Loan Modification Help From The Best Loan Mod Company

When you have fallen behind in your mortgage payments it can feel like falling into a black hole. With the mounting late fees and such, it can quickly become a hole that it feels there is no way out of.

Especially when you try refinancing only to find that your late payments will keep you from qualifying and even your own mortgage company does not want to help you.

“…You can feel completely helpless with nowhere to turn. But there is help available now that can stop the foreclosure proceedings instantly and actually offer you a chance to bring your mortgage to a current status again. What you need is a qualified Loan Modification company…”

Even when everyone else has turned you down, finding the best loan modification company to suit your needs can be your light at the end of a very dark tunnel. Mortgage modification is different from a refinance in that there are fewer credit restrictions in qualifying. In fact, it is being behind in your mortgage payments is one of the qualifications for modifying your mortgage. Also your mortgage payment must be at least 38% of your gross monthly income, something else that would make it impossible to refinance. Additional qualifications are that the property is your primary residence, you have had the mortgage since before January 1, 2008 and you owe 90% of the value of the home.

If this is the situation that you are in, then you need to find the best loan modification company available to walk through the process with you. This may be the best chance you have of saving your home so you will want the most qualified expert that you can find to help you. Of course you will need documentation that your situation is as you explained. Proof of income and a current mortgage statement should take care of most of that, but the most important thing you will need is the hardship letter to explain how you ended up behind and how you will keep it from happening again. This letter could make or break you, so make sure you consult your expert on its content. You want it to be perfect.

“…The best part is if you are granted your modification request, you will be current of your mortgage again, late fees will be gone and your back payments reworked into your newly modified mortgage…” H. Milla added.

Mortgage loan modification can help keeping your home

Struggling To Keep Your Home? Mortgage Loan Modification Can Help

People’s financial situations can change in a heartbeat. Hardships of all sorts can prevent you from making ends meet, and your mortgage may fall into arrears. Mortgage loan modification can help put you back on track!

Circumstances that may be resulting in unpaid bills and threats of foreclosure vary, and may include:

1.    Medical hardship

2.    Loss of or reduction in income

3.    Family conflict or divorce

4.    Death in the family

5.    Unexpected expenses

Whatever the cause, you may be faced with the fear of foreclosure on your property, and the prospect of losing the home you worked so hard to acquire. All is not lost, however; the Obama Administration has made it possible for lenders to work with you to modify your home loan and put you back on the path to regular payments and eventually, full title to your home!

In the past, late and missed payments generally resulted in threats being made by the lender, very few options for getting back on track, and the ultimate default on the loan and foreclosure on the property by the lender. Homeowners had little recourse, since there was no federal regulation enabling lenders to work out alternatives with the homeowner.

Can I Really Qualify for this Relief?

It is now possible for you to seek relief from overwhelmingly large mortgage payments even if:

1.    You have bad or no credit

2.    You are not even behind yet on your payments

3.    You have just started falling behind

4.    You have received a Notice of Default from the lender

5.    You have been informed of a date of Trustee Sale of your property

6.    You own more than one property

You can even obtain a mortgage loan modification and stop foreclosure even if you owe more than your home is currently valued at! The first step in obtaining am modification is hiring an attorney to protect your interests.

Do I Really Need a Lawyer?

You may think initially that a lawyer is just one more unnecessary expense. However, mortgage loan modification can be a complex process, and if you are not personally well versed in contract law you may find yourself the victim of unscrupulous loan modification ‘experts’, who will arrange your loan to benefit the lender instead of you and leave you in worse shape than before.

Anyone, including you can legally negotiate to modify a loan. However, a lawyer has knowledge of the system and how to protect your interests, and can keep you from being taken in by one of the many con men currently taking advantage of homeowners in distress.

These individuals bill themselves as loan modification consultants, and will do anything to convince you that they should handle all negotiations with your lender in order to qualify you for a mortgage loan modification. In reality, it is not hard to qualify – the real hard part is making sure the loan agreement is written up in such a way that it actually relives you of some of your burden and protects you from problems in the years ahead. A loan modification should be a long term solution designed to enable you to ultimately pay off your home, not a short term device intended only to stave of foreclosure for a year or two.

Steps to Acquiring a Mortgage Loan Modification

Lenders will want to know exactly what has transpired to cause you to need a Mortgage loan modification. A hardship letter must be drafted to explain your situation and detail the reasons you need your existing loan agreement to be modified.

A budget worksheet must be filled out listing all your expenses and sources of income, to show the lender that you will be able to hold up your end of the new agreement and make payments as scheduled.

The following documents will need to be collected and presented along with the hardship letter and budget worksheet to your lender:

1.    Proof of income, including the two most recent pay-stubs for each borrower plus their W2′s

2.    The last two years’ worth of tax returns, including schedules for self employment or rental income

3.    Bank statements for the past two months (all pages must be included)

4.    All correspondence concerning the current mortgage, including payment coupons, tax and insurance information and HOA fees

A qualified loan modification attorney will be able to help you locate and present all documents to your lender, and will be a part of the process from beginning to end, making sure your interests are safeguarded and that the final mortgage agreement is one you can abide by. This give you the security of knowing that you will be able to eventually finish paying off your loan and achieve your dream of owning your own home!

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Loan Modification Tips

It is not impossible to get a home loan modification.  Many people struggle with even thinking about a loan modification.  Either they feel a home loan modification is too difficult or they simply don’t understand how the process works.  Here are some quality loan modification tips:

Get your finances in order – One important tip any loan modification company will send your way is that your finances must be in order.  To prove you have a financial hardship and to prove you have enough money to pay a modified home loan payment, you are going to have to show your finances, your budget, your income and more.

Contact a qualified home loan modification company – An important tip is to watch who you trust with your home loan modification.  There are a number of companies that have popped up out of nowhere since the financial crisis began in late 2006, early 2007.  You should work with a company that has been around for years, and that can offer you sophisticated advice.  If you’re overwhelmed, read their Website, talk to an agent, do your own research and even try to ask people who have had their own home loan modifications.

Don’t walk away from your mortgage – You may feel the temptation to just walk away from your bills, simply out of frustration.  However, mortgages are not only a major investment, but your credit score will take a long term hit if your home goes into foreclosure.  Don’t give in to fear or doubt, contact a home loan modification company and see if there is any way to stay in your home.

Do your research – It’s important to know the loan modification process and loan modification companies.  An easy thing to do is contact a qualified home loan modification company and ask as many questions as you can about the process, the company, the industry and your own situation.  A loan modification company may be able to give you some tips on how to avoid foreclosure and stay in your home through a loan modification.  This process can be complicated, but qualified loan modification companies will know what the steps to take are.

Keep up with the laws – California home loan modifications took a major turn in 2008, when the California legislature changed the California home loan modification process.  You need to stay up to date with the changing laws, changing financial landscape and other ways you can learn tips.

Don’t walk away from your home – An important tip that any loan modification company or lender will tell you is that walking away from your home is probably the worst option you have.  A loan modification will allow you to adjust your monthly payment, as well as your interest rate and potentially your principle balance.  A foreclosure is the worst option for you, the lender and everyone else involved.  Talking to a loan modification company will help you learn about the industry, learn some valuable tips and gain confidence about keeping your home for years to come.
Visit us at Loan Modification Help Center or call 800-359-6941.

Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Michael H. Thompson is interviewed after securing his PGA tour card at the Final Stage of Q School.
Video Rating: 5 / 5

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Processing Loan Modifications In Los Angeles

Get Yourself Started In Choosing Home Loan Modification Programs

The U.S. economy is currently facing a severe economic crunch, due to which loan modification has appeared. Nearly six million homeowners are facing home foreclosures, primarily due to the current recession.

In fact, consumers have also reduced their spending largely. Experts have determined that the root cause of recession can lead to more such crunches in the future.

The Rescue Plan:

To combat this situation, the government of President Obama has formulated a well-analyzed and well-organized economic stimulus plan for loan modification that will generate a significant stimulus to the economy if appropriately applied in the home market system.

The Obama Loan Modification Plan is an initiative developed to help nearly 9 million families to refinance their mortgages and avoid home foreclosures.

The Obama loan modification plan recognizes that many homeowners cannot take advantage of historically low interest rates, because the loan-to-value (LTV) ratios are too high for them to qualify for a refinance loan.

Most lenders want to see an LTV of 80% or lower before they consider a loan modification plan, that is, homeowners must owe no more than 80% of the current value of their property.

The Obama’s Home Mortgage Plan says that every person should receive access to a 30 years fixed rate mortgage with an interest rate of only 4.5%. In addition, refinancing would be made available to current homeowners at an interest rate of 4.5%.

A loan modification, unlike a refinance is not a new loan. Rather, it is a change in the terms of an existing loan. The government is even providing incentives for lenders to participate in the loan modification process. The incentives are as follows:

1. The government will share the cost of a loan modification with the lender for a modification, which lowers the borrower’s expense to less than 38% of gross income down to 31%.

2. The borrower will receive ,000 annually for up to five years for remaining honest on the loan.

3. The lender will receive up to a ,500 for a qualifying loan modification.

4. The entire government subsidy for the program may run up to ,500 per home.

Some of the benefits of The Obama Loan Modification Plan to the Economy are stated below:

1. Reduction in the interest rate after qualifying for a loan modification plan will help people to save more money.

2. The program even offers cash incentives with the objective to entice the borrowers to choose the program.

3. The program also assures 00 for the original loan modification along with 00 additional for three year. But, this is valid only with the condition that you pay your dues on time without defaulting.

4. In addition, the program aims to minimize the interest charges and increase the loan term, if the coveted percentage of the total monthly income is not fulfilled.

However, you will have to fulfill certain criterions to qualify for this new loan modification plan. One pivotal criterion is that you have to be the prime resident and the loan should not date back beyond January 1st 2009.

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Hardship Loan Modification – The Crucial First Step to Save Your Home From Foreclosure

In these difficult economic times, many homeowners are finding once manageable monthly mortgage payments are now very difficult, if not impossible to meet. Whether due to job loss or reduced hours, some folks incomes are not where they were when they took out their mortgage. A hardship loan modification may be the right solution for you if you find yourself in a similar situation and need to act now to save your home. This article will review what new laws have passed in regards to loan mortgage difficulties, what eligibility standards were introduced, and how a loan modification hardship letter delivered to a loan modification lender can begin the process to save your home from foreclosure.

In March of 2009, Congress passed the Making Home Affordable Act of 2009. The act had two main parts; it relaxed refinancing requirements so those previously ineligible to refinance may do so under the qualify loan modification section of the code, and it allowed homeowners to work with lenders to create a modification in which the terms of the loan were rewritten to make the monthly payments more affordable. Typically this involved changing the interest rate.

A homeowner can begin the process by requesting, filling out and sending a loan modification letter to a loan modification lender. The lender will research to see if the homeowner qualifies under the act’s requirements and then begin the process of creating a modified loan. Generally, the homeowner must reside in the home to meet the loan modification eligibility. To expedite this process, many homeowners have enlisted the help of a foreclosure prevention counselor who can handle all of the filing requirements.

During the review process the lender will request certain, specific information to see if you qualify. You should assemble proof of income for the last year for all income earners in the household who are on the mortgage, proof of residency in the household on the mortgage, and documentation of major changes in income.

Those that meet the loan modification eligibility requirements and are approved may also receive benefits in future years from their loan modification lender such as bonuses for on time payments which can significantly aid the homeowner in paying off their mortgage on time while bolstering their credit score. Improved credit scores will save interest costs not only on future mortgages and home equity loans but also auto and education loans as well.

It is also important to point out that lenders have an incentive to participate under the qualify loan modification section of the program as well as they can receive bonuses from the government for successful loan modifications. A well informed borrower should be aware of this when speaking with your lender as you need to know the benefits of the hardship loan modification extend to the lenders as well.

When you are working with a professional foreclosure prevention counselor on your application, make sure the terms are acceptable to you and are financially possible with your current income, as you may only modify your mortgage once under this program. During the process of modifying your loan you should examine all of your household expenditures and see what may need to be trimmed to meet your new mortgage monthly agreement.

Above all, do not procrastinate when you could be saving your home from foreclosure. Congress passed the new laws to give homeowners like yourself an opportunity to negotiate terms that keeps them in their home. Do not pass up this opportunity! Remember that this opportunity will not be available to you if you lose your home to foreclosure and you want to apply for a new mortgage for a different home, it applies to existing mortgages only!

This program can give deserving families a second chance at staying in the homes they love while stopping further damage to their credit. You owe it to yourself and your family to contact a professional foreclosure prevention counselor who can provide you with free advice on how to begin the process to stop foreclosure.
eating a new loan.

On the next page you will find loan modification specialists that have proven track records for helping homeowners modify their home loans and cut their payments in half

So If you want to cut your mortgage payment in half and stop the banks from taking your home then I strongly recommend that you to read everything on the next page before it’s too late!

Visit this page

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The Loan Process

When you get ready to buy a home, one of the first steps you need to take is to get pre-qualified for your loan and to become familiar with the complete loan process. The following is a sequence of events from application for loan pre-qualification to recording the deed after purchase;

Schedule an application interview with your lender to get pre-qualified. This important step will identify the exact dollar amount you qualify for, and will give you an idea of the home you can afford. In this interview your loan officer will ask for the relevant documentation needed in order to pre-qualify you.

Your loan officer will order a credit report, verify your employment, check your current mortgage or rent payments and landlord ratings as applicable, and your bank account balance to verify funds are available to close. At this point, if everything checks out, you will be pre-qualified.

Once you have completed your home search and identified a property, your title company will provide a commitment of title insurance and your loan officer will have the property appraised. The loan officer then assembles the loan package and submits it to the underwriter for approval.

The underwriter might ask for additional supporting documents. In that event, the loan officer will check on any problems or inconsistencies and supply the underwriter with the additional documentation as requested.

If approved, the loan documents are completed by the lender and sent to your title company to be prepared for your signature.

Once signed and returned, your lender reviews the loan package. Funds are transferred by wire or check to the title company and the title company disburses the funds to the appropriate parties.

The final step in the process is recording the new deed with the county recorder’s office to make it official. Generally the title company will record the deed for you, but be sure to check.

Good luck!

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Student Loan Forgiveness

Normally once a student has graduated college, they have about six months before they need to begin paying back their student loans. However, it is possible to have some or all of your student loans forgiven. It will usually involve trading your time in a variety of different ways.

To qualify, you must be involved in volunteer work, serve in the military, teach in a designated secondary or elementary school for low-income or special education students or other “teacher shortage areas”, and meet other various requirements.

Peace Corps volunteers may be able to defer payment on their Stafford, Perkins, direct and consolidation loans. Also, they can receive forgiveness for their Perkins Loans. For each of the first two years of service, 15% can be canceled. Then, for the next two years, 20% can be canceled for each year for a total of 70% for a four year commitment.

Partial student loan forgiveness through volunteer work can also be achieved through VISTA (Volunteers in Service to America), a private non profit group dedicated to the eradication of poverty in the United States. A one year commitment to VISTA will allow you a ,725 education award. Your student loans may be placed in deferment or forbearance while you are serving.

The Army National Guard has a program called Student Loan Repayment Program (SLRP)which will provide for forgiveness of up to ,000 in student loans. It’s available to those who have existing student loans when enlisting or those who get the loans after joining. This program is in addition to the Montgomery G.I. Bill benefits and tuition assistance program. The downside to this is there is a six year commitment.

If the military isn’t for you, and you don’t really want to be a volunteer for years just to get rid of your loans, there are a few other options available.

Student loan forgiveness for either Perkins Loans or Stafford Loans can be achieved through full-time teaching positions at a low-income school as designated by the U.S. Department of Education or teaching in certain subject areas such as special education, mathematics, science, foreign languages and bilingual education. The chief administrator of the qualified school at which you taught will have to verify your participation and completion. Depending on your qualifications, you could earn forgiveness of from ,000 to as much as ,500 in loans.

Certain health care professionals can also have their payments deferred or totally forgiven with participation in the Nursing Education Loan Repayment Program. The NELRP will repay 60 percent of the qualifying loan balance of registered nurses who are selected for funding in exchange for 2 years of service at a critical shortage facility. Those selected may be allowed to work a third year and receive repayment for an additional 25 percent of their qualifying loan balance. Only about 15% of the total number of applicants were selected to participate in the program for the last two years.

The National Health Service Corps Loan Repayment Program provides for up to ,000 in forgiveness for qualifying educational loans in exchange for two years service in a underserved communities. Areas of need currently are primary care professionals, including dental and mental and behavioral health clinicians.

There are other, less common ways to become eligible for partial or total student loan discharge. For example, if the school happened to close within 90 days of your enrollment and you were unable to finish your course(s), you may be eligible for a partial discharge of your loan, dependent on the amount of your expenses. If you did not receive an expected refund, you may be eligible for forgiveness of the amount of that refund. If your signature was forged on your loan agreements, your loan can be forgiven. If you die or find yourself temporarily or permanently disabled, you may receive student loan cancellation.

If you are thinking about a student consolidation loan, check first because by consolidating, you may lose the opportunity to have certain loans forgiven.

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How Can I Qualify for a Loan Modification?

As many Americans living in California are facing the possibility of falling behind on their mortgage, or even foreclosure, they are looking into how to qualify for a loan modification.  California loan modifications can seem like a complex process, and many people either lack the knowledge or instruction to see if they qualify.  Loan modifications can save a family a great deal of stress, and a qualified loan modification attorney can keep a family in their house where they belong.Learning to qualify for a loan modification is important, because it may be the only way to stay in your house while you’re facing financial hardship.  There are three conditions that usually must be present in order for a loan modification to be possible:  there must be a hardship which results in the inability of the homeowner to make the current mortgage payment or the increased payment which will result from an adjusted interest rate.  When someone is assessing whether or not a hardship does exist,

they will look for a situation to have changed which caused the income to go down or the expenses to go up.  These changes in either the income or expenses (these days usually both) will often cause the homeowner not to have enough income to make the current mortgage payments, or future mortgage payments.

The second condition which usually must exist in order to qualify for a loan modification is that there must not be enough equity remaining to sell the home and to pay off the mortgage without the lender agreeing to take less than is owed.  Many lenders want to avoid a short sale, and if you can negotiate with the lender, they would rather do a loan modification than a short sale.

Thirdly, and possibly the most important issues, the homeowner has to be able to provide specific documentation showing that they can afford to make the proposed modified payment. Since this isn’t a refinancing, rather a negotiation between the homeowner(or their representative such as The Feldman Law Center) and the lender, published guidelines don’t exist.  All income can be considered so long as it is documented.  Usually, common sense prevails when the proposed loan modification is evaluated.

California loan modifications, as well as federal loan modifications and FDIC loan modifications, can be the answer homeowners are looking for if they cannot currently make their mortgage payments.  If you can make a lower payment, be assured that the lender would rather a lower payment than a foreclosure. 

Loan Modification, Foreclosure Assistance, & Foreclosure Help by The Feldman Law Center

Loan modification is the focus on our website, however; we do provide our clients with proper legal advice and share expertise in the areas of real estate transactions, mortgage negotiations, loan modifications and debt settlement. The Feldman Law Center, a Loan Modification Attorney, was founded by Steven C. Feldman who has been licensed by the State Bar of California for over 25 years. We are consumer and homeowner advocates that will protect you from home foreclosure with our detailed loan modification program. The Law Offices were established to focus on real estate matters that include debt negotiation, predatory lending violations, settlements and loan modification. We are here to help stop foreclosure, and fight mortgage fraud..

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Who Qualifies for a Loan Modification?

During these trying times when mortgages, real estate prices and other financial arrangements are completely unstable, many homeowners are asking how they can qualify for a loan modification.  Both the FDIC and the federal treasury are strongly supporting loan modifications as a way to keep people in their homes.  Lenders don’t want to take back anyone’s home, homeowners obviously want to stay in their homes and the federal government wants what the people and lenders want.

Many people who are trying to keep their homes are asking questions such as:  who qualifies for a loan modification?  Homeowners throughout California who are trying to stay in their homes are interested in the loan modification process and want to learn more about California loan modifications.

Below are some basic tips on how to recognize whether or not you are eligible for a California loan modification (or loan modification in another state).

Borrowers (those with a mortgage) struggling to stay current on their mortgage payments may be eligible for a loan modification if their income is not sufficient to continue to make their mortgate payments and they are at risk of imminent default.  California homeowners may be eligible for a loan modification even if they are not currently behind on payments.  Several factors may cause this scenario:  loss of income; significant increase in expenses; or an interest rate that will resent to an unaffordable level.

Here are three ways to know if you qualify for a California or federal loan modification:

1).You occupy your house as your primary residence

2).Your monthly mortgage payment is greater than 31% of your monthly gross income

3).Your loan (mortgate) is not large enough to exceed current Fannie Mae and Freddie Mac limits

Loan Modification

A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.   You may be seeking a California or federal loan modification if you are having trouble paying your mortgage.  The key is to find a qualified loan modification attorney who understands loan modification law.

Loan modification attorneys will tell you that there are only three possible outcomes when a homeowner cannot make the payments on their mortgage:

1.The property goes back to the lender through a foreclosure or a “deed-in-lieu” and the property goes back out on the market.

2.The homeowner sells the home in a conventional sale or a “short sale” and the home goes back onto the market.

3.The lender (bank or mortgage company) modifies the loan so that the homeowner can make the payments and the home does not go back onto the market.

The loan modification option is the best solution, by far, for the lender, homeowner and country in almost all situations.  The loan modification process does not require any appraisals, credit reports or title reports because a loan modification is simply a renegotiation of the terms of an existing note.  A loan modification can consist of a reduction in the interest rate, a change from a fully amortized to interest only payments for a period of time, an extension of the loan term, a reduction of the principal balance of the loan and/or a resolution of any arrearages.

Loan Modifications are the best overall solution for the following reasons:

1.Families are kept in their homes through the loan modification process

2.Los modifications ease the financial pressure that causes stress in families

3.Loan Modifications have the least cost solution to the lenders, which is why many lenders are willing to do them

4.Loan modifications keep the house off of the market and therefore each loan modification represents a step closer to the solution to the current economic crisis.

5.Loan modifications are a market solution, meaning they aren’t taking taxpayer dollars.

6.Loan Modifications can be done quickly if you have an experienced loan modification attorney.

Loan Modification, Foreclosure Assistance, & Foreclosure Help by The Feldman Law Center

Loan modification is the focus on our website, however; we do provide our clients with proper legal advice and share expertise in the areas of real estate transactions, mortgage negotiations, loan modifications and debt settlement. The Feldman Law Center, a Loan Modification Attorney, was founded by Steven C. Feldman who has been licensed by the State Bar of California for over 25 years. We are consumer and homeowner advocates that will protect you from home foreclosure with our detailed loan modification program. The Law Offices were established to focus on real estate matters that include debt negotiation, predatory lending violations, settlements and loan modification. We are here to help stop foreclosure, and fight mortgage fraud. Visit us at http://www.feldmanlawcenter.com or call 800-588-0425

www.ventureloanapp.com FHA mortgage qualifications are based on ratios 31 credit, income, job history, and credit depth. Of course during underwriting, other things can be used as qualifying factors.

Loan Modification Help Center – Learn your options for stopping foreclosure now

Regardless of where you are at financially, it is almost never too late to avoid losing your home to foreclosure.  Qualified loan modification attorneys know that while it is easy to lose hope and fall into a place of inaction, you have many tools at your disposal.

Options

Contact your existing lender and see if you can get a forbearance, a payment plan or a deed in lieu of foreclosure.  A forbearance is an agreement between the lender and the borrower that reinstates the delinquent loan through the payment of a lump sum or a schedule of payments over a period of time.  A payment plan is similar to forbearance; in some cases, the lender may agree to a short term payment plan if you can prove you’ve had a hardship (loss of a job, medical bills, etc.).  A deed in lieu of foreclosure is a voluntary transference of title to the lender.  Most often, this is used as a last ditch effort by the homeowner to avoid the negative consequences of foreclosure.

The problem with all of these options is that they require a great deal of cash on hand, something you most likely do not have available.  Foreclosures can be a challenging situation because most people facing foreclosure are not simply lazy people who forgot to pay a bill, they are hardworking people who are facing some sort of financial crisis. These might be options if you have ,000 or ,000 on hand, but odds are you do not.  With a deed in lieu of foreclosure, the ultimate problem is you no longer own the home, and so now you’ve lost any equity in the house and you are not in control

Other options include refinancing, although that depends upon your credit history which could have taken a massive hit from your financial problems.  If you do not have an outstanding credit history, or if your financial challenges are more than short term, a refinancing probably will not happen.  A short sale is an option, although there is no guarantee that the lender will forgive whatever debt remains from the short sale.  There is also always bankruptcy, but there are so many challenges before, during and after a bankruptcy that it can be a complete waste of time.  A bankruptcy will stay on your credit history for up to a decade and provide nothing but headaches during that time.  Even afterwards you can face financial challenges, career challenges and legal challenges stemming from the bankruptcy.

Quite possibly your best option when facing foreclosure is a California loan modification.  A loan modification is a change of the terms of the original mortgage loan; the change could be to the interest rate, the length of the mortgage, the principal balance, the late fees or some other part of the original agreement.  To get a loan modification, you can attempt to deal with the lender yourself or hire a California loan modification attorney to negotiate on your behalf.  A loan modification attorney will often get a quicker response from a lender because he or she will have the law on their side.  A lender will consider a loan modification when foreclosure is eminent and the borrower’s income has been decreased, but if the borrower will be able to keep paying the mortgage at a lower monthly rate.

Visit CreativeRealEstateHQ.com for a FREE video on how to buy a home without 20% down, without using banks or mortgage brokers even if you filed bankruptcy or had a foreclosure yesterday. Are you interested in finding a mortgage that you can just assume so that you can buy a home? Watch this video that answers that frequently asked question and some additional information about other creative ways to buy a home that does not require you to use your own credit.