California Loan Modification Programs For The Helpless Homeowners

March 10, 2011 - PRLog -- In these hard financial period homeowners who want to get economic relief with California loan modification under the Obama  Home Affordable Modification Program (HAMP) are depressed by an apparently difficult procedure. Communication between lender and borrowers becomes an ever widening gulf resulting in grave results for both. California-loanmodification  is a leading home  loan modification company providing help with home mortgage loans most suitable for your needs and find the right lender which is the key to successful restructuring.

Homeowners, who have non government loans and cannot benefit from the Obama administration California HAMP Loan Modification aid, are now being helped through special attention to the non GSE sector. Exact HAMP guidelines are carried over to the mortgage servicers of non-GSE loans who must follow them in order to help the common man. Congressional committee last month noted complete descriptions of requirements, intended to prevent uncalled for foreclosures.

They are:
1. Give a chance to homeowners for HAMP modifications and put off foreclosure as far as possible. The aim is to identify prospective defaulters early in order to provide necessary help.
2. Servicers must proactively help two months delinquent borrowers while there is a still a viable opportunity to save the loan.
3. Put on hold foreclosure proceedings for homeowners applying for HAMP modifications.
4. Homeowners who fail to qualify for HAMP need to be helped with alternative loss preventing damage control programs or private modification programs
5. Help almost lost case homeowners with a short sale or deed-in-lieu of foreclosure
6. Provide written explanation with reasons for denying loan modification and put off foreclosure for at least 30 days so that homeowner can appeal for another chance.

For the economy to recover fully servicers should not proceed with foreclosure sales until they exhaust all alternatives. They are also required to issue a written certification to their foreclosure attorney or trustee stating that "all available loss mitigation alternatives have been exhausted and a non-foreclosure option could not be reached."

Denied homeowners have several options to appeal or complain if their servicer fails to follow the guidelines. To begin with they can appeal to their mortgage servicer. Homeowners have the option to call the Hope Hotline at 1-888-995-HOPE for their case to be escalated. They can file a complaint with the Comptroller of the Currency at the Help with My Bank website for case investigation. State Attorneys General and the Better Business Bureau are authorized to resolve California Loan Modification Programs conflicts between homeowners and lenders.

To know more about California loan modification click here.

With the timely help of a loan modification specialist you may be able to keep your home and change your financial hardship into sunshine days once again with affordable budgets and affordable mortgage payments.