Homeowners Can Benefit From New California Loan Modification Law

Online, March 22, 2010 (Newswire.com) - The new law will compel lenders to contemplate California loan modification agreements around the state to cut back the foreclosure rate which, in turn,will rectify the economy.

Governor Schwarzenegger passed The California Foreclosure Prevention Act in February and it took effect. The law adds 90 days onto the time frame between when homeowners default on a loan and when their home can be repossessed in foreclosure. Lenders can avoid the 90-day holdup by making mortgage payments more affordable to the borrower through California loan modification agreements.

Homeowners are urged to act quickly. If borrowers are distresssed from financial hardship thay should act immediately to obtain a mortgage modification in California. Waiting months does not enhance the situation.

For many, just the idea of not being able to make their monthly payment is a freezing immobilizer. Thinking that you might have to say, "I have failed", is something that brings shivers down many backbones.

California Loan Modification is one of those immobilizers. Faced with a mountain of debt, inability to stay current with their mortgage and without a visible way out people let their egos get in the way of asking for assistance. They let weeks or months go by and see the debts getting bigger and mortgage payments further behind.

Once this thought process starts it is a downward spiral. People begin thinking more about being a failure rather than action. Doing nothing does not improve the situation at all.

A California Loan Modification is a step in the right direction and may even avoid foreclosure, but homeowners must overcome any ego concerns and make the call quickly. A dented ego is much better that losing the family home.

Despite these thoughts of failure nobody, family, friends nobody, wants people feeling this way.

But the situation will not improve until action is taken. People must put all their concerns completely aside and ask "what is my next logical step?" The key is "logical" and not emotional.

If a California Loan Modification is the next logical step, seek out legal advice immediately. A lot of the burden will be lifted just by making the call. Take advantage of the new law!

For more information on how to obtain a California Loan Modification agreement contact the Law Offices of Edwards and Gerlt at 877-701-6637 or go to http://www.californiaattorneyloanmodification.com