California Attorney States Loan Modification Can Stop Foreclosure

Feb. 27, 2010 - PRLog -- While many California homeowners are struggling to keep up with their mortgage payments on homes that are worth less than their mortgage balances, they still want to stay in their home.

“Homeowners are not interested in permitting their bank to foreclose on their home, seek a short sale or exchange their deed in lieu of foreclosure.   This is especially true where the homeowners are hoping their financial situation will eventually improve.  For these homeowners, a loan modification may be an excellent option,” states David Gerlt Partner with the Law Offices of Edwards & Gerlt.

Edwards & Gerlt, based in Southern California, are skilled at working with those that are having temporary financial difficulties. By negotiating a Credit Card Debt Settlement or a California Loan Modification, Edwards & Gerlt are able to reduce monthly expenses to a more affordable amount.

“One of the benefits of a California loan modification is that it will stop the foreclosure proceedings and permit the homeowner to get current on the loan. Also, a loan modification may help those with an ARM loan convert it into a fixed rate fully amortized loan.”

“In addition, the lender may reduce the interest rate of the loan to below market rates. Finally, the entire PITI (principal, interest, taxes and insurance) may or may not be added to the current loan balance.”

“The homeowner will need to show that there is a hardship that is preventing the homeowner from making the mortgage payments. These days it is typically a reduction in income from the loss of a job or a reduction in pay or hours, but it can also be an unexpected medical expenses or some other situation that is creating a hardship for the foreseeable future,” concludes Gerlt.

This article is informational and not intended as legal advice. For more information about California Home Loan Modifications or Credit Card Debt Settlement programs please call Edwards & Gerlt for a FREE consultation at 877-701-6637 or go http://www.aboutcalifornialoanmodification.com

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Edwards & Gerlt, based in Southern California, are skilled at working with those that are having temporary financial difficulties. By negotiating a Credit Card Debt Settlement or a California Loan Modification.