Alabama Home Loan Modification – Modify Your Mortgage in Alabama

Free Loan Modification Consultation

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Most of the time, having high rates and awfully high interests are such a big problem. Life is changing in this modern world. For example, salaries get smaller each day while the amount needed to buy basic needs increases. A person involved in a mortgage having a fixed rate knows that the calculation of what needs to be paid depends on his initial income. During this time of recession, paying the same amount is not fair because your salary is not the same anymore, it has decreased. And there are so many individuals with this kind of problem.

Several debtors are defaulting on their loan each day and that’s not beneficial to the banks as well. The State of Alabama is confronting a big number of foreclosed homes and it overwhelms the offerings and the markets. In order to put an end to this situation, the board legalized the process of loan modification; it allows the client to re-negotiate the terms of the contract to make it more suitable to his present financial status.

Failing to pay your rates implies that the bank loses too. As you apply for this recently released program, the lender will appreciate your interest and a better deal is possible. The bank usually finds it difficult to sell foreclosed homes, and another foreclosure process is not in its benefit. Cash is needed to function. In simple words, a property entered in its possession is non beneficial at all.

So how do you go about applying for a loan modification procedure? Collect all necessary evidences reflecting your monthly struggle with your budget before you apply for a loan modification. For example, bringing evidences of the drop of your income or soliciting a re-calculation of the rates. The institution involved will possibly expand the length of your mortgage, and your monthly payment will decrease. Banks started a second collaboration with those people that defaulted on their debts and those who are currently have foreclosed homes. The houses are blocked in the account of the bank and are worthless for the institution; the best deal is to bring them back to the initial owner with a new mortgage with more handy conditions.

Prevent your home from being foreclosed; apply for a re-evaluation of your conditions because this is your right inside the borders of Alabama. As a precaution, carefully read the new agreement before signing it. Be sure that it is appropriate to your needs. Hiring an attorney to help you in dealing with the whole procedure will be advantageous for you.

Alabama Mortgage Companies

First Mortgage Group
205-664-8488 ext 1006
160 Yeager parkway Suite 201
Pelham, AL

Sons Capital
205-473-9413
P.O. Box 1855
Pell City, AL

WR Starkey Mortgage, LLP – Chris McDonald
334-332-5252
1912 Opelika Rd
Phenix City, AL

Regions Bank – Loxley
251-964-7474
2095 East Relhem Drive
Loxley, AL

Wells Fargo – Uab
205-226-0904
316 18Th St S
Birmingham, AL

Countrywide Home Loans
334-663-3902
1530 E Glenn Ave Suite E
Auburn, AL

Network Funding LP – Reverse Mortgage Division
205-908-2993
200 Cahaba Park Circle Suite 116
Birmingham, AL

Colonial Bank Mortgage
334-358-5914
1798 Highway 14 East
Prattville, AL

HomeTown Lenders – AUBURN
770-757-6481
724 N. Dean Road
Auburn, AL

Wells Fargo – Pinson
205-680-8220
4394 Main St
Pinson, AL

Adas Mortgage Group
(251) 633-8434
1535 Schillinger Rd S Ste G
Mobile, AL

Wells Fargo – Dalraida
334-270-2320
3949 Atlanta Hwy
Montgomery, AL
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ACA Financial Services
(334) 393-8492
414 S Main St
Enterprise, AL

Alabama Legal Services

Assistance: Foreclosure
Location: Statewide
Website: http://www.alabamalegalservices.org
Phone: 866-456-4995
Email: info@alaskabar.org
Services: Alabama Legal Services has offices across the state that provides free civl legal assistance to low-income Alabamans, including help with foreclosure. Contact the central hotline to find out if you qualify for free legal help and get connected to a legal services office in your area.

Avoid Mortgage Scams Alabama

Report a Scam
Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.

Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)