December 13, 2010

Mortgage Modification and Bankruptcy

A Sacramento bankruptcy attorney comments on mortgage modifications and bankruptcy.

When a person is having trouble paying their monthly mortgage payment, there is one option called modification. There are three areas that can be modified:
- Interest
- Principal
- Term

A modification can be one of the above or a combination of all the above factors. In some cases the lender will allow you to skip a few payments and add them to the back end of your loan. This really wouldn't be considered a modification.

A true modification is where a new agreement overrides the original agreement. This will allow you to keep your home and hopefully keep from filing bankruptcy. You are seeing some lenders taking 30 year mortgages and extending them out to 50 years. This lowers your monthly payment, but increases the interest you pay on the home. The hope in this case is that the real estate market recovers and you can sell your home well before the 50 year period is up.

When doing a mortgage modification be cautious of large upfront fees. A legitimate company may ask for a small processing fee, but a lot of the fees can be built into the new loan agreement. It's a good idea to ask your lender who they recommend and go from there.

Please do not hesitate to contact us at our Sacramento office by calling 916.792.6025 or for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Bankruptcy Law Firm office nearest you. Please visit our website at www.sagarialaw.com and fill out a free online evaluation form to determine if you are a qualified candidate for bankruptcy. Bankruptcy Law Firm's team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff at Sacramento can assist you with all aspects of your bankruptcy case. We at Bankruptcy Law Firm can assist you regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. and we are happy to help! Our bankruptcy attorneys located throughout California and Oregon can assist you with your bankruptcy questions.

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November 5, 2010

What is a Loan Modification

A Sacramento bankruptcy attorney explains loan modifications in detail.

Homeowners who find themselves in default may find that they can renegotiate the loan payment terms with his bank. If a mortgage holder does not understand exactly what the term means, he may get in some trouble negotiating the terms. Many people who do modify their home loans still find it difficult to make their monthly payments.

What Is Loan Modification?
A loan modification program allows a lender and a debtor to enter into an agreement to later the original terms of the loan. Current events have made the phrase part of the common lexicon, but any loan held by a bank can be modified as long as both parties agree to the terms.

Is There a Standard Structure?
The mortgage modification programs offer by the federal program usually let people make payments on only the balance of their mortgage. Interest payments get added to the end of the life of the loan. Such modifications are designed to give a person enough time to stabilize his financial situation.

When Should I Do This?
A borrower wants to avoid loan modification programs if they occur because he has problems making payments. A person can make arrangements to pay the loan off earlier, which may include renegotiating any early pay off penalties that he may incur.

If you would like more information on this topic or other bankruptcy topics, please contact our Sacramento office at 916.792.6025 or . We at Bankruptcy Law Firm can connect you with one our our experienced Sacramento bankruptcy attorneys. We have bankruptcy attorneys located throughout California and Oregon to assist you with your bankruptcy questions. If you need assistance regarding a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! Please contact us to receive a free consultation or visit our website at www.sagarialaw.com to request an in-person consultation with an experienced bankruptcy attorney. We have an exceptional team of bankruptcy lawyers, bankruptcy client care specialists and bankruptcy staff supporting Sacramento.

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July 30, 2010

Does Bankruptcy Help Home Modification?

A Sacramento bankruptcy attorney answers how bankruptcy helps home modification...

Bankruptcy does help with home loan modification because it reduces the amount of consumer debt obligation and leaves more income available to pay a home loan. Once a discharge is received income to debt ratio is higher and will help qualify you for a home loan modification. Once debts are discharge trial loan modification payments should be easier to make.

Home loan modifications are entered into even in a Chapter 13 plan of debt adjustment. A lender and a Chapter 13 filer are free to agree to whatever terms are proposed. The lender will usually request a release of automatic stay liability before any loan modification is entered into during a pending Chapter 13.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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January 27, 2010

Loan Modification Scam

A Roseville bankruptcy attorney comments on the lawyer arrested on charges of loan modification fraud...

It's been released that a Southern California lawyer, and his business partners were arrested on charges of defrauding over 400 victims in a $1.25 million loan modification scam. The attorney, Christopher Lee Diener and his business partners, Stefano Joseph Marrero and Terrence Green Sr. were each charged with "one felony count of conspiracy to commit grand theft and 97 felony counts of grand theft by false pretense with setencing enhancements for white collar crime and excessive taking" according to a recent press release by the Orange County District Attorney's office.

The trio are alleged to have defrauded hundreds of distressed homeowners by guaranteeing a loan modification, and promising to negotiate lower interest rates, reduce principal, and have lenders forgive second mortgages or late fees. Clients were required to pay in advance for their services that were never provided. In total, they are accured of fraudulently taking $1.25 million, including over $350,000.00 from credit card companies who had to refund cardholders for the fraud. The defendants are further accused of soliciting client referrals in exchange for referral fees which were never paid.

Anyone with additional information, or anyone who believes they are a victim of the scam, is encouraged to contact the supervising district attorney on the case. Homeowners are advised that throughly examine the nature of services promised by those offering loan modification services, and are discouraged from paying professional fees in advance.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!


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January 25, 2010

Roseville Attorney Warns that Housing Market will take a While to Recover

Roseville Bankruptcy Lawyer comments on housing market...

As a Roseville Bankruptcy Attorney, I have noticed several news sources have reported that the housing market will take a significant period to recover. Economist predict that it could take up to a decade for many homeowners to see equity in their homes, while those in the areas that were hit the hardest may not see complete restoration of the market in their lifetime. Since their peak in 2006, it's been reported that home prices have fallen another 30%, and many experts predict that the market will take another hit as foreclosures pile up. Experts are further concerned that recent government incentives to restore the market such as low interest rates and tax credits will actually lead to another crisis when the measures providing these incentives expire.

In places such as California, where the housing market saw a significant drop in home values, it's predicted that it could take as long as fifteen years to recover according to the chief economist for the national Association of Realtors. Within the state, the Sacramento area was hit particularly hard, and it should not come as a surprise that it will take longer for places such as the Sacramento area to recover because prices fell more steeply.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!

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