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Feldman Law Center – The Specifics of President Obama’s Plan

President Obama’s historic presidency began in the midst of possibly the worst financial crisis since the Great Depression. The housing and real estate markets seemingly jumped off of a cliff, taking with it the financial stability of every other industry. Obama passed sweeping legislation to help homeowners make payments and deal with the financial crisis while staying in their homes. This plan in turn helps lenders who need homeowners to continue making their mortgage payments. A key part of this plan is the loan modification process, which now helps homeowners even more.

The federal government is relying heavily on loan modifications with the Helping Families Save Their Homes Act of 2009 and Making Home Affordable Program. Under these programs, current borrowers who are at imminent risk of default may qualify for a loan modification as long as the immanency of the default is tied to a specific event. By specific event, they mean a pending interest rate increase in your mortgage loan or a demonstrable change in economic situation such as your spouse losing his/her job or a severe medical condition.

Ultimately, the plan centers around the thought that struggling borrowers can stay in their homes as long as they make their monthly payments (regardless of the sharp decline in value). The plan has many backers, including billionaire Warrant Buffet. In a recent letter to shareholders, Buffet wrote “Commentary about the current housing crisis often ignores the crucial fact that more foreclosures do not occur because a house is worth less than its mortgage (so-called ‘upside-down’ loans). Rather, foreclosures take place because borrowers can’t pay the monthly payment that they agreed to pay.”

In the end, regardless of what the cause is for the foreclosures, homeowners are looking for ways to stay in their homes and everyone is hoping that Obama’s plan is the path toward that reality. For homeowners facing foreclosure, struggling to make payments, and overwhelmed by creditor and lender phone calls, having someone they can trust by their side could make a huge difference. During these difficult financial times, California loan modification attorneys are doing their best to be more than just an attorney; they are trying to be a confidante.

A California loan modification attorney can sit down with you and discuss your options and if any new options were opened up under the Obama plan. At the Feldman Law Center, our California loan modification attorney team is up to date with all federal and state laws governing loan modifications. FDIC loan modifications, California loan modifications and more all fall under our jurisdiction. We can help you find the program that’s right for you and your financial situation.

Millions of California residents are investigating California loan modifications as a possible solution to their financial troubles and as a way to avoid foreclosure. If you find yourself in this situation, you should contact a loan modification attorney and get as informed as you can about all the state and federal loan modification programs available to you.
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