It is no secret that California is plagued by many problems.
As of June 2009, California is facing a $24 billion dollar budget deficit and rates of home foreclosures are still high. So far, state employees have taken unpaid days off, and potential ways for the state to pinch pennies offer more of the same: imprisoning fewer prisoners; asking university professors to teach more classes without giving them a raise; and charging residents and businesses a fee for protection by state firefighters. One has to wonder how the state can make up for the shortfall. A laundry list of issues that California is facing could take days to examine and calculate. A comparison to your situation might be helpful. Like many homeowners, the state of California is facing a similar problem – not being able to pay State bills. And, like many homeowners, the options of what to do are varied, debatable, and frustrating. The terms and the scale may be different, but California is facing threats similar to foreclosure and bankruptcy. And the options available to bail out the state largely involve burdening its citizens even further. Unlike you, California does not have the same option of filing for bankruptcy or defaulting on its loans. For one, bankruptcy protection is not designed to be used by states. In addition, while technically possible, most financial experts agree that the state of California defaulting on its loans would not be beneficial for anyone. California already has the worst bond rating of any state. Further, domestically owned retail investors own most of California’s debt. What can be done? Can loan modifications save the state of California? Maybe. It all depends on what is meant by “save.” Saving California might be more involved than adjusting your home loan. But, it seems reasonable to conclude that if enough people in the state take advantage of the benefits offered by California home loan modifications, perhaps the state will be in a much better place. It is easy to get overwhelmed, pessimistic, and depressed at all of the economic woes of the once golden State of California. Before you spend too much time worrying about California, think about your own situation. Is their something you can do now? What are your options? Foreclosure and bankruptcy are probably the least desirable outcomes for your situation. This is not only true for you, but also for the state of California. If a dismally high number of Californians continue to foreclose on their properties and go into bankruptcy the state of California will continue to be in a difficult, perhaps unalterable, situation. Loan modifications help borrowers and lenders avoid the hassle and frustration of foreclosure, and possibly bankruptcy. It is not beneficial for you, your lender, or the State of California for you to be unable to make your loan payments. Bankruptcy and foreclosure are not good signs for anyone. Contact the Feldman Law Center today. Let us help you, and the state of California, out of this financial nightmare. Consultations are free, and the advantages our attorneys can offer you are great. Visit us at http://www.feldmanlawcenter.us or call 877-MODZ-NOW (877-663-9669).
Legal Disclaimer The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
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