At the Feldman Law Center, we understand that people can fall behind on their mortgages for a number of reasons. In fact, millions of people have the same reason and don’t even know it. Often times, when someone falls behind on their mortgage, they feel ashamed or guilty.
At the Feldman Law Center, we understand that people can fall behind on their mortgages for a number of reasons. In fact, millions of people have the same reason and don’t even know it. Often times, when someone falls behind on their mortgage, they feel ashamed or guilty. This leads to fear and often alienation, as people quietly face their financial struggles all by themselves.
The Feldman Law Center has mapped out some of the most common and obvious problems facing people who are in foreclosure or who could be facing foreclosure.
Interest rate hikes – This might be the most talked about reason for the recent spike in California foreclosures. The subprime mortgage crisis began when predatory lenders gave people home mortgage loans they could not afford, which led to a slew of foreclosures. People with adjustable rate mortgages or “ARMs” wound up having their payments balloon on them, sometimes jumping as much as 100% or 200% from month to month.
Medical bills – Unfortunately, people who are suffering from major illnesses, who needed major surgery or who are caring for family members with these types of issues usually face tragic financial consequences. There are many stories of people who had a car accident, cancer or some other illness or injury which led to incredible medical bills and cost them their house. This problem is rampant in America and is all too common to the people our California loan modification attorneys work with.
Loss of income – Coupled with our difficult economy is a growing level of unemployment. This means that homes that originally brought in $10,000 per month are now only bringing in $5,000. If you or your spouse lost a job, it means there is a smaller pot of money you can use to pay your mortgage, credit cards and other bills. With California’s unemployment rate over 10%, it means that there are quite a few people in this category.
Overall lack of knowledge – This can also be listed under “didn’t think it could happen to me.” People often find themselves in tough financial circumstances and think that money will come from somewhere. In many cases, people who are used to living paycheck to paycheck do not get alarmed when they miss one mortgage payment. These days however, missing one mortgage payment has turned into two and three payments for millions of people. In such cases it is understandable that people who have been in tough circumstances before were surprised that they weren’t able to dig themselves out of a hole.
Loan modification attorneys can help with all of these challenges by providing a way to overcome financial challenges with a California home loan modification. A loan modification is designed to lower your monthly mortgage payment and make it easier for you to afford your payments. With a California loan modification attorney from the Feldman Law Center, you will have someone who understands your situation and can help you find a way out of your circumstances.
The Feldman Law Center is one of California’s top loan modification companies, providing excellent loan modifications service to our clients. Call us at 800-588-0425 for help with foreclosure.
