Company helps clients
negotiate with lenders to stay in home
FREMONT,
CA, March 6, 2009 - Bill Aboumrad, owner of Legacy Real Estate & Associates
announced today a new service for homeowners facing the potential loss of their
homes to foreclosure. Legacy now has specialists within their offices that will
assess a homeowner's situation, ascertain whether a true loan modification can
be negotiated and structured with its lender and if so, to represent the
homeowner in modifying their mortgage loan with the objective of lowering
monthly payments.
"This new service is very much in alignment with our mission
to help people achieve home ownership, including the ability to remain in their
existing homes," said Bill Aboumrad, owner of Legacy Real Estate &
Associates. "And with President Obama's plans to help more Americans stay in
their homes, avoiding foreclosure has a greater chance to succeed now more than
at any time in this economic downturn."
Professional
representation
If a homeowner is having problems making their monthly mortgage
payment because of recent loan adjustments, loss of job, or other such
hardships they can contact the Legacy Loan Modification specialists (real
estate and mortgage experts) who will interview the homeowner to assess their
situation, understand the client's economic condition, housing costs and
personal or family income. Once the assessment has been made and it is
determined that there could be successful loan modification, the Legacy
representatives then contact respective lenders or banks and work toward a
favorable client solution, which may include lower interest rates, extending
the amortization period or even a reduction in principal balance of mortgages.
Homeowners who attempt to negotiate with lenders and banks on
their own may experience frustration and discouragement due to delays, non
response and a lack of true understanding of the terms and conditions of the
loan.
A professional service fee is requested once the Loan Modification
process is completed to the
homeowners' satisfaction. There is no
upfront cost to homeowners. The process requires 60-90 days. This is not a
refinance or forbearance; rather, it is a true loan modification with changes
applied to existing loan terms.
"The objective is to actually modify the homeowner's loan to make
it more affordable," said Abe Summers, a Legacy Loan Modification Specialist.
"Foreclosures are not always in the best interest of lenders and homeowners. In
many situations, foreclosure may be the most appropriate course of action for
lenders and homeowners, yet thousands and thousands of homeowners can avoid
foreclosure if they want to and if they qualify for a re-structured loan that
will work for them and their lenders."
Financial markets are so dynamic that standards and qualifications
for loan modifications are still being determined. However, borrowing
capability and mortgages will likely return to traditional and acceptable
debt-to-income ratios in which the homeowner's total housing cost would range
from 30-40 percent of gross income. In recent years, for many people the overall
cost of housing occupancy on a monthly basis has exceeded 50 percent of income
when mortgage principal and interest, property taxes, property insurance and
property maintenance were factored in.
The Legacy Real Estate & Loan Modification Department is here
to help clients negotiate with lenders to stay in home. For more
information please contact us with the form below or call us toll free 800-839-0665.
