california loan modification, Santa Cruz, Monterey, Silicon Valley

<body> <h1 align="left" class="style3"><font face="Arial"> california loan modification</font></h1> <p align="left"><font face="Arial" size="2" class="style1">With california loan modification and california loan modification with Charles Cox, he helps you during these difficult financial times acquire new loan terms you can more easily handle. Charles serves Santa Cruz, Monterey, Santa Clara, San Mateo, San Benito, Alameda and San Francisco Counties including all Silicon Valley.</font></p> <p align="left" class="style1"><font face="Arial"> <a href="california-loan-modification.htm">california loan modification</a></font></p> <p class="MsoNormal"><b style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt;" class="style1">What is a Loan Modification?<o:p></o:p></span></b></p> <p class="style1" style="mso-bidi-font-size: 12.0pt;">A loan modification is the procedure whereby a loan’s payment plan is changed, due to the hardship of the borrower.<span style="mso-spacerun: yes">  </span>This may include changes to the rate, the term and the monthly payment amounts.<span style="mso-spacerun: yes">  </span>In rare cases, the principal amount may be reduced.<o:p></o:p></p> <p class="style1" style="mso-bidi-font-size: 12.0pt">This process is handled through the lender’s Loss Mitigation Department.<o:p></o:p></p> <p class="MsoNormal"><b style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt;" class="style1">Why Would a Lender Agree to Modify Someone’s Loan?<o:p></o:p></span></b></p> <p class="MsoNormal">It’s simple.<span style="mso-spacerun: yes">  </span>Foreclosures are at an all time high. Banks cannot afford to own many foreclosed home assets. Banks are in the business of <i style="mso-bidi-font-style: normal">lending money</i>, not owning property. When they own property, their money is locked up and they can't lend it out, so banks lose money on foreclosed homes in almost every case. With this in mind, now is a great time to request a loan modification for your clients, if they have a verifiable hardship that could otherwise lead them into a foreclosure situation, and if they wish to stay in the home. The loan modification option saves the homeowner’s home from foreclosure, helping both the homeowner and the bank.<o:p></o:p></p> <p class="MsoNormal"><b style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt;" class="style1">How Else Does the Homeowner Benefit?<o:p></o:p></span></b></p> <p class="style1" style="mso-bidi-font-size: 12.0pt">For the homeowner who wishes to keep their home, the Loan Modification is the solution, regardless of their current equity or credit situation.<span style="mso-spacerun: yes">  </span>Different than the short sale, the <i style="mso-bidi-font-style: normal">homeowner stays in the home.</i> Ultimately, the result of a Loan Modification is the borrower more easily and consistently makes their mortgage payments.<span style="mso-spacerun: yes">  </span>This allows them to stay in their home and preserve the American Dream for themselves and their families, avoiding what has been dubbed, the ‘American Nightmare’ of losing their home to foreclosure.<o:p></o:p></p> <p class="style1" style="mso-bidi-font-size: 12.0pt">Furthermore, a Loan Modification will not contribute to the decline of the local housing market, takes less time and effort than a short sale and is better for the homeowner’s credit.<span style="mso-spacerun: yes">  </span>In many cases, a Loan Modification can close in less than 30 days, assuming the system has been followed as we present in this guide, and the homeowner qualifies.<o:p></o:p></p> <p class="style4"><b style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt;" class="style1">What are the Standard Fees a Homeowner can Expect to pay When They Hire a Loan Modification Specialist?<o:p></o:p></span></b></p> <p class="style1" style="mso-bidi-font-size: 12.0pt">Typically, the homeowner will pay a fee for this service that is equal to one mortgage payment or 1% of the loan amount.<span style="mso-spacerun: yes">  </span>There is not a set amount, though fees tend to be either the value of 1 payment, 1%, or less.<span style="mso-spacerun: yes">  </span>Some Realtors for example, have chosen to charge $500 or $750 as a bonus to their past clients, since there are no marketing or advertising fees.<span style="mso-spacerun: yes">  </span>Your fees will be up to you.<span style="mso-spacerun: yes">  </span>It’s always a good idea to know what the fees are in your area, and consult with your accountant or attorney to keep everything legal.<o:p></o:p></p> <p class="style4"><b style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt;" class="style1">Who is a good candidate for a Loan Modification?<o:p></o:p></span></b></p> <p class="style1" style="mso-bidi-font-size: 12.0pt">Any homeowner who is having difficulty with mortgage payments.<o:p></o:p></p> <p class="style1" style="mso-bidi-font-size: 12.0pt">Homeowners who have recently adjusted mortgages.<o:p></o:p></p> <p class="style1" style="mso-bidi-font-size: 12.0pt">ARM's that will reset in next 75 to 90 days.<o:p></o:p></p> <p class="style1" style="mso-bidi-font-size: 12.0pt">Homeowners 30+ Days late or more on their mortgage.</p> <p class="style1" style="mso-bidi-font-size: 12.0pt"> <span style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-style: normal"> <span style="mso-bidi-font-size: 12.0pt;" class="style1">The amount of equity in the property (if any), the homeowner’s credit (good or bad), and mortgage delinquency are not relevant to the process.</span></span></span></p> <p class="style4"><b style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt;" class="style1">What is the Basic, Step-by-Step Process?<o:p></o:p></span></b></p> <p class="style4"><u> <span style="mso-bidi-font-size: 12.0pt" class="style1"><o:p> <span style="text-decoration: none">1. After contacting Charles Cox to help you with your situation, he will q</span></o:p></span></u><span style="mso-bidi-font-weight: normal"><span style="mso-bidi-font-size: 12.0pt" class="style1">uickly pre-qualify the client to determine if you can assist them with the loan modification, or if perhaps they should short sale the home instead.</span></span></p> <p class="style4">2. <span style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt" class="style1">If you qualify, he will take a quick, 5-minute application.<o:p></o:p></span></span></p> <p class="style4"><span style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt" class="style1">3.  You will need to provide all the necessary paperwork.<o:p> (which will need to be accurate and complete)</o:p></span></span></p> <p class="style4"><span style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt" class="style1">4.  Charles will contact their lender(s).<o:p></o:p></span></span></p> <p class="style4"><span style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt" class="style1">5.  Using a Loan Payment Calculator to calculate the modified payments.<span style="mso-spacerun: yes">  He will negotiate </span>a reasonable rate that the lender will accept but also is a significant improvement for you, the borrower.</span></span></p> <p class="style4"><span style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt" class="style1">6.  Your Loan Modification Request will be submitted to the lender on your behalf.</span></span></p> <p class="style4">7. <span style="mso-bidi-font-weight: normal"> <span style="mso-bidi-font-size: 12.0pt" class="style1">If approved, the lender will prepare new documents for you to to sign.<o:p></o:p></span></span></p> <p class="style5"><![if !supportLists]>8. 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