The Light at the End of the Tunnel for Distressed Homeowners
Irvine, California – June 26, 2008 - The Loan Processing Center has now become one of the top agencies assisting homeowners in repairing credit, consolidating debt and modifying their home mortgage. A loan modification is a re-negotiation of the terms of the existing mortgage to assist the homeowner in avoiding the loss of their home. Distressed homeowners need to be aware that there is another option short of bankruptcy, foreclosure or selling their home during this economic crisis. Foreclosure.com reports that currently there are almost two million homeowners in some type of financial crisis. Almost one million of these homeowners are already in foreclosure or pre-foreclosure proceedings. Loan modifications have grown six fold since this time last year based on reports from mortgage lender OCWEN.
Shawn Kolahi, CEO of the Loan Processing Center has been in the mortgage industry for over 10 years and he has seen the highs and lows of the mortgage industry. “There are several companies trying their hand at modifying loans for consumers, however very few have our reputation, our experience and a team of in-house attorneys. Loan modifications have always been an option but were relatively unknown. In fact, very few homeowners are aware that this possibility even exists.” The negotiation can result in the lender freezing or reducing an interest rate. It may also involve moving missed payments to the end of the loan to bring the borrower current. In some cases we are able assist if the borrower now owes more than the home is worth. Many clients who have failed at trying to negotiate with their lender have found success by having our team of experts assist them. “We’ve found that you receive better response from a mortgage company when you have a team of lawyers working on your behalf, in fact some clients have said it took less time for us to modify their loan than it took for them to get someone at their bank to listen to them.” said Kolahi. Loan Processing Center has assisted many clients with their loan modifications and the subsequent credit repair. Matthew Bordbar, CFO said “The loans that we have modified have not only saved the homes of families, but have also protected the value of the surrounding homes of the community by stopping the foreclosures.”
Loan Processing Center, recognized by the Better Business Bureau, is a full service loan provider specializing in residential and commercial loans, debt settlement, credit repair and loan modifications.
Contact:
Sam Carlson
Director of Public Affairs
Loan Processing Center
800-399-8045 ext 6006
949-732-6065 fax
SCarlson@applyloanmod.com
www.ApplyLoanMod.com
