Due to the collapse in the real estate market, Ladera Ranch has the highest percentage of home foreclosures in Orange County, and there many residents who are hanging on with everything they can muster with hopes of riding out this near depression.

As a result, over 50 homeowners gathered at Ladera Ranch Middle School to learn how they can modify their mortgages to bring their home loans back into an affordable range for their families.

The seminar, entitled "Home for the Holidays," was put on by Mortgage Modification Legal Network (MMLN). Gabe Foster ( below left), of Ladera Ranch, welcomed the gathering and turned the mic over to Ryan Boyajian (right in photo above), President of the company, who explained MMLN has a nationwide network of lawyers who specialize in mortgage modifications.

The federal government has lowered the interest rate to almost zero on loans to banks and is pressuring the banks to modify existing mortgages in an effort to keep people from losing their homes, Ryan told the gathering.

"Under certain circumstances, almost anyone can be eligible for a mortgage modification," said Ryan, "and, because mortgages are being modified, it does not affect people’s credit rating."

He then joined mortgage modification lawyer Bruce Harbin (middle of photo above) and MMLN Public Relations Executive Annie Downs (left) to answer questions from the audience.

Q. Can I do my own mortgage modification?
A. Yes. It’s difficult and a homeowner has to do his or her homework, 
but people can and have done it themselves.

Q. What is the process?
A. You complete a three-page application, which is then turned over to an attorney who evaluates the potential for a successful mortgage modification and files a report to the homeowner with recommendations.

Q. Does it cost anything?
A. Yes, but not when you file the application and get a report from the attorney. If you decide to go through with the mortgage modification, you would pay a fee directly to the attorney that varies from case to case but typically is around $3,500.

"I did not realize until attending this seminar that the federal policies I have been hearing about on the news were for us," said Andrea Mitten, who bought a home two years ago hoping to take advantage of the American Dream. "We knew we were facing problems with our mortgage and we did not know where to turn."
 
"We have been over-whelmed by the attendance at our seminar series," said Ryan Boyijian. "Residents are hungry for this information and they don’t know where to turn. They don’t know who to trust and more often than not, they don’t talk to the bank about the significant problems they are having."

"We know we can help, and we want to reach as many homeowners as possible. We are about education, outreach and counseling. This is a nationwide effort for us and we have an incredible bilingual team as well," Ryan concluded.

For more information, call (877) 606-MODS (6637), 27651 La Paz Road, Suite A, Laguna Niguel, CA 92677, www.wesavehomes.com.