Loan Modification Help Center – Can the Federal Government Do What a Loan Modification Attorney Can?

Loan modification attorneys throughout California are helping people stay in their homes by working on their behalf to negotiate with lenders and get a top flight loan modification for their clients.  A qualified California loan modification attorney can get the best interest rate and the best terms for their clientsâ?? loan modification, helping homeowners to stay in their homes and avoid foreclosure proceedings.

Recently, the federal government has gotten involved in the loan modification industry, hoping to keep as many Americans as possible in their homes.  The Obama Administration came into office in late January, and by February got Congress to pass a number of pieces of legislation promoting loan modifications.  However, their efforts to reduce foreclosures have fallen behind expectations, failing to help as many people as they hoped to.

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The federal loan modification program has hit many pitfalls, including the fact that some homeowners are being told they must be behind on their payments to receive help, which runs counter to the goals of the program.  In other cases, the delays are so extensive that borrowers who are current when they begin the process fall behind by the time the process is complete.  There are also issues involving who qualifies under the federal program.  Recently, government agents invited over twenty bank executives to Washington, D.C. to discuss this situation and how to remedy it.  

So far, it is estimated that 200,000 homeowners who were behind on their mortgages took advantage of the federal loan modification program.  The goal is to eventually help three to four million people with loan modifications, but unfortunately they are not on pace to meet that goal.  Some banks, such as Wells Fargo, did not offer loan modifications under the program until June, while others were understaffed to handle the volume of calls and e-mails that they received.  In the meantime, people are suffering pay cuts, spouses losing their jobs, increased interest rates and more.  The federal loan modification program held quite a bit of promise, but it seems the promise has not been able to produce the desired results, or at least the results that everyone was hoping for with the program.  This is in part due to the bureaucracy involved in any government program of this size.

People may now be searching for potential solutions to this challenge.  One obvious solution is to hire a qualified loan modification attorney.  While federal programs have to service millions of people, a loan modification attorney can focus on you, your needs and your house.  A federal program will have dozens of hoops to jump through for every portion of the program, as well as an inefficient way to communicate with you.  Educating the homeowner on how to organize and prepare the loan modification application should involve intensive one on one contact, but a federal agency will not be able to do this.

A California loan modification attorney can sit down with you, explain your options and walk you through the entire loan modification process.

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