Why Should Homeowners Retain Attorneys For California Loan Modification Agreements?
According to Howard Miller, 2009 president of the California State Bar, 'Lawyers can be and have been very helpful in many [California loan modification] cases.” Miller explains that lawyers can help borrowers understand their legal rights, negotiate with their lender, complete the required paperwork for a loan modification and even stop a foreclosure sale.
“We agree with Mr. Miller. Homeowners seeking a loan modification here in California should consider using the services of an attorney” says Dave Gerlt a Partner with the Law Offices of Edwards and Gerlt. Edwards and Gerlt are licensed California real estate attorneys who are experienced at helping financially challenged homeowners obtain loan modification agreements in California.
Gerlt continues, “Naturally, banks, like any business, are under pressure to increase their profitability. It is not their business model to place borrowers’ interests over their own financial interests. So an inexperienced homeowner is unlikely to obtain the most favorable loan modification terms that are available from the lender.”
It should be noted that homeowners can directly negotiate California loan modification agreements with their lenders without any assistance. Banks want inexperienced, naïve homeowners to call them and try to modify their own loan. That way, the banks can minimize their losses by making “take it or leave it” offers. The homeowners may not realize that they can negotiate with the bank, and even if they do, how to make a strong counter offer.
Homeowners who have the time to constantly follow up with the lender for several months as needed, understand the qualifying ratios and required documentation for a loan modification agreement, comprehend the fine print of their mortgage agreement, and are not intimidated by negotiating with a team of bank attorneys, should do it themselves.”
However, homeowners who lack this comprehensive skill set, may want to discuss their options with an experienced lawyer. “By retaining the services of an loan modification attorney, homeowners may be leveling the playing field with the financial institutions.”
Borrowers should also be aware that there are free loan modification services available from agencies approved by the U.S. Department of Housing and Urban Development, or HUD.
“These nonprofits may make sense for some homeowners. However, like any free service they will be very busy, especially in the current economic environment. It may be difficult to get the attention necessary to complete a successful loan modification. We pride ourselves on quickly assessing our clients’ needs and moving the ball forward, because every client is very important to us.”
“As loan modification lawyers we are not intimidated by banks or their attorneys. A very small percentage point reduction on interest rate can mean a savings of tens of thousands of dollars over the life of the loan. So chances are, homeowners can benefit significantly from the help of an attorney,” concludes Gerlt.
For more information on California loan modification agreements, Dave Gerlt can be reached at 877-701-6637 or go to http://www.aboutcalifornialoanmodification.com
[Footnote: “Can an Attorney Help Loan Modification?” by Marcie Geffner with Bankrate.com.]
User comments, Ratings and Reviews
[Bookmark & read later
/ Comment this story ]
KeithHunt from 71.104.10.xxx
Article Taged as : should, homeowners, retain, attorneys, california, loan, modification, agreements?, http, www.aboutcalifornialoanmodification.com, should, homeowners, retain, attorneys, california, loan, modification, agreements?,
Article Viewed 3726 times.
Positive attitude 1 votes [0%]
Negetive attitude 1 votes [0%]
News Article Source & Groups
You can find this article under group.
And brought to you by Channel ,
The XMl Feed Type and collected data bytes sized news and still counting.
Feed Server name is and Code Page (Not Defined/Un Known)
: : Why Should Homeowners Retain Attorneys For California Loan Modification Agreements?
Date Listed : Saturday, January 02, 2010
Source : ,
- California Southern University Announces Availability of Bachelor of.New online degree program combines foundational criminal justice courses with cutting-edge curriculum.(PRWeb February 21, 2012)Read the full story at http://www.prweb.com/releases/2012/2/prweb9209220.htm
- Women Should Be Aware Of Heart Attack SymptomsDoctors say many women don't see a heart attack coming because they have different symptoms than men, and even emergency room physicians can be slow to reach a diagnosis.
- Got The Sniffles where Maybe You Shouldnt Drive Study SaysA new study says driving with a bad cold might be like getting behind the wheel under the influence. CBS 2's Kristyn Hartman reports.
- California faces dollor 19 billion budget deficit despite massive cutsThe California budget deficit stands a $19.1 billion, even after two years of steep cuts. Democrats oppose Governor Schwarzenegger's proposed cuts but can't agree on a solution.
- The battle to solve Californias foreclosure epidemicThe Golden States' bankers and real estate brokers are at odds about how to solve California's ongoing foreclosure crisis. Who's right?
- Should your child be learning the art of slow reading where As concerns grow that the Internet is making us intellectually shallow, some educators are rallying behind the slow-reading movement.
- World debt and the Gulf oil spill should spur a Green New Deal If we enact a green economic recovery today, events like oil spills and debt crises could become relics of the past. But until we fully embrace a Green New Deal, ...
- Fannie and Freddie Homeownership at whose expense where Fannie and Freddie are stimulating the creation of credit and indebting homebuyers at the expense of the highest-income-earning taxpayers.
- Chinese currency why Americans should care if yuan is revalued A jump in the value of Chinese currency, the yuan, would make products manufactured in China more expensive, but could also help US manufacturers remain competitive abroad.
- Peruvian moth could devastate Californias avocados entomologist warns Entomologist Mark Hoddle is in Peru to look for known avocado pests, in particular, the avocado seed moth, Stenoma catenifer, that could wreak havoc on California's avocados should the pest ...