subject: California Short Sale Process Assisting California Loan Modification Process [print this page] California Short Sale Process Assisting California Loan Modification Process
CALIFORNIA LOAN MODIFICATION LAWS AND CALIFORNIA SHORT SALES LAWS
The California loan modification laws and also the California short sales laws are scattered throughout the Civil Code within the California foreclosure laws. To succeed within the loan modification (California) process or the short sales process (California), it is essential to have at least a simple understanding of the California loan modification laws and also the California short sale laws. Real estate professionals assisting homeowners also need to change their focus and look for methods to leverage the California short sales process to create results within the California loan modification process.
CALIFORNIA LOAN MODIFICATION PROCESS AND CALIFORNIA SHORT SALE PROCESS IN DISARRAY
Right now, the banking business appears to be in disarray. Fear and greed are the operative terms I would use to describe what is going on. Not only are they fighting using the homeowners, they are also fighting amongst themselves. A substantial effort is underway to sue the loan originators who produced all these over-leveraged loans. You see, the banking institutions know it is not your fault even though they're attempting to saddle you with these excessive debts. But they're also attempting to make you pay all the related late fees, interest, and other (legal) costs.
CALIFORNIA LOAN MODIFICATION PROCESS VS. CALIFORNIA SHORT SALE PROCESS
Inside the California loan modification process, financial institutions are extremely reluctant to waive the fees, interest, or reduce the principal balance on loan, a minimum of initially. In contrast, these exact same banking institutions will negotiate massive losses as a part of the California short sale process, inside a final ditch effort to stop foreclosure California. (Banks also wish to stop foreclosure California. This is simply because a foreclosure would result in even greater financial institution losses compared to the California short sale process or the California loan modification process.)
MAJOR PROBLEM OVERLOOKED IN LOAN MODIFICATION CALIFORNIA PROCESS
This is an important problem that most loan modification companies overlook. Despite the fact that they may be fully engaged within the California loan modification process, their negotiations aren't leveraging the greater bank costs associated with the California short sale process. Most loan modification California companies focus primarily on legal issues inside a misguided effort to have their California loan modifications approved. However, it's this easy financial comparison that may dramatically alter their results, demonstrating how important it's for homeowners to have the correct individuals helping them. Otherwise it is unlikely that these simple issues will probably be managed correctly.
MAKING USE OF CALIFORNIA SHORT SALE PROCESS TO ASSIST CALIFORNIA LOAN MODIFICATION PROCESS
You see, it's like the lender and homeowner are at a fork in the road. If it's clear and well-documented that the homeownercan practically afford the property, then the lender will opt to approve a loan modification (for the least quantity needed to have the loan performing again). If the homeownercan't afford the property, then the lender will opt to approve a short sale, and will absorb the losses based on a negotiated sales price. When the lender is determined to steer clear of the losses associated with the California short sale process which is when they may be likely to create generous concession throughout the loan modification California.
"It is absolutely essential that all of the pieces to this puzzle be presented towards the lender inside a extremely precise manner, or the lender, in their infinite "hurriedness", will come towards the wrong answers. Unfortunately, most loan modification California companies are screwing this up, which explains why the vast majority of loan modification requests end in failure."
Occasionally the banking institutions "put two and two together" all by themselves, and occasionally we may well have to point them within the correct direction. For that banks, the smart thing would be to create a much more generous loan modification offer. But this often doesn't occur by itself because many banking institutions have separate departments for that California short sale process and for California loan modification process, and their internal communications are at times not extremely good.
LOAN MODIFICATIONS CALIFIFORNIA FRUSTRATING FOR CONGRESSWOMAN MAXINE WATERS
The California loan modification process and also the California short sale process are undoubtedly frustrating to navigate, and they need inside knowledge to obtain directly towards the bank's negotiating department. For example, check-out the video of Congresswoman Maxine Waters. As a Los Angeles "local" who has also served in government, I have seen Congresswoman Waters in action over the last few decades, and she has often fought hard to resolve essential issues for her constituents. In this video, Waters becomes frustrated in her attempts to assist her constituents, and is unable despite the substantial clout that she holds in our government.
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