Archive for the 'Law & Legal' Category

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

 

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”.

 

The English Legal System: Why, How Laws are Made

THE ENGLISH LEGAL SYSTEM

Before one considers what laws are and how they are introduced into a society or a circumstance, it is necessary to consider… WHY WE HAVE LAWPeople’s behaviour, sometimes, may lead to generally undesirable outcomes, injurious to one or more others physically or as repugnant. People have sought to establish some rules, to enable the smooth functioning of the societies in which they live, of a kind that themselves can sanction to avoid chaos.WHAT ARE LAWSThe set of rules that regulate behaviour are laws; and those that regulate human behavior in ways that they can be legally sanctioned if breached are men’s Legal Laws.What the should be the basis of such rules, the extent of the limitations on man’s actions, who and how should decide and organize them, apply the sanctions -with what safeguards against injustice and as defined by whom and how, and the growth of society -necessitating variations of them, and other such considerations, are essentially, also part of Law. There has been the Authoritarian View -that law’s intention should be to prevent wickedness, and the moral welfare of the society; and there has been the Libertarian View -that private morality and immorality is one’s own business and not of law: e.g., the Misrepresentations Act 1967.THE AIM OF LAWThe Libertarian view has been mostly preferred, aiming to ensure two things:-1. Primarily, with minimum conflict with natural law, rules for the survival of the society (e.g. regarding murder, theft -mostly criminal in nature), against human greed and aggression.2. Secondarily, to make allowance for growth, and complex situations by way of…a. A system of adjudication for the settling of e.g. mercantile disputesb. A system of who and how to change the rules as and when necessaryc. A system of recognition of the primary rules themselves as legal rules.In a non-complex society an elected body should make, and publicize, and sanction, above all, Criminal Law (rules intended primarily for a simple society with a unity of purpose which is, above all, survival -regarded as being best ensured by considering it most important that the norm should not bedeviated from, to enable cohesion and solidarity). In a complex society there being no unity of purpose and the emphasis being on the interdependency of the members of the society, deviance would not be the most important consideration, and the purpose and the function of any law would be, chiefly, between conflicting individual interests, to maintain a reasonable balance, mostly by Civil Law -for which reason in e.g. European Law the interests of the individual are paramount to those of the state.ENGLISH LAW Classification of English Law is as being, both, affected by, and incorporating in part -and increasingly, international law; it comprises of…INTERNATIONAL LAW and NATIONAL LAW INTERNATIONAL LAWBritain must respect and meet the expectations of various international agreements in the application of its laws -whether binding on it or not, to maintain its political standing among other countries; and, often, such expectations are met by its own, voluntary, incorporating of such laws into English law. This is done, mostly, as a condition of its membership of the European Union, as and when it is directed by Europe -as in the case of the level of its water-purity and the European directive regarding a standard common to all member states of it, and as in the case of the requirement to treat as binding on itself e.g. the Single European Act 1986.NATIONAL LAWNational Law, on the other hand, is that which is made by the state, for the state, and in Britain by its Parliament, intended, within the state, in this case within Britain alone -with variations for Scotland and Northern Ireland, to ensure the non-anarchic organizing and running of the society, in respects from less of consequence to those fundamental, increasingly as written-law, as:-PRIVATE LAW and PUBLIC LAWPRIVATE LAWPrivate Law regulates the dealings of the individuals with each other within the state, under such headings as:-Family Law, Tort, Property Law, Commercial LawFamily Law is a good example of the laws in this category; it deals with matters between individuals such as marriage, divorce, and matters arising as related rights -such as the custody of children, e.g. the Family Law Reform Act 1969.Tort or Torts -as some prefer to call it (from the French word meaning wrong, or wrongs), is the private individual’s right -if without financial assistance from the state s/he can, not to be civilly wronged by another, sometimes by an organization, in respects not contractual, sometimes including such as, with a very fine distinguishing line, may fall short of being criminal ~e.g. negligence, or the Occupiers’ Liability Act 1957.Property Law, also called Land Law, deals with matters of property, such as land that in practice is regarded as personal -although ‘all land belongs to the Crown’, and including matters of dispute over minerals under it and treasure trove, as well as dwellings on it and fittings, often dealt with by the Courts of Chancery -e.g., the Law of Property Act 1925. Commercial Law comprises of laws of major importance in the dealings of individuals with others, such as:-Mercantile Law, Consumer Law, and the Law of Contracts Mercantile Law is the original body of laws that governed commercial dealings ~it was so called because it involved dealings of merchants with each other. As it developed, it concerned itself also with dealings between merchants and the consumer, and the occasional agreements between the individuals -which later grew into separate laws themselves. Almost exclusively, it deals with such matters as competition between traders, trademarks and patents, and e.g., bills of exchange under the Bills of Exchange Act 1982. Consumer Law is from laws-merchant; it regulates the dealings of the individuals with merchants as to, e.g., the quality, and return, of goods purchased, deeming existent a collective contract between the consumers and any trader, as in the Sale of Goods Act 1977(as amended).Contract Law is about the, not necessarily regular, agreements of individuals with others, on specific terms offered and accepted (unless under duress or by coercion), intending it to be legally binding, for consideration in return, e.g., under the Misrepresentations Act 1967.PUBLIC LAW This branch of the law governs the relationships between the state and other states, and between the individual and the state, under such major headings as:-Constitutional Law, Administrative Law, Criminal LawConstitutional Law is about the system, the framework, of who and how, and how come to, govern, by which laws how made and applied, as the state; e.g., the Parliaments Acts 1911, 1914.Administrative Law defines and controls the limits of government, mostly protecting against absolute power, enabling complaints and appeals against the state -e.g., the Human Right Act 1998.Criminal Law regulates such conduct of the individuals as are regarded to be against the society, actionably, punishably, by the state; e.g. Offences Against the Person Act 1861.THE DIFFERENCE BETWEEN PUBLIC AND PRIVATE LAWThe differences are, mainly, these:-Public Law are those categories of law, such as Administrative, Constitutional, Criminal, which involve the conduct of the state in relation to itself, or in relation to society generally, through one or more individuals, or the conduct of the individual against the society -mostly through one or more other individuals, in representing the society.Private Law, i.e., Family, Tort, Property, Commercial -with its branches, chiefly, involves the state as only the arbitrator in personal or collective dealings between the individuals.THE DIFFERENCE BETWEEN CRIMINAL LAW AND CIVIL LAWIF IT IS CRIMINAL LAW…1. It is Public Law2. It is between the state and the individual or organization3. The state (Crown Prosecution Service) complains, prosecutes)4. It is registered as R –v- name of the accused (R = Rex/Regina –the monarch)5. Proof is the states, beyond reasonable doubt6. It is dealt with by Magistrates, or by Crown Court7. It is Not Guilty or Guilty and a Sentence –imprisonment/community-service/fine and trial costs unless on legal assistanceIF IT IS CIVIL LAW…1. It is Private Law2. Its is between individual/s and/or organization/s3. The individual/s or the organization sues4. It is Complainant (plaintiff) –v- Defendant (their names)5. Proof is on a balance of probabilities6. It is dealt with by a County Court or the High Court7. It is a Judgment and the winner is awarded a remedy and, normally, costs THE LEGISLATIVE PROCESS IN ENGLANDThe Sources of English Law Main sources of law in England are:-1. Legislation -including Delegated Legislation…2. Precedent (Judge-made law) -which mostly comprises of the Laws of England and Wales and as (differently) applied in Northern Ireland (the basis being same of the slightly differing Scottish Law -and of the laws of many countries of the British Commonwealth)…3. European Union Law -which is increasingly becoming the major source of English Law (expecting compliance with also the European Convention on Human Rights -the enhanced version of the Universal Declaration of Human Rights) -e.g., the Human Rights Act 1998 (implemented in 2000) incorporated into English and all United Kingdom law.The Legislator, is the Parliament.The Parliament is the House of Commons, and, the House of Lords -with the Monarch.The House of Commons are the elected representatives ~mostly from political parties -with committees and ‘whips’ (who deal, mostly, with the discipline of their members). By “the supremacy of Parliament”, in fact, is meant the ‘supremacy’ of this House -since the Parliament Acts 1911 & 1949 it can bypass the House of Lords, and, since Queen Anne, in 1707, conventionally, to every Act of it the Monarch always assents.The House of Lords are the unelected representatives, so knighted by the Monarch, some as Hereditary Lords (the eldest son inherits the title) and many increasingly as Life Peers -almost always upon the recommendation of the political parties themselves; the numbers were limited of them with voting rights by the government at the beginning of the 21st century and its members have been considered that should be selected by a panel appointed by government. Its Right to Veto the Commons has been, since 1911, inconsequential, and since 1949 within a year invalid -it serves in effect as a chamber of second opinion and its decisions are not binding on the House of Commons and occasionally have not been followed.The Monarch, since 1707, may not veto Parliamentary Legislation; but, must formally assent to it -although she does not personally sign it, before it can become legislation.Legislation is a law, in the form of a Statute. It is formally enacted -or made, by or by the authority of the Parliament, effective when assented to, as an Act of Parliament.Acts of Parliament, ‘Statutes’ are laws, produced by the Parliament, and comprise also of less important law, with the authority of the Parliament, as Delegated Legislation.Delegated Legislation enables the management of major Legislation by the Legislator -Health & Safety Act 1974, the COSSH Regulations 1988.Statutory Instruments by the Executive’s ministers, through other bodies, make effective such Legislation as about health and safety, transport, and as about social-security and taxation.Orders in Council are by the Monarch with the Privy Council, in cases of emergency -also on appeal from some Commonwealth countries. By-Laws are made, mostly, by Local Councils (Town Halls as, or as part of, County Halls) -by locally and independently elected town or county mayors and councilors with knowledge of their individual districts.The advantages of delegating legislation is that it enables saving time, expertise, and flexibility; the disadvantages are that it gives wide powers to make laws without debate and which may not be as much publicized as the Acts of Parliament themselves and as much known to the public. LegislatingA Bill is a proposed legislation normally producing an Act of Parliament -it normally begins with one or another type of Bill being introduced.Types of BillsThe type of a Bill depends on who propose the legislation -as follows…Public Bills by government, proposing legislation affecting the nation as a whole -were so introduced the Criminal Disorder Act 1998, and, the Access to Justice Act 1999.Private Member’s Bills by members of Parliament, which may be of national effect -the Arbitration Act 1967, the Disability Discrimination Act 1996, both, began so.Private Bills by individuals, through a member of Parliament, affecting fewer -such a bill proposed the University College London Act 1996.A Bill, with slightly variations depending on its type, before becoming Law, goes through a number of stages.Stages of a BillThe Stages of a Bill are, sometimes strictly, with adherence to set procedures, Readings, at both the House of Commons and the House of Lords:-The First Reading involves formally, mostly, Naming the Bill, with its date, and making available printed copies of it, normally, with no, or very little, debate on it…The Second Reading involves Explaining the Bill -debating its general principles, and voting on it…The Committee Stage involves the political parties, which are represented proportionately, putting forward their views -or expert opinion being obtained on it; and at the Report Stage the House being informed of these and the Bill being voted on. ‘Division’ sometimes takes place on how to vote on the Bill among the Members of Parliament, and when so, an Eight-Minute Break is allowed them and their Party Whips to discuss it and to decide how to vote on it.The Third Reading, usually, is, with any verbal amendments to the Bill, the final vote.This procedure is followed by both of the Houses of Parliament, except that Bills may begin not at the House of Lords if they are to do with such matters as taxation.The Royal Assent involves the Signing of a Bill that has gone through all of its previous stages successfully, by the Monarch ~but the Monarch need not, and does not, personally sign it -conventionally, the Monarch does not refuse; and, unless stated that it will become so after a time interval, from then on a Bill becomes formally an Act of Parliament, Law which often authorizes delegated legislation too.It is considered essential to inform the public of the laws proposed and of the laws made, and this is done, at different stages, by way of publishing a White Paper, a Green Paper, and a Statute -delegated legislation also being made in printed form publicly available.These procedures may sometimes be confusing: e.g., section 6 of Employment Protection (Consolidation) Act 1985 was a Bill introduced as being intended to be of psychological effect only and not of any legal effect before passing all of its stages and becoming Law. JUDGE MADE LAWPrecedent, briefly. Britain, unlike the USA and the European Union countries, not having a Written Constitution, Codes of Law enacted by the representatives of the people, English Law is based on Common Law -judge-made law ~judges interpret and (also in those criminal cases where that it is increasingly considered by the government that should not sit juries) apply the law.Where ‘Written Law’ -an Act of Parliament, does exists, they do so under Rules formulated by the English Courts, such as:-The Literal Rule -where the Court does not consider the written law to require judicial interpretation, literally taking the words of the Statute…The Golden Rule -if they consider the literary meaning to be, e.g., absurd of any Written Law, interpreting it as they would consider not perverse.The Mischief Rule -if the Court considers it must interpret the purpose of the written law -the Intentions of Parliament, which they do under the Interpretations Act 1889 -barring reference to the Hansard (the official transcript of all words spoken in the Parliament -placed in its library).These Rules are sometimes confusingly stated, and in relation to appeals, e.g. from cases under the Sex Discrimination Act 1975, its is stated that “no issue of law arises if the Tribunal simply misunderstood or misapplied the facts” -following reference to precedent that an issue of law arises if a decision is “inconsistent with the evidence”. A Decision, in English Law, consists of two parts, the ‘Ratio Decidendi’, and the ‘Obiter Dicta’ -the former being Precedent, the binding part, which sets out what the Principle is ~the latter being things said by the way -which are not binding but may be persuasive.Until the late 1990′s English courts and tribunals did not have to give reasons for their decisions, including in civil cases in which juries do not normally sit in Britain -European Law now requires them to do so, often if within a specific period of time ask to do so.The Principle, unless ‘distinguished’ becomes ‘Precedent’ binding on all lower courts, and in the case of the Court of Appeal also on itself.Precedent are reported by the Incorporated Council of Law Reporting in the Weekly Law Reports (WLR) officially, and privately in e.g., the All England Law Reports (AELR).Precedent, to all intents and purposes, is Law until it is reversed by a higher national Court or by the European Court, or becomes obsolete by an Act of Parliament, or by European Union Law.Judge-made Law is regarded mainly to have the advantage of being not rigid and enabling for changes more quickly than it may take parliament to make them -its disadvantage is considered to be that unlike as in the case of Codes it is law which is not by elected representatives of people.PARLIAMENTARY SUPREMACY The Presumption of the Supremacy of the British Parliament in respect of English Law is, briefly, based on the Monarch no longer refusing to give assent to a Bill passed by the Parliament, coupled with that of Precedent being in line with the Intentions of Parliament.The Inconsistency of that presumption has been proposed on the fact of the European Law (including the decisions of the European Court and of its ‘national branches’ which are empowered to declare any law made by the British Parliament ‘not law’ and of no legal effect where it is the view of Europe that Britain ought not to have such a law -e.g., for the reason that it contravenes the Articles of the European Convention on Human Rights) being binding on the United Kingdom Government and on its Courts -as on all other member states of it.Laws in the European Union states continue increasingly and rapidly to change in the course of commonization of various laws, and in Britain, within a short time of a Department of Constitutional Affairs being created in addition to the Lord Chancellor’s Department, also a Ministry of Justice was added –it is wise when it may otherwise be of consequence to always ascertain what current laws are.

A Summary of Foreclosure Laws by State

Foreclosure Laws of Individual States

We are providing information about state foreclosure laws. This information is designed to help you understand the process in each state. However, legal information is not legal advice. We are not giving legal advice. The laws of every state are different and frequently change. If necessary, seek legal or professional advice according to your situation.

We have elected to summarize each state’s laws. For a more in-depth analysis of Foreclosure Laws of Individual States, please visit this website or call 800-437-2185for a free consultation on your foreclosure prevention options.

CAUTION: Information on the Internet for the most part is incorrect! Many sites that are publicizing Foreclosure Laws have incorrect information. We went through lengthy and timely research to bring you the most up- to-date and correct information available.

MORTGAGE AND DEED OF TRUST STATES

Below you will find each state according to whether they are Mortgage, Deed of Trust or both.

Mortgage States

Alabama Louisiana North Dakota Arkansas Maine Ohio Connecticut Massachusetts Oregon Delaware Michigan Pennsylvania Florida Minnesota Rhode Island Hawaii New Hampshire South Carolina Indiana New Jersey Vermont Kansas New Mexico Wisconsin New York

Deed of Trust States

Alaska Mississippi North Carolina Arizona Missouri Virginia California Nevada Washington, DC

States that use both Deeds of Trust and Mortgages

Colorado Montana Texas Idaho Nebraska Utah Illinois Oklahoma Wyoming Iowa Oregon Washington Maryland Tennessee Georgia West Virginia Kentucky

FORECLOSURE SUMMARIES

The following summaries give some information on individual state foreclosure laws. Timelines will vary depending on specific circumstances and each situation. The timelines noted within are based on uncontested actions and assume no delays. They give the time for the sale, then the running totals for various procedures, until the end, when the longest time possible for the entire foreclosure process ends . Often, these times are longer than normal in that redemption doesn’t often occur. However, delays do – so keep this in mind – every foreclosure is a unique situation, timelines will vary from foreclosure to foreclosure, and from state-to-state. All foreclosures must be conducted under GSE guidelines.

Alabama Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 49-73 days – sale held; 30 – 60 days if NOD is not required.

• Right of Redemption: Yes (12 months)

• Deficiency Judgments Allowed: Yes

Alaska Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 105-108 days – sale held; 108-111 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Arizona Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 115 days (non- judicial)

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Arkansas Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes, most circumstances

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 90 days

• Right of Redemption: Ends at sale

• Deficiency Judgments Allowed: Yes

California Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 120 days

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Colorado Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usual)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 91 days – sale held; 166 redemption expires; 173 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Connecticut Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 90 days – default entered;180 redemption expires

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

D.C. (Washington District of Columbia)

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 47 days – sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Delaware Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 170-210 days – sale held; 200-300 confirmation of sale;

• Right of Redemption: No

• Deficiency Judgments Allowed: No

Florida Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 135 days – sale held; 150 certificate of title issued;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Georgia Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usual)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 37 days sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

 Hawaii Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (JF): 220 days – auction; 260 confirmation; 320 conveyance;

• Timeline (NJ): 160 days – auction; 195 conveyance;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Idaho Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 150 days – sale held; deed recorded

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Illinois Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 300 days – sale held; 345 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Indiana Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 251 days – sale held; 266 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Iowa Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 160 days – sale held; 180 redemption period expires; deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: No

Kansas Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 130 days – sale held; 210 – 495 redemption period expires; 230 – 515 file closed;

• Right of Redemption: Yes (3 to 12 months)

• Deficiency Judgments Allowed: Yes

Kentucky Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 147 days – sale held; 177 sale confirmation; 198 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Louisiana Foreclosure Laws

• Judicial Foreclosure Available: Yes (Executory and Ordinary Process)

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline (EP): 180 days – sale held; 209 deed recorded;

• Timeline (OP): 240 days – sale held; 269 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Maine Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 240 days – sale held; 270 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Maryland Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 46 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Massachusetts Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 75 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Michigan Foreclosure Laws

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 60 days – sale held; 90 – 425 redemption expires, deed recorded;

• Right of Redemption: Yes (6 months is common)

• Deficiency Judgments Allowed: Yes

Minnesota Foreclosure Laws

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Mortgage

• Timeline: 90 – 100 days – sale held; 270-280 redemption expires;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Mississippi Foreclosure Laws

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 90 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Missouri Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 60 days – sale held; 61-65 deed recorded;

• Right of Redemption: Yes (rare and difficult)

• Deficiency Judgments Allowed: Yes

Montana Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 153 deed recorded; 163 possession transferred;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Nebraska Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Mortgage

• Timeline (JF): 142 days – sale held; 176 deed recorded;

• Timeline (NJ): 111 days – sale held; 121 deed recorded;

• Right of Redemption: Judicial 30 days; Non-judicial – no;

• Deficiency Judgments Allowed: Yes

Nevada Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (NJ): 116 days – sale held; 118 trustee’s deed upon sale recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

New Hampshire Foreclosure

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 59 days – sale held; 75 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

New Jersey Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 270 days – sale held; 280 deed recorded; 290

• Right of Redemption: Yes (10 days )

• Deficiency Judgments Allowed: Yes

New Mexico Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Mortgage

• Timeline: 180 days – sale held; 195 deed recorded; 225 redemption expires;

• Right of Redemption: Yes (30 days )

• Deficiency Judgments Allowed: Yes

New York Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline (New York City): 445 days – sale held;

• Timeline (Outside the City):335 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

 North Carolina Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 110 days – sale held; 120 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

North Dakota Foreclosure Law

• Judicial Foreclosure Available: Yes (usually)

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 150 days – entry of judgment to sale;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Ohio Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 217 days – sale held; until redemption expires and deed is recorded depends on county;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Oklahoma Foreclosure Law

• Judicial Foreclosure Available: Yes (usually)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 156 days – sale held; 186 sale confirmed; 201 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Oregon Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (usually)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 160 trustee’s deed recorded;

• Right of Redemption: Rare

• Deficiency Judgments Allowed: Yes

Pennsylvania Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 270 days – sale held; 300 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Rhode Island Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 74 days – sale held;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

South Carolina Foreclosure

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instrument: Mortgage

• Timeline: 150 days – sale complete; 180 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

South Dakota Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (Rare)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 150 days – sale held; 340 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Tennessee Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes (very rare)

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 40-45 days – sale held; 50-55 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Texas Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Home Equity Loan

• Timeline: 97 days – sale held; 102 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Utah Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instrument: Deed of T rust, Mortgage

• Timeline: 138 days – sale held; 139 deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Vermont Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 95 days – default judgment enters; 275 redemption expires and deed recorded;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Virginia Foreclosure Law

• Judicial Foreclosure Available: Yes (rare)

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 45 days – sale held; 60 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Washington Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 135 days – sale held; 140-150 deed recorded

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Washington D.C. Foreclosure Law

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust

• Timeline: 47 days – sale held; 48 deed sent for recording;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

West Virginia Foreclosure Law

• Judicial Foreclosure Available: No

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of Trust, Mortgage

• Timeline: 60-90 days – sale held; 120 deed recorded;

• Right of Redemption: No

• Deficiency Judgments Allowed: Yes

Wisconsin Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: No

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 290 days – sale held; 300 confirmation of sale; 305 deed recorded; 315 final title;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: Yes

Wyoming Foreclosure Law

• Judicial Foreclosure Available: Yes

• Non-Judicial Foreclosure Available: Yes

• Primary Security Instruments: Deed of T rust, Mortgage

• Timeline: 60 days – sale held;

• Right of Redemption: Yes

• Deficiency Judgments Allowed: No

Feldman Law Center ? How Common is Bankruptcy?

Bankruptcy can be a dirty word, and an even dirtier experience.  If you are facing a dangerous financial situation where bankruptcy seems like an option, you could be dealing with quite a bit of fear.  Part of what leads people to make bad decisions is thinking they are the first and only people to go through difficult financial situations.   However, when it comes to bankruptcy, many people have faced these unfortunate circumstances.  Loan modification attorneys work with people everyday who are considering bankruptcy as an option, thinking that bankruptcy will help them keep their homes.Most recently, former pro bowl quarterback of the Cleveland Browns Bernie Kosar declared bankruptcy.  After donating millions to charity, lending tens of millions of dollars to friends and family and going through a messy divorce, Kosar finally had to succumb to the financial pressures.  Kosar has been a successful businessman, a skilled athlete and more.  Yet, in the midst of his success, financial troubles haunted him.  Many people make a great deal of money over their lives, yet they still face difficult financial situations.  Kosar still has to watch over his daughter, try to keep a roof over their heads and figure out the next steps in his life.  Declaring bankruptcy can impact someone in ways they never though of, and Kosar is going through those challenges.  Getting a loan is difficult, getting a reasonable interest rate is impossible, and it can even impact your career.If you are facing foreclosure, you may think that a bankruptcy is the way you should go.  Bankruptcy professionals tout the benefits of declaring bankruptcy; however, bankruptcy has various negative impacts on your credit history, your finances and your life.  Declaring bankruptcy will stay on your credit report for years, up to a decade in fact.  That means that every loan, credit card and line of credit you ever get will be impacted by your bankruptcy.Bankruptcy is also sold as an option to avoid foreclosure.  However, there are much better options to not only stave off foreclosure, but keep your credit in a much better place.  A California loan modification could be an alternative to bankruptcy that keeps your credit rating from falling through the floor and your interest rates from going through the roof.California loan modification attorneys work hard to discover what your options are.  Rather than living in a home you think you can’t afford, a loan modification attorney can help you stay in that home for decades and give your family the future (and present) they deserve.  Your hard work to buy the home should not have to be ruined by a bad economy or a subprime mortgage loan.  With a skilled California home loan modification attorney working with you, the chance to stay in your home and build a better tomorrow is a reality.Bankruptcy might seem like an option to avoid foreclosure, but all it does is further bury you in a financial hole.  A loan modification could be the way you avoid foreclosure and get out of your financial nightmare once and for all.Visit Feldman Law Center at feldmanlawcenter.com or call 800-588-0425.

Feldman Law Center – The Cream Rises in Loan Modifications

In a move clearly targeting loan mod shops around the country, Sen. Charles Schumer said on June 2nd that he will amend a bill he introduced in early 2009 which initially focused on mortgage brokers doing loans and refi’s, to include loan modifications done by these brokers as well. Schumer’s bill, titled “The Borrowers Protection Act”, will now place restrictions on loan modification companies, mortgage brokers, and others who collect advance fees from struggling homeowners to modify their current mortgages.

New York Governor David A. Paterson also announced legislation that would ban advance fees paid to loan mod shops with the exception of attorney’s offices while Schumer’s amended bill will force loan mod shops to follow federal registration or licensing requirements and adhere to guidelines on truth in lending laws, fees, and marketing. The allowance for the continuing collection of advance fees by attorney’s offices should serve at least as an implied endorsement of their work in the loan modification industry.

Both bills seek to eliminate the shoddy and misleading marketing tactics often employed by loan mod shops that lure struggling homeowners into a loan modification process with guarantees of principle reductions, ultra-low interest rates, and other unsubstantiated claims.  These shops often spend the bulk of their time and effort on marketing and collecting fees but then spend little or no time on the loans they have been hired to modify. Both Schumer’s and Paterson’s bills are aimed at the shops that are taking advantage of homeowners by promising undeliverable results and then, simply, not delivering. The anger and vitriol on the issue comes from the fact that those homeowners not only lose the money that they paid in fees, they are often subject to foreclosure if they have fallen too far behind on their payments during the loan modification process. Another issue with the loan mod shops is that one out of every two homeowners that get their loans modified with them fall back into default within six months. Including homeowners that negotiate directly with their lenders, Fitch Ratings expects those default rates to approach 70% of all modified loans by the end of 2009

Schumer’s and Paterson’s bills, allowing for advance fees to attorney firms and disallowing them for all others, acknowledge the superior work done by the law firms in the area of loan modifications. While statistics are hard to come by, it is estimated that attorney driven loan modifications are two to three times more successful at keeping homeowners out of foreclosure than the loan mod shops and do it yourselfers. The reason for the huge performance gap is that attorney driven loan modifications result in greater concessions from the lenders, lowering mortgage obligations to a point where the payments fit into the homeowners’ budgets, allowing them to stay current on those payments. The loan mod shops and do it yourselfers, on the other hand, are much more likely to accept offers from their lenders  for modifications that are not sustainable for the short term, let alone the life of the mortgage.

“We always tell the client to always make a mortgage payment if you possibly can,” said Kisha Wright, with the Long Island Housing Partnership.

 

Feldman Law Center – Harvard?s Study, Citi?s Recommendations and Home Loan Modifications

A new report from Harvard’s Joint Center for Housing Studies indicates that if there is to be any stabilization in the housing market, it will be at “…extremely low levels that will make the climb up all that more difficult.” Muting any of the recent news in the steadiness of new construction and sales are housing price declines, a record level of foreclosures, rising interest rates, and a shrinking job market. Summing up the study, Nicolas P. Retsinas, Director of the Joint Center said, “Although there are some signs of improvement or at least steadiness in new construction and sales, housing starts stand near 60+ year lows and any life in home sales is coming from distressed foreclosure sales, temporary first-time buyer tax credits, and low interest rates that moved higher in recent weeks.”

Sounding like they were trying to find anything at all possible to spin to the positive, the center was optimistic about the coming of age of the “echo baby boom”, counting on the largest generation in American history to “refuel demand for housing of all types”. Considering that the EBB’s are witnessing the meltdown firsthand, it’s hard to make a convincing argument that the collective will be urgently buying real estate any time soon.

Separately Roger Orf, CEO of Citigroup Property Investors, was calling for governments to force banks to sell their foreclosed properties in a process he dubbed “creative destruction”. Orf favors an immediate clearing of the deck in terms of toxic properties as opposed to the malaise of a gradual unwinding of assets.  Orf doesn’t expect fully functioning property lending markets to return before 2011, by when he hoped banks will have completed repair of their capital bases through a wave of real estate sales. The amount of damage to real estate prices as a result of Mr. Orf’s proposal is unknown but when the government forced savings and loans to sell their junk bond portfolios in the early 90’s prices dropped by up to 85% on bonds that were paying interest and backed with solid financials. In that instance, buyers simply stepped aside and let bond prices plummet to levels that carried no risk for the buyers.

What both reports signify is that the need for home loan modifications will continue for the next few years as prices either stabilize or drop and interest rates on mortgages continue to reset and recast. With a relatively small number of reluctant and extremely careful new homebuyers the lenders, servicers, and investors behind today’s mortgages could become much more interested in getting mortgage loan modifications completed, especially if a modification is the only way to generate cash flow from a property in a portfolio. While it’s unlikely that Mr. Orf’s proposition ever comes to pass, the foreclosure of properties will become less desirable if more buyers don’t materialize or if the value of REO’s at the banks continues to decrease.

With over six hundred completed loan modifications The Feldman Law Center proven home loan modification process can help homeowners to either avoid or stop a foreclosure proceeding. If you are struggling with your payments and worried about the possibility of foreclosure, call The Feldman Law Center at (800) 527 8497. Take the first step toward regaining control of your mortgage payments today.

Feldman Law Center ? Loan Modification FAQs

You may have a number of questions regarding loan modifications and how they can help you avoid foreclosure.  Loan modifications have been all over the news lately.  President Obama has passed major, historic legislation giving homeowners more access to loan modifications; the California legislature has also passed legislation promoting loan modifications.Here are some questions and some answers for loan modifications:Q: What is a loan modification?A: A loan modification is an agreement between a lender and a borrower to change the original terms of a loan in order to make payments more affordable.  For homeowners, a California loan modification could be a way to stay in their home.  A loan modification attorney can be a major asset when trying to get a loan modification.Q: How can a loan modification be accomplished?A: There are actually a number of different ways to get a loan modification.  The interest rate on a loan can be either lowered temporarily, or permanently set at a lower rate.  An adjustable rate could be set to a fixed rate.  The term of the loan could be changed, from say 30 years to 40 years.  There could be a principal reduction of the loan amount.  There are other ways and you could also have any combination of options.  All of this is geared towards lowering your monthly payments and making your mortgage more affordable.Q: How common are loan modifications?A: As the real estate crisis continues, loan modifications are becoming increasingly common.  Loan modifications have been around for a very long time, but only when many people are in danger of losing their homes does everyone begin to ask questions.  Some think loan modifications are a new invention, or a scam, but people with mortgages have been getting loan modifications for quite a while.Q: Does the federal of California state government play a role in loan modifications?A: As so many people are suffering due to the economic crisis, President Obama and the California legislature have passed various laws pressuring lenders to offer loan modifications.  Lenders are not opposed to loan modifications, especially at a time when so many Americans are facing foreclosure.  A foreclosure hurts the banks’ bottom lines, and the industry has already seen hundreds of billions of dollars in financial loss due to the mortgage crisis.  California passed a law in 2008 promoting loan modifications, and in early 2009 President Obama wasted no time in helping people get the loan modifications they need to stay in their homes.  With Freddie Mac and Fannie Mae in serious trouble due to foreclosures (both of which are federal entities), it behooves the federal government to act that much quicker in saving people’s livelihood.As you can see, there is a lot of information out there on mortgage loan modifications, and many people are unaware as to whether or not they qualify.  If you are facing foreclosure or facing another financial crisis, contact a qualified California home loan modification attorney today and get “in the know.”Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.

Feldman Law Center ? What Do Higher Taxes Mean for Loan Modifications?

In today’s unpredictable economy, you can’t take anything for granted. You don’t know if you’ll have a job tomorrow, if you will be asked to take an unpaid vacation, or if the interest rate on your home mortgage will spike. What if gas prices soar? Will a trip to the grocery store for your family’s weekly necessities cost more? So much of the territory that our country, and the world, is venturing into is unchartered.While we don’t know what the future holds, we can try to plan appropriately for it. How can you prepare yourself for future expenses, save money, or spend less in your current situation? Many wise people are considering these questions now.In addition to planning for the future, we can also take advantage of the opportunities that we are offered today. One opportunity being offered to many troubled homeowners is a home loan modification.President Obama’s housing plan involves offering many people a chance to modify their home loans. If a distressed homeowner lives in his or her property, falls within the requirements for the amount they owe, and meets additional criteria, they could be eligible for the government plan. The FDIC even has a “mod in a box” home loan modification program that they are hoping to enlist lenders in taking part in. Even if you don’t take advantage of the government’s specific plans, and are a homeowner in a volatile financial situation, you can still opt to modify your home loan. With the help of the Feldman Law Center, you can have a better chance at protecting your financial future. You do not know when home loan modifications will start to taper off, how long you will be at your current job, or how your taxes could be changed in the future. If you are concerned about your adjustable rate mortgage, or a potential bankruptcy or foreclosure, you need the help of experienced attorneys on your side.The federal government as well as many state governments, are talking about increasing taxes. What is the potential fallout of that? Given the uncertainty we are facing now, it is hard to guess what higher taxes might result in. But perhaps homeowners would have to pay higher property taxes, or perhaps additional fees and penalties could be added to home loan modifications.Debates on the efficacy of taxes, both low and high, are inevitable. Chances are good that tax rates and structures will soon change. Will this be good for your current situation? Will you pay more, or less? Will you be a part of the population paying for the benefit of others, or will you be the beneficiary? Obviously, this depends on many factors. It doesn’t seem prudent to generalize widely about this. Every situation will end up being different.It might not be a good idea to wait for a loan modification. They are available now. Call the Feldman Law Center today. We specialize in loan modifications and are ready to assist you today.Visit us at feldmanlawcenter.com or call 800-588-0425.

Feldman Law Center ? Why Loan Modifications Are Better Than Short Sales

When facing the loss of their house, short sales are a method that some people choose to use in order to stop a foreclosure from taking place. This tactic takes place when it seems likely that the bank will lose less money than it would with a foreclosure. By definition, a short sale means that the home is being sold for less than is owed on the mortgage. In evaluating the pros and cons of a short sale, some of the cons include: having to pay taxes, insurance, and mortgage payments on the property until the house is sold; competing with other bargain basement-priced homes in the area; getting a negative mark on your credit report; losing all of your investment in the property; and the possibility of still owing money towards the mortgage of a home that you no longer own or live in. After dealing with all of these problems associated with a short sale of your house, you still have to find a place for you and your family to live. While a short sale may be one of the options you have, we believe that there are better options out there for you.If you are facing a similar problem, you should consider a home loan modification. Many California companies offer loan modifications, but not all companies have the benefit of experienced, licensed attorneys. The Feldman Law Center specializes in California loan modifications, which can help you avoid a foreclosure, bankruptcy, or short sale on your home. An attorney can help secure the most advantageous deal for you, your family, and your property.Loan modifications are one of the best options to choose when facing the loss of your home. When comparing a home loan modification to a short sale, you could potentially avoid all of the cons of a short sale. You would stay in your home, keep the investment you’ve made in the home, and avoid the hassle and expense of completing a short sale and finding new accommodations.Most California loan modifications include lowering or fixing the interest rate of your mortgage, which means that monthly payments would be stabilized to an amount that is more attainable for you. It can also include reducing the principle balance that you owe or forgiving some of your mortgage payment defaults or missed payments on fees. A modification completed by one of our loan modification attorneys can include any or all of the above features. The main advantage of having an attorney complete the negotiations with a lender is that our attorneys can achieve better results than you can achieve alone, and can achieve them more quickly.The attorneys of The Feldman Law Center are experienced negotiators of home loan modifications. Our founder, Steven C. Feldman has been licensed by the State Bar of California for over 25 years. Free quotes and consultations are available for you to help you make the most of your current situation. Contact us today and let us help you with your home loan modification.

Unemployment and Foreclosures by Feldman Law Center

Feldman Law Center – Toxic mortgages approved for borrowers that couldn’t afford them may have started the meltdown in mortgages but the current wave of foreclosures is being fueled by rampant unemployment across the country. Evidence of that is now being provided by the acceleration of defaults in mortgages granted to high credit score borrowers, commonly known as prime mortgages. The report of May’s 9.4% unemployment rate is more bad news for lenders and their investors as the biggest sector of the mortgage market is now showing a default rate greater than that of the sub-primes.The rising unemployment rate, which has increased every month since the first quarter of 2007, is threatening to reverse any of the currently small gains being made in stabilizing the housing market. In many cases, unemployment can trump any mortgage relief effort short of foreclosure due to the fact that the best terms on a home loan modification, for example, are not going to work if the homeowner can’t write a monthly mortgage check to the lender.

Regardless of the type of mortgage, the current default ratios are stunning.  In total a record 12 percent of homeowners with a mortgage were behind on their payments in the first quarter, the Mortgage Bankers Association (MBA) said Thursday. The mortgages which started blowing up first, adjustable rate mortgages for sub-prime borrowers are still a significant factor in foreclosures. Today, almost half of all subprime ARMs are past due or in foreclosure. In states like New Jersey, Florida, and New York those rates exceed 55%.

The riskiest tranches of the adjustable subprimes began defaulting en masse in the fourth quarter of 2006, starting a domino effect of sub-prime lender closures leading to the freeze of the credit markets in the third quarter of 2007. The general opinion at the time was that the defaults would be contained to the sub-prime market with the possibility of some spillover to the most marginal of the Alt-A loans. Instead, foreclosures and unemployment began working as mutually re-enforcing factors and defaults climbed the ladder of credit scores, reaching and accelerating defaults in the prime mortgages in the second half of 2008. Six percent of the fixed rate primes are now past due, in default, or foreclosure, an increase of 100% over this time last year. The dynamic between unemployment, foreclosures and their effect on the economy has led to the longest recession since World War II.

Four states, California, Arizona, Nevada, and Florida represent almost half of new foreclosures and carry the highest number of delinquencies in fixed rate prime mortgages. It’s no coincidence that these states carry some of the highest unemployment numbers in the country as well.

The relationship between unemployment and foreclosures now has industry watchers wondering whether the Obama Administration is spending its energy, and funds, on the right target. Their reasoning is that if unemployment continues to grow at the current pace, the “Making Home Affordable” plan won’t matter because homeowners are not going to be able to afford even the best offers for a home loan modification if they’re not working. A better approach, they say, would be for the government to take a regulatory role on the mortgage market, develop an accreditation program for law firms doing home loan modifications, and put their main focus on boosting the economy.

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