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Obama Wants To Slash Deficit - Home Loan Modification Help Center
04 Apr 2009
President Obama's first budget lays the groundwork for slashing the federal deficit in half by the end of his first term, reports Bill Plante. Maggie Rodriguez asks an Obama official about the budget.
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Posted by: Martin
Jan 17,2010

Feldman Law Center Goes Above and Beyond the Call… I don’t write a story every time a law firm saves someone’s home from going into foreclosure. Frankly, if I did, it’s all I’d ever have time to write about. Once in a while, however, a firm does something that deserves special recognition and this time it’s Feldman Law Center in Mission Viejo. First of all my disclaimer… I know attorney Steve Feldman and I like him. I’ve spent time at his firm watching how it operates and I’ve been impressed. I also list his firm on my Trusted Firm list on my site. But, what he accomplished on behalf of a homeowner in his seventies who got caught in the problems caused by the FTC’s closure of Lucas Law Center is truly remarkable. When the client walked into Feldman’s law offices with his documents in hand, Steve had been told that the man had a sale date that was two days away, but very quickly found that the sale date was that same day. And as if that wasn’t bad enough, when he called the bank to get some details, he learned the situation was significantly worse. The man’s home had already been sold. According to Steve Feldman: “It took my breath away for a moment, I have to tell you. This man is in his seventies and had nowhere to go if his home had been lost. When they said it had been sold that day, all I could think of was ‘no way, not going to happen’… we had to get it back… and we did. And I don’t mind admitting… it’s days like that day that make my job seem like the best one in the world. I mean, how many people get the chance to accomplish something like that? It was truly wonderful to see the look on the client’s face.” Feldman Law Center is located off the 5 Freeway at the Crown Valley Parkway exit in Mission Viejo. One of the most successful law firms handling loan modifications, among other services, in the Southland, Feldman completes roughly 150-200 loan modifications each month, handles debt settlement as well, and offers attorneys who handle bankruptcy when needed. “We’ve got one heck of a team here, and I’m quite proud of what we accomplish every day,” Steve told me. “I mean, this one was pretty incredible… if the client had come in one day later, we might not have been successful. But thank God we were… that’s all I can say.” Feldman credits much of his firm’s success on their investment in systems and careful monitoring of processes. “We’ve invested well into the six figures to build proprietary systems that help us gauge whether a given client is likely to be approved for a loan modification by their lender. That way, we know where we’re going right from the start, and it makes our success ratio among the highest in the field, I would think.” The FTC served Lucas Law with a Temporary Restraining Order roughly three weeks ago, and attorney Paul Lucas has been prevented from handling any of the files in his office until a hearing set for August 3, 2009. Attorney Paul Lucas maintains that his firm has done nothing wrong and expects to be vindicated at the upcoming hearing in Federal Court in Orange County. Lucas Law reports having completed over 500 modifications over the last 13 months and says the FTC’s allegations are unfounded. “I hope Paul comes through this okay,” Steve said. “I don’t know enough about the specifics of the situation, nor do I know Paul very well, but I do know that many firms in this field are being unfairly maligned by the government in many instances. We’re trying to save homes here… that’s all. Why people should think anything but positive things about this area of the law is beyond me. It’s shocking, actually.” Well, I for one say: Bravo! After hearing about 1.5 million people who lost their homes in the first six months of this year, it’s nice to hear a positive story for a change. For more information on Feldman Law Center, you can click on the Trusted Firm tab on Mandelman Matters, or you call them directly at: 800-527-8497.
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If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.