Foreclosure Prevention, Bankruptcy, Loan Modification, Short Sale, or Debt Consolidation.

The Feldman Law Center was founded by Steven C. Feldman, an attorney who has been licensed by the State Bar of California for over 25 years. As leaders in the industry our law firm has developed state of the art loss mitigation software that streamlines the loan modification process and maintains HAMP program guidelines. Lenders and mortgage servicers know who we are and respect our ability to negotiate long term solutions for both them and our clients. We have pioneered a unique approach to stopping foreclosures; keeping families in their home and helping real estate investors keep their properties. Our firm possesses a great deal of experience in helping homeowners avoid foreclosure and get more affordable mortgage payments without the need to file for bankruptcy protection. By postponing trustee sale dates and negotiating loan modifications and reasonable forbearance agreements we can save both the consumer and the lenders/investors time and money in negotiating a settlement that's fair and reasonable for both. If our client does not want to keep their home then we may be able to negotiate”cash for keys" or short sale for a residential or commercial property, and avoid the high cost and negative reporting of a foreclosure. You can find quite a bit of foreclosure defense, bankruptcy and short sale information on our website as well as information on settling your unsecured debt without the need to file bankruptcy. However, our experience is not limited to real estate, mortgage and bankruptcy matters. We have experience and knowledge in a number of other areas, including – real estate loans and transactions, personal injury and entertainment law.

Homeowner Options for Avoiding Foreclosure

The Feldman Law Center’s years of experience give us a unique insight into how homeowners have attempted to deal with foreclosure notices. Some of these options are practical and effective; others are akin to burying one’s head in the sand.

Do Nothing – When a homeowner receives a foreclosure notice from the bank, or phone calls from their mortgage lender, the stress and embarrassment can cause him/her to let the process run its course. Sometimes this is because people don’t know they have options, other times it’s because they simply are overwhelmed. However, doing nothing is by far a homeowner’s worst option. You can avoid foreclosure by utilizing the skill of a quailed attorney and fully understanding all your options. If you do nothing, you’ll be losing all of the time and money you’ve invested into your home, which is the key to stability for yourself, your family and your finances. Additionally, you will have a foreclosure on your credit report for up to 10 years.

Filing For Bankruptcy – There are definite benefits and draw backs from filing for bankruptcy. While bankruptcy might seem like a tempting option, homeowners have limited options in filing for bankruptcy, especially after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Also, filing for bankruptcy may not save your home or relieve you from your obligation to repay your mortgage. Since bankruptcy may only temporarily stop the foreclosure process and will be on your financial record for up to a decade, it should be avoided at all costs unless there is a clear benefit. A qualified attorney can lay out all of your options before you file and help determine if bankruptcy is right for you.

Short Sale – A short sale is often executed as a way to avoid foreclosure and sell your home for less than what's owed. This is also known as a short pay off to the lender. However, performing a short sale may be difficult because: A) the homeowner must get the bank to approve a short sale even though it will result in a financial loss; and, B) selling a home in a down financial market will complicate the process. With foreclosures on almost every block in America, housing prices are at rock bottom and getting a decent dollar amount for your home is practically impossible.

Loan Modification – Throughout California and the rest of the United States, people are turning to loan modifications as their best option to avoid a foreclosure AND stay in their homes. A loan modification is not the only option for homeowners trying to avoid a foreclosure, but it’s an option that will keep you in your home for the long term. A loan modification will allow you to renegotiate the terms of your loan, lowering your monthly mortgage payment. Here are some important tips the Feldman Law Center has for homeowners considering a loan modification:

Most loan modifications lower the interest rate on the home mortgage loan; other options include: a principal reduction of the balance of the loan; forgiveness of the late fees and penalties; fixing the adjustable interest rate; or some combination. For a homeowner who cannot refinance their mortgage and/or who cannot afford their current monthly payments, a loan modification might be your best option.

Utilizing a skilled, experienced law office to get your loan modification could drive a better result and get you more favorable terms. We will likely have a better understanding of the process and insight of how banks operate as well as a better understanding of what is a reasonable proposal for both parties. The Feldman Law Center has helped countless people who have previously been turned down get the loan modifications they needed to keep their homes, helping lower their monthly mortgage payments.

DID YOU KNOW?
California recently passed a new law that may result in making it more difficult for you to hire a law firm or other company to assist you with your loan modification.

The Feldman Law Center Adopts All Provisions in SB94

SB 94 was signed into law on October 11th by the Governor of California. The Senate bills intention is to protect homeowners from loan modification scams.  Please be advised that if you or anyone you know is interested in having an attorney represent them in their fight to get a loan modification, under the new law, now in effect, we, as a law firm, are still able to accept new loan modification clients. The Feldman Law Center, which has a long history of successfully helping people avoid foreclosure, is continuing to take loan modification cases under the new bill, SB94. We still have the ability in some cases to postpone trustee sale dates without the need to file for bankruptcy protection.

We were happy to see SB 94 passed.  In addition to other protections, SB 94 makes it illegal for any Attorney, Law Firm or Company including mortgage companies (brokers and realtors) to accept an up-front advance fee for a Loan Modification before providing the contracted for service.  We believe this will result in many of the scam operations that were still in existence to cease operating as their main function was to take homeowners funds, and then do little to nothing for the homeowner. Of course, criminals by definition typically don't follow the laws, so there still may be those who try to collect advance fees, so be careful. The Feldman Law Center has taken all the necessary steps to remain compliant with all new regulations handed down by SB94. Senate Bill 94 was recently signed into law by Gov. Arnold Schwarzenegger on October 11, 2009.

"The loan modification industry has the potential to help millions of homeowners throughout California.  Unfortunately, there are far too many scam artists attempting to take advantage of people who are just trying to keep their house,” said Steve Feldman, Esq., attorney at the Feldman Law Center.  “People still need our help, and we’re going to continue to help them and abide by the rules set forth by SB94."

SB94 is a law, sponsored by Sen. Ron Calderon, which prohibits California loan modification attorneys from asking consumers for payment before they perform services.  It also requires loan modification law firms to inform homeowners that they can do the loan modification on their own, or with the assistance of a government agency – both of which the Feldman Law Center already does.  The ban on "up-front" fees runs until January 1, 2013. Tom Pool, spokesman for the California Department of Real Estate, was quoted as saying "We didn’t want to put a permanent ban on legitimate business during a temporary crisis."

Steve Feldman, Esq., as well as the entire Feldman Law Center staff, support and understand any efforts to protect homeowners.  This bill will also eliminate the broker/attorney relationships which have become a breeding ground for scam artists.

Did you also know?

The delinquency figures reflect the latest troubles of the program, known as Making Home Affordable Program. Just recently Treasury officials announced a campaign to put new pressure on lenders to do more to move struggling homeowners into loans with easier terms. What we have seen so far from most trial mods offered by lenders is a "designed to fail" offer. If not properly negotiated by an attorney and terms adhered to by the home owner, these Trial Mods may end up in foreclosure and these homeowners could still lose their homes. Many homeowners are going to get a rude awakening when they are denied after a Trial Mod period and their lender even if they make their scheduled payments on time.

So far, more than 650,000 borrowers have been enrolled into the initial, or "trial," phase of the program and have seen their payments lowered by an average of $640 a month, or 40 percent. But a recent survey of large mortgage servicers published by the Treasury Department found that that more than 25 percent of borrowers in the program were not current on their trial payments. It is critical that these terms are fair and reasonable to both the lender and the home owner, allowing the loan to perform long term. If the federal government is going to share in the losses, what incentive dose the investor have to perminately modify the loan if there is a chance of default at a later date. Moving homeowners from the trial phase into a permanent modification has become the program's latest stumbling block. Borrowers must make three payments and submit documents proving they qualify for the program to move forward, but a bottleneck has emerged with few homeowners making it through.

Borrower confusion

Some borrowers have reported being confused about the trial modification process, including how their new payment was determined and when they need to begin paying. Also, at the end of the trial period there is confusion as to what to send their lender and when to expect an answer. Most borrowers have no idea if their loan will be perminately modified or a trustee sale date will be set. We strive in all cases where ever possible to negotiate a permanent loan modification for our clients.

The Feldman Law Center handles more than just loan modifications and our attorneys can assist you in exploring all your options, such as bankruptcy assistance and short sale negotiation.  Essentially, if a homeowner is in a difficult financial situation, the Feldman Law Center can provide virtually any legal assistance necessary. We can offer free information, foreclosure help and advice to homeowners that want to keep their home or negotiate a short sale. Please use our short form above or call our office today to receive a free consultation and review all your options.