State Regulations

There are many different aspects of home loan modification to be aware of when researching your best option for a loan modification company.  One major factor is simply where you live.  While the federal government is responsible for regulating banks and lenders at the national level, it is often state governments, not federal loan modification law, who set the rules for foreclosures and debt collection.  Because of this, the process for protecting you from unfair collection action may be different from state to state.   In Maryland, for example, it now takes lenders a minimum of 135 days to foreclose on a home.  This is as opposed to North Carolina, where it may take as little as 90 days.  Differences like these are important for any loan modification company to take into account when deciding how best to proceed.

Each state in the country has their own regulations regarding licensing for the loan modification process.  Many states have almost no mortgage loan modification restrictions; other states are fraught with oversight, rules and regulations. Additionally, due to the current market situation, most states are in the process of creating, changing, or adding to the requirements, which can make matters even more confusing.   In some states, such as Oregon for example, only mortgage brokers and attorneys may initiate home loan modifications.  This is not terribly restrictive, as the wise homeowner would want a qualified professional handling their case anyway, but some other states allow almost anybody to do loan modification.  If you don’t know the regulations in your state (or even if you do), the best course of action is to get help from a legal professional.  The attorneys at Feldman Law Center are here to lend you the benefit of their expertise.

Principle reduction is a major benefit to a homeowner if a loan modification agreement can be reached successfully, but it is important to stay within your state’s guidelines when negotiating with your lender.  With so many loan modification laws and so many of them changing so rapidly, it is virtually impossible for the layperson to stay abreast of the mortgage loan modification situation.  That is why Feldman Law Center attorneys may be the best option for understanding the laws in your area.  Educated, competent professionals are the most effective and safest decision for loan modification help regardless of the laws in your state.

If you’re a victim of predatory lending or you’ve suffered a financial hardship, loan modification may be the way to go for you.  At Feldman Law Center, we have contacts all over the country keeping up to date with the current legal situation.  We can help you make contact with the expert you need to get your loan modification handled properly and legally no matter where you live.  If you are in danger of not being able to make your home loan payments, but you would like to stay in your home and would be able to with some principle reduction or other home loan modification, contact the Feldman Law Center today.  The sooner a legal professional becomes involved in you case, the more likely the odds of success.

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