Mirror of Justice

Feldman Law Center – Loan Modification – The Truth, The Whole Truth, And Nothing But The Truth!

July 15th, 2009 at 04:38pm Under Estates Law

 

Loan modification and stop foreclosure services should be provided by a reputable attorney and NOT a loan modification company that boasts “in house attorneys” or “attorney based”. Most so called Loan modification experts are misleading, giving home owners false promises and misrepresenting their services. We have seen many of these loan modification companies send home owners loan modification examples similar to the way they sold mortgages. Making statements and emailing examples with guaranteed or proposed principal reductions and charging up front fees as well as trying to collect monies at the close if they obtain a loan modification agreement. Honestly, these types of loan modification companies should be reported to the DRE and the Attorney General’s Office.

 

We have reviewed several loan modification agreements from loss mitigation companies offering to help stop foreclosure and found they all highly recommend you have “your attorney” review ALL documents including their contract before signing. Why would a borrower hire an attorney just to review a loan modification company’s agreement before signing? In addition, why would they then again hire an attorney to review the final loan modification agreement? The simple truth is, this is advised so you fully understand what you are signing. You must read the fine print and know how to interpret the agreement.

 

Why not just hire an attorney in the first place to negotiate with your lender and review ALL the documents as well as counsel you with a plan of action. Attorneys providing loan modification services and real estate negotiations are not as easy to find. The Feldman Law Center offers a flat fee for loan modification services that is much less than most loan modification companies. We have reviewed several loan modification service agreements from companies that charge up front fees and found them poor at best. DO NOT PAY UP FRONT FEES TO A LOAN MODIFICATION OR LOSS MITIGATION COMPANY THAT OFFERS STOP FORECLOSURE OR LOAN MODIFICATION SERVICES. THESE COMPANIES SEND THEIR FILES TO OUTSIDE LOAN PROCESSING COMPANIES PRAYING FOR A RESULT. OUR LOAN MODIFICATIONS TAKE 3 TO 6 WEEKS, NOT 3 TO 6 MONTHS!

 

Loan modification services should be provided from a Law Office that has experience negotiating with mortgage loan servicing companies for a multitude of reasons. The Feldman Law Center in California has long standing relationships and a sophisticated approach with all the major lenders and mortgage servicing companies and proven results. To see for yourself or for more information about loan modifications call us today or visit www.feldmanlawcenter.com .

Feldman Law Center – Feldman Law Center Acquires Former Lending Tree V.P. To Head Up Expansion

July 15th, 2009 at 02:52pm Under Business Law

The Feldman Law Center, a Law Firm that provides nationwide loan modification and debt relief services announced the recent acquisition of former Lending Tree Vice President Mr. Jerry Koller to head up their expansion. Mr. Koller brings us a wealth of knowledge, says Mr. Steven C.Feldman as Koller has worked for Mr. Anthony Hsieh Former ETRADE Financial CEO who then founded HomeLoanCenter.com and sold it to Lending Tree in 2004 for an undisclosed sum. With over 20 years in the finance and mortgage industry Feldman feels the long awaited acquisition could not have come at a better time.

Feldman Law Center was one of the original loan modification attorneys providing loan modification services throughout the country and has grown at a record pace over the past year. Back in the day, homeowners facing foreclosure or immanent hardship due to interest rate adjustments didn’t know what a loan modification was and with the recent development of our Internal Management System Software and the acquisition of Mr. Koller we can structure our growth accordingly as to not adversely effect our day to day operation. The newly developed IMS system will improve the way we do business and allow us to process and negotiate over 5,000 loan modifications per month. Currently the Feldman Law Center manages a large case load and negotiates pools of loan modifications with the major loan servicers like Country Wide Home Loans, Chase and CITI Mortgage. The original staff of five has grown to over 65 in a year that most new nothing of loan modifications being used to stop foreclosure. The Law Offices occupies over 10,000 sq.’ in Mission Viejo, Ca. and is currently negotiating the lease of another 35,000 sq.’ in Irvine, Ca. Coincidently within a mile of the former Lending Tree campus Mr. Koller frequented. Feldman sees the rapid growth as the next “refi boom” and it should be smooth sailing with Koller aboard. “We couldn’t do it without a man of his caliber” says Feldman.

Mr. Koller went to every Loan Modification Company and Law Office that provides loan modification services in town before settling on the Feldman Law Center. When asked why Koller says, “He has the reputation and I want to work for the best”. When asked why loan modifications, Koller says “I like helping people and I miss the fast paced operations”.

Feldman Law Center – What Do Banks and Lenders Think of Loan Modifications?

July 11th, 2009 at 02:53am Under Banking Law

Feldman Law Center – News by Feldman Law CenterThe whole reason a loan modification becomes necessary is because the borrower needs the loan to be more manageable, so that he or she can continue to pay for it. The purpose of a loan modification is for the borrower, or someone on the borrower’s behalf, to negotiate a more feasible mortgage with the lender. At first glance, this deal seems like a good one for the borrower. And oftentimes it is. But what about the lender?

Because of the current financial crisis, many people are seeing loan modifications as a good deal. The negotiations are usually initiated by the borrowers, and allow them to keep their property, postpone payments, reduce or stabilize interest rates, and sometimes even get a better deal on the house they already live in. Their credit scores are not harmed like they would be by a foreclosure or bankruptcy. Most of all, they do not have to move from their houses, forcing upheaval on their families, during a time of financial hardship and stress.

Society seems to take the side of families and the personal stories broadcast on the nightly news shows. Stories about 50-year old, recently-laid off, single moms who can’t afford their mortgages tend to pull on people’s heartstrings, winning the allegiance of many members of the public. And since so many people are being affected by the mortgage crisis, public outcry seems to be against banks and lenders, who are being blamed for offering such ludicrous loans in the first place.

The government, and specifically groups such as the FDIC, are also increasingly supportive of loan modification programs. The FDIC has even built a “Mod in a Box” loan modification program guide, in order to encourage more and more lenders to offer loan modifications. Obama has plans that involve modifying home loans to keep families in their homes, and countless nonprofits and support groups seem to be cropping up to help people with distressed finances.

So, borrowers, the government, and society at large are supporting the numerous loan modification programs available. One still has to wonder what banks think about home loan modifications.

Although much less loudly proclaimed, many lenders are in support of home loan modifications too. Lenders’ motivations for modifying a loan can vary. If a home is sold in a short sale, the bank agrees to write off the amount the borrower still owes, sells the property, and takes a loss. Foreclosures are much the same. When a bank forecloses on a home, they often make less profit on the property than they would have made through a mortgage, even a mortgage modified through a loan modification. Simply put, banks have a business motivation to modify your loan: they stand to make more profit if you stay in your house. Not to mention the fact that loan modifications make them look better in the eyes of the community and the government, and could potentially help the world’s economy in the long run.

If you need a home loan modification, contact the attorneys of the Feldman Law Center. Consultations are free, and they can help you benefit from staying in your home.