Latest Finance News

the American housing market could prolong the recovery of the economy by delaying home foreclosures. This has been the topic of debate over whether it is best for America to face millions of foreclosures immediately, or to control the process over several years. The major argument for allowing the processing foreclosures to all happen quick, is that there will be a purging of bad loans followed by the beginning of the mending process for the industry. The opposing argument is that by slowing the foreclosure logjam, the economy and housing demand will have time to recover. It appears as though we are taking the latter course, for better or worse. Since the crash of the housing market, economists have predicted an uncontrolled surge in foreclosures. “Like everyone else, I’ve been waiting, but we’re not seeing the big influx that was expected,” said Jim Summers, an agent with Re/MAX Golden Empire. “At this point, I wouldn’t bank on anything.” Many real estate experts now say it’s not clear that the massive second wave will even come.

This would mean that the approach we are taking appears to be successful. Of course, foreclosure’s are not in anyone’s best interest because they drive down home prices, and keep banks skiddish about their lending practices. Right now, mortgages are much more difficult to obtain as a result of an over-conservative lending psyche The government is trying to control the downward pressure on the nation’s economy that the millions of foreclosures have caused. Lenders are fighting to keep value of their mortgage assets high, and cities don’t want their communities to suffer the massive losses from mortgage defaults. “As long as interest rates stay low, I think banking and government interests will be able to maintain some degree of market stability,” Conway said. The home foreclosure process now takes twice as long as it used to. A large reason for the longer delays are loan modification efforts to keep borrowers in their current home mortgages. These loan modifications are a noble effort in the short term, but a majority of them default on their modified mortgage within a year. The foreclosure process is also being slowed by staffing shortages at lending agencies and bankruptcy filings.

Continue reading ‘The Pain of Foreclosure Could Last Years’ »

Avoiding a loan modification scam can be difficult, especially if you have not done your homework. Today, recent statistics show that one in ten homeowners is either in foreclosure or behind on their payments. This means there are millions of homeowners in dangerous financial positions, with millions more on the brink of chaos. There are so many loan modification companies in California, let alone America, that keeping on top of the illegitimate ones is impossible.

Here are some common loan modification scams being perpetrated throughout California:

Continue reading ‘Feldman Law Center – Avoiding Loan Modification Scams’ »

The Chase loan modification program is offered by JP Morgan Chase Bank. Chase bank offers loan modifications for those who are struggling under the impact of the present difficult economic crisis which grips them with the fear of losing their home. This plan will enable those seeking for a loan to get better interest rates and easier installments. For obtaining this loan modification, you will need to provide Chase with a complete understanding of your current financial situation with supportive documentation. The advisor, in turn, will scrutinize the documents provided by you and advise any further information required.

Upon satisfying all the document requirements, Chase will issue a letter to confirm the terms, next payment date, and payment amount and contribution, if any, from you. You will then be eligible for a loan modification, subject to you giving a signed modification agreement to Chase. The modification will be a helping hand in saving your home, as it will significantly reduce monthly mortgage payments. Continue reading ‘Mortgage Modification Tips – How to Obtain a Chase Bank Loan Modification’ »

A Yield Spread Premium (YSP) is a mortgage broker’s profit, which is paid by the lender in exchange for a higher interest rate. It is a way to avoid charging the borrower any out-of-pocket fees and lower up-front closing costs on the borrower’s loan, if they understand the contract. However, Most of the time a yield spread premium confuses many homeowners ans they end up choosing the deal that “sounds” better…

This is how a Mortgage Yield Spread Premium works:

* If a borrower chooses a lower interest rate, he/she will pay the up-front the processing fees, 3rd party costs and YSP (Yield Spread Premium) Continue reading ‘Mortgage Yield Spread Premiums & What You Should Know to Save Yourself Money’ »

I work at a law firm in Los Angeles and every day I speak with dozens of people that are deep in the foreclosure process and desperate for help. Many have been taken advantage of by unscrupulous Loan Modification Companies and are now, not only deeper in trouble but out several thousand dollars to boot. They are desperate for help and just want someone, anyone to listen to them and give them some help. A little bit of hope! So — every day I listen and advise them as to their best course of action. Some days, it is not easy.

The loan modification process is time consuming and can be a bit overwhelming for people. However, with the right help and a little bit of work you can get through the process and get the terms of your mortgage changed to something that is more in line with your current financial situation. There is help available! In an effort to help, I have decided to write a few articles Continue reading ‘The 3 Top Questions I Answer Everyday About Loan Modification’ »

Are you buried with so many bills that it seems like you are in quicksand that the more you try to solve this problem the more harder it is for you to fix it?

Do you find yourself more than 60 days late in making your mortgage payment? Do you find yourself facing the nightmare of foreclosure and the only solution you can find is a loan modification bailout? You will find that a modification is a much simpler and cheaper solution to your problem as you will not be worrying about your low credit score.

When you head out to the bank and ask for a home loan modification, it immediately sends the idea that you are not able to pay for the monthly mortgage. There may be a lot of reasons why you can not pay the monthly mortgage whether be it the sudden decrease of your income or due to other problems. By asking for a modification on your loan you can now afford the payments by cutting your payments to a more affordable rate. Continue reading ‘Loan Modification Bailout – Take Action to Save Your Home From Foreclosure’ »