graham | Loan Modification | February 28th, 2011 Comments Off
“California is suffering from highest foreclosure rates in America and it even has the highest number of foreclosed property. To prevent it further, California loan modification service is provided by the Obama government to help the struggling homeowners and save their home from foreclosure. In this plan the lenders are asked to contact the delinquent mortgage holder before 30 days of filing delinquency notice.” Get Started Today …
Today the whole of California is suffering from foreclosure; it has become foreclosure epidemic and has the highest number of foreclosed property in America. Thus now the federal government is requesting the banks and the mortgage holders to perform California loan modification process. California-loanmodification also provides services for loan modification plan and helps the needy borrowers to lower their monthly mortgage and save home from foreclosure.
Now the California government requires the lenders to contact delinquent mortgage holders before 30 days of filing the notice of delinquencies. The California civil code 2923.6 was ratified in July 2008 and it need lenders to help the homeowners and accept their California home loan modification in their foreclosure conditions. Loan modification includes lowering interest rate, extending the loan term, reducing principal loan balance and preventing the foreclosure of homes.
According to the experts the California loan modification services worth $75billion dollar provided by Barack Obama will surely help the homeowners and save their home from being foreclosed. This plan provides financial incentives to the homeowner and lenders both and this new plan has now made the situations better in California.
How to get approval for California loan modification program?
There are special California loan modification attorney who are willing to help the struggling homeowners in filling their application form. But the attorneys charge money for this usually $1500-$10000 to perform all the tasks. Few of them are really professionals while few just want to grab money from the homeowners. Thus before availing their services, the homeowner should research carefully and find a reliable attorney.
Those homeowners who are aware about the in and outs of loan modification can even do it themselves. This will even save the attorney fee. But one should approach sincerely and should research enough before filing the application as if it’s rejected it can even worsen down the condition.
Get Help Of California Loan Modification Attorney To Modify Your Mortgage!