FreeDIYkits Loan Modification Blog

Under new law banks compelled to work with homeowners in trouble and create California loan nodification Agreements. The California Foreclosure Prevention Act states that banks have to try and modifiy loan before foreclosure.

“Finally there is good news for California homeowners and help them avoid foreclosure. The new
The California Foreclosure Prevention Act, signed by Gov. Schwarzenegger in February, adds 90-days between the time a homeowner defaults on a loan and when banks can initiate foreclosure proceedings,” states Art Franklin, V.P. AboutCaliforniaLoanModification.com.

AboutCaliforniaLoanModification.com attorneys help homeowner obtain loan modification agreements. These agreements make monthly mortgage payments more affordable.

Assemblyman Ted Lieu, D-Torrance, who wrote the bill states “The goal is to compel banks to do systematic California loan modifications that will reduce the foreclosure rate. California has the highest foreclosure rate in the nation. Until we slow that down, the state’s economy cannot recover.”

Franklin continues “This new law which took effect June 15th. puts the onus on lending institutions to work with homeowners and develop a California loan modification agreement.”

A loan modification agreement usually includes lowering the interest rate, reducing the monthly payment and sometimes substantially reducing the loan balance of the current loan. Homeowners are urged to take advantage of this new law quickly.

Mr. A. from Ontario, California, one of Franklin’s clients that came close to losing his home, states “I know I left it far too late before I called Art. Why is it that, as intelligent humans, we consciously do things that are contrary to our health, wealth or happiness? Not only do we make these decisions but we also rationalize them. For instance, I know I shouldn’t smoke BUT it helps me to relax!”

“I was three months behind with my mortgage payments and didn’t take any action whatsoever. It’s not like I didn’t know what was happening. Was I expecting a knight on a white horse to come up my driveway and make my payments for me? Realistically I knew that wasn’t going to happen and still I was mentally paralyzed. Art’s staff at AboutLoanModification.Com calmed me down, planned a course of action, followed through with that plan and obtained a Loan Modification for me professionally and quickly even though I had already received a Notice of Default.”

Just because you ignore the gas gauge on your car doesn’t mean the situation will improve the longer you leave it. In fact the situation gets worse. If your car runs out of gas on the freeway then you have to address the situation. It also creates more problems. It doesn’t matter what other plans you have that day, you immediately stop your plans, walk to the gas station, get gas and then walk back with a heavier load.”

Franklin continues, “Mr. A. didn’t call us until he received a Notice of Default. He had to take immediate action or be faced with the reality of losing his home. We didn’t let him “Run Out Of Gas” and were able to get an offer on Mr. A’s California Loan Modification from the lender in less than 30 days but the Loan Modification approval can take longer. Most of our clients get an offer for a Loan Modification in 30 – 90 days although we have had approvals in less than 30 days as was the case for Mr. A”.

“We are able to help homeowners through the process physically and mentally because all of our loan modification consultants are mature professionals that are homeowners. Our consultants understand what it means to make a monthly mortgage payment. Our consultants know how it feels to be on the verge of losing your home and can assist clients get through the emotional aspect of the situation.”

Franklin concludes, “Homeowners should move quickly because we feel this new law will create a different kind of run on the banks.”

For more information on California loan modification agreements please all Art Franklin, AboutCaliforniaLoanModifcation.com 877 863 5362 or visit their website at www.aboutcalifornialoanmodification.com

Mr A is willing to discuss his situation and can be reached through Art Franklin.