Home / News / Foreclosure / California-Based Law Firm Offers Alternative to Loan Modifications
Print This Post Print This Post

California-Based Law Firm Offers Alternative to Loan Modifications

""Mesa Law Group"":http://www.mesalawgroup.com/home, a Costa Mesa, California-based law firm with specialty financial services, recently announced[IMAGE]

that it has partnered with Encinitas, California-based ""Investors Finance Inc."":http://investorsfinance.net/index.html to provide homeowners an alternative to loan modifications through the firm's Home Owner Mortgage Restructuring (HOMR) program. The firm said it is offering this private equity product in order to work directly with the investor or bank servicer to purchase the non-performing note.

Recognizing that loan modifications may not be the best option for all homeowners and that lenders are not completing enough modifications to keep up with flood of homeowners who have trouble paying their mortgages, Mesa Law Group said its new product gives clients an option with total debt reorganization.

""Mesa Law Group takes pride in providing expert analysis and a wide array of financial solutions and HOMR adds a powerful option in serving homeowners,"" said Tazwell

[COLUMN_BREAK]

Randall, VP of client relations at Mesa Law Group. ""Modifications are typically a short term solution that causes most individuals to default again. In contrast, a comprehensive debt reorganization could save homeowners thousands of dollars more and by adding HOMR to our tool kit, Mesa gives clients a whole new option to overhaul their debt portfolio.""

Through the HOMR program, the homeowner's first mortgage is purchased at a discount, and the second mortgage and other debt are reduced or removed in a debt overhaul. By eliminating the second lien through Chapter 13 bankruptcy and including any outstanding credit card debt, the program purchases the old mortgage from the original lender at pennies on the dollar to close out all unsecured obligations and create a new mortgage the homeowner can afford, the firm explained.

A strong alternative to loan modification, the HOMR program reduces the principal balance and helps those at risk of losing their home, Mesa Law Group said. According to the firm, the program specifically serves those with non-performing subprime, negative amortization, pay option adjustable rate mortgages, bank portfolio products, or non-converted construction loans.

Mesa Law Group said the benefit of the HOMR program is that the homeowner remains on title throughout the process, and the mortgage better reflects the current market value of the home. The program offers a 30-year fixed, fully-amortized rate through a private lender at 5.5 percent above Wall Street Prime Fixed without a balloon payment or prepayment penalty and no fees to the borrower at closing, the firm said.

About Author: Brittany Dunn

x

Check Also

Stern & Eisenberg Names 13 New Shareholders

Warrington, Pennsylvania-based Stern & Eisenberg adds a crew of seasoned real estate and business law, general and mortgage default litigation, estate planning and administration attorneys as shareholders to the firm.