Real estate or home refinancing is a hot topic these days since millions of home mortgage owners are finding it difficult to pay their monthly payments due to falling or stagnating wages, a recession-hit economy, and rising food and fuel prices.
In such difficult times, loan modification can be a very attractive option for struggling families. Big states like California and Florida have been hit the hardest due to the mortgage crisis generated by The Federal Reserve, Fannie and Freddie offering below market interest rates, and sub-prime loans for unreliable home buyers.
In California this mortgage crisis has hit systemic proportions, and those families who are losing their homes due to arm twisting by big banks or loan sharks can seek help from a loan modification attorney in California. Local attorneys in California can help mortgage victims to seek redress against unfair interest rates and security requirements and help them seek a more favorable loan arrangement.
Loan modification programs can include either renegotiating a loan with lower monthly payments spread over a longer period of time or lower interest rates through an improved credit score. Lower interest rates might be beneficial in the long run, but if the aggrieved parties are seeking immediate relief, they should make serious attempts to lower their monthly payments by spreading the loan over a longer period of time.
A loan re-modification from a 10-year payment period to a 30-year payment period is not a bad idea since American wages may continue to depress heavily due to free trade with Asia and Latin America and massively increasing government spending on foreign wars and inefficient social programs.