In 2009 California had the fourth highest foreclosure rate in the United States, accounting for a quarter of the foreclosures in the United States. San Diego County is one of the areas to be hit the hardest, with the city of San Diego reporting 2,435 new foreclosure filings in December of 2009, according to RealtyTrac.com. Spring Valley, Carlsbad, and La Mesa also had a large amount of new foreclosures last year, reaching almost 500 new foreclosures in December of 2009. If you are having financial difficulties and find yourself at risk for losing your home, call HomeStart to find out if you qualify for a loan modification.
A Loan Modification is a permanent change in one or more of the terms of your loan. The purpose of a loan modification is to allow the borrower to meet the new loan modification terms, allowing them to prevent foreclosure. A loan modification is not a refinance; it is the restructuring of the loan terms. In other words, a loan modification is a contractual agreement between the Lender and the Borrower to provide long term relief from unaffordable loan terms. Loan modifications can lower your interest rate(s), monthly mortgage payment(s) and the principle balance (loan amount). Remember the cost of foreclosure to the Lender is higher than new loan modification terms; therefore, lenders are open to loan modifications to prevent foreclosure.
Why choose HOMEstart?
HomeStart is the only A+ BBB rated and DRE licensed Loan Modification Company in California. HomeStart has established close relationships with many of the large banks and lenders and has experienced attorneys ready to work on your mortgage loan modification. We provide trusted service and have helped many families save their homes by lowering both monthly mortgage payments and the principle balance. HOMEstart is not a high-volume, mortgage and loan Modification Company and you will never receive a customer number. We keep our A+ BBB rating by providing personal and dependable service to our customers. We provide free consultation to analyze your current situation so that together we can provide a workable solution that is acceptable to both you and your Lender. Don’t wait until it’s too late, call HomeStart today.
Here is one recent example of a loan modification performed by HomeStart:
Property in San Diego, CA
Total monthly savings of $1,132.38/month
- Primary Residence:
Loan amount of $298,819 with an interest rate of 5.875% and monthly mortgage payments of$2,445.30.
- Modified to:
Interest Rate of 3.875% and new monthly mortgage payments of $1,312.92 fixed for 5 years; final interest rate of 5.375% and $1,481.94 monthly payments.
For more information please visit www.YourHomestart.com