California Loan Modification

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The State of California continues to remain as the number one spot for highest number of foreclosed homes and this number continues to explode. In an effort to stop this trend, California law now requires banks and other lending institutions to contact all delinquent homeowners at least 30 days prior to filing a Notice of Delinquency to make loan modification mandatory. Let our experienced lawyers and attorneys assist you in your loan modification.

California Civil Code 2923.6 which was enacted in July 2008, requires Lenders of residential loans in within the State of California to accept loan modifications in most foreclosure occurrences. This requirement applies to all residential loans made from January 1, 2003, to December 31, 2007. Loan-modification solutions can include reducing or freezing interest rates, reducing the principal amount or extending the term of the loan.
Analysts have agreed and the data is beginning to show that this move on the part of the state government is a far more superior program to reduce foreclosures as compared to the federal bailout funding. In this program, the spending of taxpayer's money by the government was eliminated while controlling the situation. Cooperation is promoted and encouraged among the borrowers and lenders to seek solutions in order to achieve mutual interests.

With this program, both the pubic and the government are expecting a drop in the number of foreclosure proceedings in the upcoming months and years. This long-term solution will take a while to fully impact the housing market but it is viewed to be highly effective in solving the problem as it addresses the primary cause, providing homeowners with much more affordable payment options as opposed to giving them additional loans.

What Californian homeowners need now is a thorough knowledge regarding this all important law. It must be stated that the law does not mean that a homeowner has to be behind in his payments before they can request their lender to modify their loan. Homeowners who are up-to-date in their mortgage payments can contact their lenders and propose loan modification agreements.
There are available loan modification attorneys and lawyers who are willing to help distressed California homeowners in having their loans modified. They can give professional guidance and counseling to reduce undue risks and anxieties in regards to their mortgages. Most of these experts come from loss mitigation companies that can also offer legal remedies from their in-house lawyers to make sure that a homeowner's rights are defended to the best of their interests. They require some reasonable fees for their services.

Homeowners, however are also cautioned to trust only reputable loss mitigation companies. With the current demoralizing real estate market situation and the enforcement of the new California law, there are also increased number of frauds and scams reported associated with loan modifications. Therefore, it is always best to examine each loan modification company's profile.

Mr. Krup, an experienced loss mitigation attorney with a specialty in Loan Modifications. Mr. Krup serves as chief of staff for the Firm. The company is a loss mitigation company comprised of a team of attorneys that offers loss mitigation services such as forbearance, loan modification, short refinance, short sale, and deed in lieu of foreclosure.