and Sacramento. Most states have one or two large urban areas or cities, California consists of many of these running together with home prices within [...]
Written by: Timothy McFarlin | Publish date: March 14th, 2012
You may have been one of those to receive an “offer letter” to settle your second mortgage recently. These typically go out to homeowners when they are substantially behind on payments (over 6 months). Alternatively, you may just be curious to know if your second mortgage can be settled for a lump sum, as so many have been recently. Why Do Lenders Settle Second Mortgages? For most homeowners, their second mortgage is not attached to any real equity. This common situation results when the value of the property has declined in value. The common scenario is that the home value [...]
Written by: Timothy McFarlin | Publish date: December 3rd, 2010
With so many homeowners struggling to keep up with mortgage payments, federal government loan modification help through loan modification legal services have become a popular option for borrowers seeking to keep their home. Loan modification legal services is a general term sometimes used to describe the process of hiring a real estate lawyer to negotiate with your lender for more favorable mortgage loan terms including a lower interest rate, a lower payment, or recapitalization of past due payments onto the principal of the loan. The following is a brief description of the loan modification legal services process a lawyer would [...]
Written by: Timothy McFarlin | Publish date: November 12th, 2010
Bank of America commercial loan modification “in-house” programs offer a variety exciting promises to commercial building owners. Unfortunately, these promises rarely carry through to the real world. In most cases, a Bank of America commercial loan modification is much like Santa Claus or the Easter Bunny…a well organized fantasy. Challenges with Bank of America Commercial Loan Modification Negotiating a loan modification with Bank of America on a commercial or non-residential loan can be quite time consuming and frustrating. There are not presently any type of government directives or institutional pressure on banks, such as Bank of America, to modify commercial [...]
Written by: Timothy McFarlin | Publish date: November 8th, 2010
As a loan modification lawyer, many people ask me “how do I apply for a home loan modification?” Well, the short answer is, very carefully and deliberately! Loan modification is not a matter of simply putting in a request with the lender, it has become a long and drawn out process of faxing paperwork and following up constantly. Step 1 in How Do I Apply for a Home Loan Modification: Lender Requirements The first step when applying for a home loan modification, is to call the lender and get their guidelines or a list of requirements for loan modification. This [...]
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