March 14, 2012 (Press-News.org) Our meandering economy has pushed the finances of many families quite literally to the breaking point. When reserves have been exhausted, homeowners struggle to find a way to pay their mortgages. Often people look to loan modifications to avoid home foreclosure.
Unlike a refinance of a home, a loan modification does not create a new loan. Loan modifications are simply changes made to the existing loan. The terms of the loan are renegotiated to make it more affordable.
The Challenge of Loan Modifications
All too often, however, the loan modification process can be fraught with frustrations. Recently, the Los Angeles Times shared the journey of one San Bernardino woman, whose struggle to save her home took her foreclosure and back, and brings up questions as to why, after two and half years, she is still struggling to get her loan modification completed.
After refinancing her home several times during California's housing boom, Karen Mena and her husband found themselves struggling when his construction business failed. After exhausting her line of credit, Mena applied for the Home Affordable Modification Program (HAMP) in 2009.
Mena's struggle with HAMP was fairly typical. The loan modification process was continuously hindered by roadblocks like:
- Paperwork wasn't received
- Incomplete, missing or outdated financial documents
- Improperly completed paperwork
By August 2010, Mena was threatened with foreclosure. She applied again for a loan modification. Despite the bank's promises that they would not go through with the sheriff's sale while she was undergoing a loan modification process, her home was foreclosed in December.
Shortly after being informed of the sale, she received a letter from her mortgage company advising her that she'd been accepted for a HAMP trial period. Throughout the rest of the year, Mena fought to get her home back. In late October, Mena learned that the foreclosure had been retracted. She is still working on completing her loan modification.
Unfortunately, Mena's situation is not unusual. The loan modification process can be extremely challenging. Yet for some families, the struggle is worth it -- especially when they can get help from California loan modification attorneys.
Bankruptcy as an Alternative to Loan Modification
One of the criticisms of loan modifications is that they do not eliminate any of the principal owed. For homeowners caught in upside down mortgages, they can use bankruptcy to remove second and third mortgages, putting them on even better financial ground once the bankruptcy is complete.
Even when mortgages are not underwater, Chapter 13 bankruptcy can be an effective means of shedding other debt while getting caught up on the most important obligation, a mortgage, without fear of foreclosure.
If you are facing foreclosure and are looking for ways to save your house, you should speak with a Los Angeles bankruptcy attorney to review your options.
Article provided by Simon & Resnik LLP
Visit us at www.simonresnik.com
The Pros and Cons of Using Loan Modifications to Fight Foreclosure
Long delays and processing problems have made loan modifications difficult for anyone trying to save their home. Many find bankruptcy has features that get them to the same place without the hassle.
2012-03-14
ELSE PRESS RELEASES FROM THIS DATE:
Sex-Offender Registry in New Jersey: What Does Megan's Law Require?
2012-03-14
As the state that first initiated the registration process commonly known as Megan's Law in 1994, New Jersey imposes serious consequences on individuals convicted of sex crimes against children. Anyone facing allegations of child molestation, child-pornography possession or child sexual assault should know that, in addition to prison and a criminal record, the consequences of a conviction can include lifetime registration as a sex offender.
New Jersey's criminal-justice code mandates registration by certain sex offenders and authorizes publication of their presence within ...
New York Workers' Compensation: No Employer Repayment for Concurrent-Job Benefits
2012-03-14
Doing business in New York is more expensive for employers and their workers' compensation insurers because of a 2007 change in state workers' compensation law. Thomas v. Warren County DPW, a recent New York state court decision, interpreted that amendment.
Thomas confirms a series of judicial opinions holding that employers (or their workers' comp insurance carriers) may no longer be reimbursed out of a public fund for those portions of higher workers' compensation benefits paid out to employees for wages lost from second jobs they held when they were injured.
The ...
Four Subway Deaths in 24 Hours -- Some Safety Reminders
2012-03-14
Subways and buses are the preferred mode of transportation for millions of New Yorkers every day. Not only is public transportation convenient, but it also helps protect the environment. And, best of all, there is no need to find parking, which is either very expensive or unavailable.
Yet, the convenience comes with some safety concerns, as evidenced by four fatal NYC subway accidents that occurred in a recent 24-hour period in the New York subway system. The causes of death ranged from intoxication, slipping and falling on the stairs, and, finally, people inexplicably ...
Standard Life Reveals "Don't Spend What you Don't Have" as Top Money Saving Tactic in UK
2012-03-14
Research carried out for Standard Life suggests that, in the last three years, 5.3 million additional UK adults* have started adopting money saving habits, such as reviewing their utility providers, going online to find the best deals and using online voucher codes to save money. According to Standard Life's 'Financial Efficiency' research, the recent downturn has now encouraged more than nine out of ten (91%) of us to engage in financially efficient behaviors.
But the most popular tactic, adopted by three in five people (57%), is a common sense approach - avoid spending ...
Discovery of Mer protein in leukemia cells' nuclei may be new, druggable target
2012-03-14
Since the mid-1990s, doctors have had the protein Mer in their sights – it coats the outside of cancer cells, transmitting signals inside the cells that aid their uncontrolled growth.
A University of Colorado Cancer Center study, recently published in the journal PLoS ONE, found another home for Mer – inside cancer cells' nuclei – and perhaps another role for this protein that can point the way to novel, targeted treatments.
"We've known that leukemic B and T cells have a lot of Mer on their surface, while normal lymphocytes have none, and that this protein promotes ...
Standard Life Launches Ground-Breaking Corporate Investment Range
2012-03-14
Standard Life has launched a new range of investments for corporate pension schemes aimed at making it easier for employees to select an investment strategy to suit their individual needs and attitude to risk.
The two new risk-based fund ranges, built on the success of MyFolio, are specifically tailored for the corporate pensions market and introduce new auto-enrolment default options, addressing the challenge of meeting the diverse needs of a workforce
Ann Flynn, Head of Corporate Marketing said: "Over the past two years we have been conducting extensive research ...
Cancer epigenetics: Breakthrough in ID'ing target genes
2012-03-14
HOUSTON -- Cancer is usually attributed to faulty genes, but growing evidence from the field of cancer epigenetics indicates a key role for the gene "silencing" proteins that stably turn genes off inside the cell nucleus. A new study from Rice University and Baylor College of Medicine (BCM) promises to speed research in the field by rapidly identifying the genes that epigenetic proteins can target for silencing.
The study, which appears this week in Nucleic Acids Research, shows how a new computer program called EpiPredictor can search any genome to identify specific ...
Hampton Inn Morrow GA Hotel Offers Great Rates for Government Employees
2012-03-14
The Hampton Inn Atlanta-Southlake Morrow Hotel is offering special savings rates for government and military employees to enjoy. Guests with a valid Government ID are eligible to receive great rates. As always, hotel guests will enjoy:
- Complimentary hot breakfast
- Free high-speed Internet access
- Complimentary 24-hour fitness center and outdoor pool
- 24-hour Business Center
- A clean and fresh Hampton bed
Located in Morrow, GA, near Atlanta's Southlake Mall, this hotel is situated only 12 miles from Hartsfield-Jackson Atlanta International Airport. Morrow ...
The Three Stooges Strike Again, This Time With Their Own Slot Game Sequel
2012-03-14
Slots of Vegas, one of the popular online casino on the web, is announcing the release of their "The Three Stooges II" title, a sequel to their first slot machine game based on the popular characters, Curly Larry and Moe and their TV show under the same name.
The game, developed by Real Time Gaming, a long-standing leader in the casino games software industry, features unprecedented advances in the technology used to create the games' crisp graphics and true-to-life sounds which make for a rich, polished experience.
The breakthrough that comes with "The ...
Baboon-like social structure creates efficiencies for spotted hyena
2012-03-14
As large, carnivorous mammals, spotted hyenas are well known for their competitive nature; however, recent work suggests that their clan structure has similarities to some primate social systems such as those of the baboon and macaque. San Diego Zoo Global researchers have documented relatedness between individuals and how this factor appears to influence their social behaviors.
"Understanding how animal social systems work is an important part of learning what we need to know to conserve them," said Russell Van Horn, researcher with the San Diego Zoo Institute for Conservation ...
LAST 30 PRESS RELEASES:
People who are autistic and transgender/gender diverse have poorer health and health care
Gene classifier tests for prostate cancer may influence treatment decisions despite lack of evidence for long-term outcomes
KERI, overcomes the biggest challenge of the lithium–sulfur battery, the core of UAM
In chimpanzees, peeing is contagious
Scientists uncover structure of critical component in deadly Nipah virus
Study identifies benefits, risks linked to popular weight-loss drugs
Ancient viral DNA shapes early embryo development
New study paves way for immunotherapies tailored for childhood cancers
Association of waist circumference with all-cause and cardiovascular mortalities in diabetes from the National Health and Nutrition Examination Survey 2003–2018
A new chapter in Roman administration: Insights from a late Roman inscription
Global trust in science remains strong
New global research reveals strong public trust in science
Inflammation may explain stomach problems in psoriasis sufferers
Guidance on animal-borne infections in the Canadian Arctic
Fatty muscles raise the risk of serious heart disease regardless of overall body weight
HKU ecologists uncover significant ecological impact of hybrid grouper release through religious practices
New register opens to crown Champion Trees across the U.S.
A unified approach to health data exchange
New superconductor with hallmark of unconventional superconductivity discovered
Global HIV study finds that cardiovascular risk models underestimate for key populations
New study offers insights into how populations conform or go against the crowd
Development of a high-performance AI device utilizing ion-controlled spin wave interference in magnetic materials
WashU researchers map individual brain dynamics
Technology for oxidizing atmospheric methane won’t help the climate
US Department of Energy announces Early Career Research Program for FY 2025
PECASE winners: 3 UVA engineering professors receive presidential early career awards
‘Turn on the lights’: DAVD display helps navy divers navigate undersea conditions
MSU researcher’s breakthrough model sheds light on solar storms and space weather
Nebraska psychology professor recognized with Presidential Early Career Award
New data shows how ‘rage giving’ boosted immigrant-serving nonprofits during the first Trump Administration
[Press-News.org] The Pros and Cons of Using Loan Modifications to Fight ForeclosureLong delays and processing problems have made loan modifications difficult for anyone trying to save their home. Many find bankruptcy has features that get them to the same place without the hassle.