North Carolina Employment Attorney

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This digital document is an article from Business North Carolina, published by Business North Carolina on January 1, 2004. The length of the article is 686 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Employment.(women advocates)(Biography)
Author: Irwin Speizer
Publication: Business North Carolina (Magazine/Journal)
Date: January 1, 2004
Publisher: Business North Carolina
Volume: 24 Issue: 1 Page: 63(1)

Article Type: Biography

Distributed by Thomson Gale

Employment.(women advocates)(Biography): An article from: Business North Carolina

Why are so many consumers seeking loan modifications? Simply put, they are looking to renegotiate the terms of their mortgage so that it is more affordable under their current financial circumstances. Suddenly, the things we’ve taken for granted for so long – food, clothing, daycare/school expenses, and keeping the lights on – are foremost in our minds. Primary breadwinners in many NC families are suddenly finding themselves unemployed or employed at a lower level of income than what had previously sustained their monthly mortgage payment, among other expenses. As a result, not only are family breadwinners finding it difficult to make their mortgage payments, but also to provide basic needs to themselves and their children.

Homeowners all over the country are facing the threat of foreclosure on their homes, whether they’ve owned their home for decades or just purchased it within the past couple of years. Here in North Carolina, loan modifications are one such way by which people are attempting to save their homes. In this economic climate, and with the job market practically in shambles, desperate homeowners everywhere who are strained to make their mortgage payments are looking for viable alternatives to essentially being out on the street.

NC homeowners that need help lifting a mortgage burden so that they can begin to live within their means again, can look to loan modification programs for help. These programs, once the borrower is approved, will reduce their mortgage payments to no more than 31% of the borrower’s monthly income. This is a classic case where new circumstances call for a new approach. Keep in mind, however, loan modification criteria varies greatly among individual lenders, which can make it hard for consumers to know where to turn once they start to have difficulty paying their mortgages. Some servicers prefer homeowners contact them before they fall behind, while others are willing to consider a modification only after they have missed one or more payments.

Despite headaches that can accompany any kind of debt relief program, NC homeowners are gradually gaining back some peace of mind in knowing that there are means by which they can save their homes and get back on their own two feet. There is help…and there is hope.

Getting a loan modification requires a great deal of patience and tenacity. There is such a high volume of requests that the decision making process is often sluggish at best. It can take a long time for a modification to be approved because investors must determine whether modifying the terms of a mortgage will result in less of a loss than refusing to making concessions to the homeowner or just letting the property fall into foreclosure. Depending on your personal situation – for instance, if you have multiple mortgages on your home – matters can be even further delayed due to complications. In such cases, NC homeowners would do well to contact an attorney who specializes in North Carolina consumer law so they can get their questions answered, their options outlined, and have guidance in navigating the lengthy and complicated process.

Originally published here.