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.
About Legacy Real Estate & Associates
Established in 1971 by a group of independent-minded Realtors, the Legacy Real Estate & Associates local ownership and management structure enables its sales professionals to focus on client services and direct resources where they belong. Drawing from the founders’ and associates deep roots in residential real estate, the Legacy Real Estate & Associates agents are among the most experienced in the business and are driven by ethical standards, creative problem solving and the genuine desire to be kind. For more information visit us on the web at www.legacyrealestateassociates.com
