Foreclosure

Foreclosure is a dirty word that no American homeowner wants to say, or come to grips with.  Many California homeowners are wrestling with foreclosure or are foreclosure proceedings due to financial hardship.  However, California home loan modification companies like the Feldman Law Center could be the answer homeowners are looking for.
Foreclosure Rights
Lenders are often called predators for a reason – they want your money, even if they  know you don’t have it.  However, even those facing foreclosure have rights, and it’s imperative that you don’t let your bank/lender ignore them.  Every state, including California, has it’s own laws, and homeowners throughout California has rights during foreclosure proceedings. 
Your mortgage contract should outline your rights.  Many people usually spend little time reading a mortgage contract before signing it, and brokers are often no help.  However, when facing a foreclosure, it’s time to pull out that contract and find out your rights.  Lenders will do their best to either ignore your rights, or get you to ignore them, and the only way to hold them to the contract is to know what it says.  Your basic mortgage rights include:

• How to fix payment problems – mortgages, all of them, give you the right to resolve defaults before foreclosure proceedings
• How to get informed – borrowers, all of them, must be kept up to date on the foreclosure process as it happens, even if you’re not involved.
• How to get a home loan modification – borrowers, all of them, are given the right to modify existing terms of any home loan.  Most homeowners however are unaware of how to get the best results.  The California home loan modification attorneys at the Feldman Law Center understand your rights, and understand how lenders operate.  We stand alongside homeowners and fight hard to keep them in their homes.

Asset Protection During Foreclosure
The California home loan modification attorneys at the Feldman Law Center understand the entire mortgage process, from signing the contract and loan modifications to foreclosures and asset forfeiture.  Foreclosure can be a terrible experience, but it doesn’t end there.  After a foreclosure, most people still wind up owing money, and there is very little to stop lenders from going after your other assets.  However, the California home loan modification attorneys at the Feldman Law Center know that there are ways to protect yourself and avoid further loss.
In California, a non-judicial foreclosure state, banks and other lenders have to go to court before they can get any deficiency claims.  Even with such hoops to jump through, you are vulnerable both during foreclosure and after you get back on your feet.  Most likely, your two best options are a home loan modification or a short sale.  The home loan modification attorney you choose will most likely make all the difference when it comes to negotiation terms and potentially engineering a sale.
Foreclosure Process
The home loan modification attorneys at the Feldman Law Center have seen far too many people get taken advantage of by lenders.  People who don’t understand the foreclosure process are vulnerable to any half-truth a lender will try to pass off.  Since California is a non-judicial foreclosure state, lenders don’t have to go through the court system to foreclose on your home.  A foreclosure of this nature can take only two months to execute.  In California, the process averages four to five months.  Once the lender has decided to foreclose on your home, they will record a Notice of Default (NOD) at the county office where your home is located.  Usually, you have until your third missed payment before this happens, but once it does take place, the process moves quickly.  Within 10 days, your lender will publish the NOD in a local paper, by day 30 you will receive the same notice in the mail.  The NOD outlines the steps to resolve the problem. 
Time is of the essence when you’re facing foreclosure.  This is especially true in California, because the lender has a great deal of leeway in how it operates.  If you’re facing foreclosure, there are two things you can do:

• Request a home loan modification and get a chance to save your home
• Arrange a short sale and hope the bank accepts the offer.

The home loan modification attorneys at the Feldman Law Center can carefully and successfully guide you through the home loan modification process and keep you in the home you’ve worked so hard to keep.  Our established contacts with lenders, years of experience, and legal and financial know-how will be asset during the home loan modification process.
Foreclosure Options
If you want to stop a foreclosure, you have two options: a short sale or a loan modification.  Short selling a home is selling it for less than it’s worth, and hoping the lender accepts your short sale offer.  Otherwise, you may still owe money on your home.  A home loan modification is a way to stay in your home by changing your mortgage terms to lower your monthly payments, making them affordable once again.  This option is the best for homeowners who have good payment habits but who have fallen behind because of some unavoidable hardship.
In a home loan modification, you work with an attorney who will guide you through the application.  Your home loan modification attorney will work for you to negotiate the terms of your new home loan.  Once you’re qualified, you have to submit financial documents which usually includes proof of income, bank statements and a hardship letter to explain your request and how/why you fell behind.  A qualified home loan modification attorney will walk you through every stop, until finally your home loan modification is approved.  You may wind up with an extension of your loan term, a shift from an adjustable to a fixed rate, a lower interest rate or a reduction in principal.