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Out of all the states in the continental U.S., California has the highest rate of foreclosure, which increased a [url=http://www.fibmilano.it]woolrich outlet[/url] staggering 83% since 2006. Four of the top ten cities with the highest rate of foreclosure in the country are in this state, and Stockton, CA is in the lead where 1 out of every 27 homes is foreclosed. The surest way of preventing all these foreclosures is through loan modification. The process involves [url=http://www.enye-sec.org/en/enye-sec/we-change-to-wordpress/#comment-72714]10 Tips To Take Good Photos With Digital Camera - written by James Devenport[/url] changing mortgage [url=http://www.rtnagel.com/louboutin.php]louboutin[/url] contracts and terms. This is to make payment terms and the amount of debt more affordable.
Despite the popularity of loan modification all over the country, especially since it is strongly supported by the federal government, recent studies have shown that only 2 out of 10 homeowners are granted loan modifications in California. People would expect the numbers to be much higher, but the unfortunate fact is [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] that a lot of California homeowners are being denied modifications to their loans. The reasons for this are the following:
1. Many people are unaware of the basic income qualification parameters. When these homeowners apply for loan modification, their incomes usually do not justify the severity of their financial hardship, meaning to say, [url=http://bbs.ytu.me/forum.php?mod=viewthread&tid=639&fromuid=136]hollister deutschland Anti Aging Skincare Products - Anti-Aging Information - wr[/url] the amount of money they make is too little compared to their living expenses. Some of them are denied also because their incomes are too low that the banks assume that they would just probably default on the loan in the near future.
2. Loan modification packages are not completed correctly. The flux of loan modification and short sale applications to mortgage give lenders a hard time to pay attention to each one. They do not have the time to process incomplete or incorrect applications. Such packages are immediately discarded, and the borrowers at fault are required to resubmit their applications, usually without the necessary feedback explaining the rejection.
3. Banks reject loan modifications with interest rates and terms which are not tedious enough or are too "good". This strange criterion depends on the bank, sum of the loan, the area, political influence and pressure, and so on. [url=http://www.thesupermarketer.com/members/bbpress/topic.php?id=38386&replies=2#post-45554]barbour online shop Bed and Breakfast Guanajuato - written b[/url] [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] The homeowners would simply be surprised to find out after [url=http://www.par5club.com/louboutin.php]louboutin[/url] weeks of negotiations that their loan modifications are rejected.
4. California homeowners write extremely poor hardship letters, which are essentially required by all mortgage banks. These hardship letters would be vital in the lenders' conviction of the borrowers' need and dire situations.
There would be more loan modifications granted in California if these pitfalls are wisely and responsibly avoided. The crux of the matter [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour france paris[/url] is, these [url=http://www.shewyne.com/woolrichoutlet.html]woolrich sito ufficiale[/url] problems are usually caused by lack of awareness regarding the very basics of loan modification itself, all of which can be easily avoided if homeowners take the time to do research on the "know-how's" of loan modification. The lesson that California homeowners must learn is [url=http://www.thehygienerevolution.com/hollister.php]hollister[/url] that ignorance [url=http://www.fibmilano.it]woolrich[/url] is never an excuse. During such hard times, extra effort goes a long way, especially if it would greatly aid in the alleviation of problems and the salvation [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] of numerous households.
Reasons Behind the Rejection of Loan Modification in CaliforniaArticle Summary: Out of all the states in the continental U.S., California has the highest rate of foreclosure, which increased a staggering 83% since 2006. Four of the top ten cities with the highest rate of foreclosure in the country are in this state, and Stockton, CA is in the lead where 1 out of every 27 homes is foreclosed. The surest way of preventing all these foreclosures is through loan modification.
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The author is fascinated by things that are simple and minimal. He likes minimalist art, lives a simple lifestyle and writes things that are light and easy to read.For more information and queries, you may visit loan modify express
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