Save Your Home

Struggling homeowners have been given some extra time to try to obtain loan modification help under a law now in effect that halts a foreclosure action for 90 days.  This law has been enacted to give borrowers the opportunity to work with their lender and modify the terms of their loan so they can afford to stay in the home and avoid foreclosure.  You might be able to use this California Foreclosure Prevention Act to your advantage-here is some basic information to help you get started.

1. Terms of the CFPA-Prevents a foreclosure sale for an additional 90 days in order to allow the homeowners and lender to workout a loan modification.
2. Purpose of the California Foreclosure Prevention Act-Gives the homeowners and their lender time to try to find a plan to avoid foreclosure-including a loan modification.
3. Loan Modification terms-This varies depending on your bank, program and your particular situation.  The interest rate may be reduced to as low as 3%, loan term extended to 40 years and some principal deferred or reduced.
4. Timeline for California foreclosure-Once a Notice of Default has been filed and recorded with the County Recorder’s Office, the homeowner has 90 days to redeem the property.  The lender will publish a foreclosure date within 20 days after the 90 day redemption period has expired.  Under the old law, a minimum of 111 days had to elapse from the date the Notice of Default is recorded before the foreclosure date.  Under the CFPA, an additional 90 days will be added, making the total redemption period 201 days.
5. Who may be eligible?-Homeowners must be able to meet certain criteria to qualify for this extension, including:  Loan originated between 1/1/2003 and 01/01/2008, first liens only, owner occupied property, Notice of Default has been filed
6. Who is not eligible?-Public housing agency, Calhfa and VA loans, borrower has already surrendered their home, those homeowners in bankruptcy

The California Foreclosure Prevention Act is another opportunity for homeowners stuck in an unaffordable loan to apply for a loan modification with their lender.  This 90 day extension is a second chance to apply and work directly with your bank to find a workout solution.  It is extremely important to understand how to qualify for a loan modification and what your lender will be looking for to approve you before you begin the loan modification process.

You cannot afford to miss this chance to save your home from foreclosure.  Make sure that you take the time beforehand to prepare your paperwork correctly.  This is not the time to take any chances-be informed and prepared before contacting your lender to apply-it could be the difference between approval and denial.  It just makes sense-gather all of your documents, prepare your application forms and make any necessary adjustments so that you can meet the approval guidelines-then contact your lender-armed and ready.

Start Now-You can get the help you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan.

Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com