openPR Logo
Press release

Homeowners say Loan Modifications Lead to Foreclosure

11-12-2010 02:09 PM CET | Politics, Law & Society

Press release from: Sagaria Law, P.C.

In October 2008, the US Senate’s $700 billion Wall Street rescue package reaffirmed homeowners’ faith in mortgage lenders and banks, and many homeowners applied for trial loan modification programs. Today, a large number o f these same homeowners are blaming banks for unfair foreclosure practices. Class-action status lawsuits are currently being filed in many states including California, Kentucky, and Massachusetts.

Federal officials have said that some homeowners were offered trial modifications even though they do not qualify for permanent loans. Homeowners argue that banks are breaching their contracts by not keeping the trial modifications permanent, and that despite making timely payments, their properties are still being unfairly foreclosed upon. Banks argue that they are helping owners as much as possible. With so many conflicting arguments, it is difficult to determine where the blame lies. In these situations, it is very possible that lenders took advantage of homeowners’ trust in the government funds.

A loan modification is an agreement between the homeowner and the bank in which the bank agrees to modify mortgage terms so that the homeowners can afford monthly payments easier. Loan modifications involve many complexities and are unique to each homeowner’s situation. It is necessary to seek legal advice when considering mortgage modifications as a possible option. When properly executed, a loan modification will benefit the homeowner and provide some type of financial relief to the homeowner and prevent property foreclosure.

On the other hand, loan modifications often include changing the interest rate and extending the duration of the loan. Some lenders take advantage of this practice and advertise a lower introductory interest rate and implement outrageously high interest rates for the majority of the loan. A good attorney will be able to point out these schemes and ensure that the loan modification will benefit the homeowner.

About Sagaria Law, P.C.
Sagaria Law, a Professional Corporation, specializes in Family Law, Bankruptcy and Estate Planning throughout all of California. Over the past 9 years, we have successfully completed over 1500 family law cases in all family law areas. Further, we have successfully completed over 5000 bankruptcy petitions. Our Bankruptcy Lawyers are committed to providing you with the skill and expertise necessary to meet all of your Chapter 7, Chapter 13 and Chapter 11 Bankruptcy needs. We are dedicated to provide our clients with meaningful, real time solutions and information to individuals in need of legal advice and fresh perspective. We believe that knowledge is power and it is our promise to inform, assist and guide you. If you have questions or need assistance, please do not hesitate to contact us or visit our website at www.sagarialaw.com and we will be happy to assist you in any way.

Contact Us at:
Sagaria Law, P.C.
333 West San Carlos St. Suite 1700
San Jose, CA 95110
http://www.sagarialaw.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Homeowners say Loan Modifications Lead to Foreclosure here

News-ID: 151491 • Views: 1233

More Releases from Sagaria Law, P.C.

Foreclosure Rates Rising in California
Approximately $25 million was spent at foreclosure auctions in the Sacramento and Oakland areas last weekend. Several homes were sold at less than half the cost of their previous high property values. This trend of increasing foreclosure activity has been prevalent in California communities in the past years, and experts predict the trend will only continue to rise in the near future. Foreclosure cases in California have increased 50% in the

More Releases for Law

Greco Neyland Attorneys at Law
Greco Neyland, PC is a professional team of dedicated criminal defense lawyers that are devoted to fighting criminal charges in both state and federal court. They have successfully defended criminal cases on every level of severity and have won major felony cases in the New York Supreme Court. The lawyers at Greco Neyland are some of the most experienced and knowledgeable attorneys in New York. Greco Neyland is now delighted
Professional translations in banking law
The annual financial statements are just around the corner It is that time again. Banks and credit institutions operating in Germany must submit their annual financial statements to the Federal Financial Supervisory Authority (BaFin) by 31 March at the latest, in accordance with Section 242 (3) of the German Commercial Code (HGB). English-speaking and international banks and corporations are obligated to submit their financial statements in German. “The limits of my language are the
Crowson Law Group
It is commonly said that there is no such thing as minor surgery. Whether it’s getting an appendix removed or having a hip replacement, all surgical procedures are serious; more so if an error occurs during such a surgery. However, is any surgical error considered to be medical malpractice? This article will determine when a surgical error can be said to have reached the level of medical malpractice. It must
Charles Law Office - Experienced Law firm in the Lehigh Valley
United States 11-1-2017. The Charles Law office is the leading law firm in the Lehigh Valley who takes pride in providing first-class service and support to everyone facing personal injuries. Whether you've suffered from an automobile accident or faced a mass transit accident you deserve some form of compensation. In order to get your voice heard you consider partnering with lawyers who have your best interest at heart. An experienced
Chandler Law Firm - Brown & Associates
Bankruptcy Financial relief from bankruptcy has been a part of our economy since the beginning of time. The purpose of bankruptcy is to obtain a fresh start or a reset if you will on your financial burdens relieving the everyday pressures of creditor calls and their harassing letters, lawsuits and possible judgments, garnishments and bank account levies. Our job is to help you understand the bankruptcy process and determine if bankruptcy is
Griffith College Law School Launches ‘Specialist Copyright Law Course’
Scholarship Announced to Celebrate First Copyright Course in Ireland Dublin – Tuesday, July 5, 2011 Griffith College Law School, in consultation with top industry lawyers, has developed a ‘Copyright course for recent graduates or professionals in the music and entertainment Industries’. The first and only course of its kind in Ireland, this specialist course delivers an overview of areas of Copyright law including Intellectual Property law. The course is presented by the