The State of Alaska registered recent highs when it comes to the number of foreclosed homes, representing a huge hole in the banking institutions’ funds because all of these are blocked and not being able to put up for sale. The potential buyers have decreased because of the economic meltdown that the nation is experiencing and the interest rates for the foreclosed homes have depreciated too.
Several owners expelled their proprieties due to the many mortgages being approved easily. The lenders are now offering zero down payments to the people without even studying the financial status and their ability to pay their monthly rates. This situation has lead to shortcomings for mortgagees as well as the mortgagors. The government of Alaska solved this problematic situation by creating a new law, which is the loan modification program.
This new program permits you to request a re-assessment of your initial contract to bring necessary adjustments that will match your financial status at the moment. It is possible that your salary decreased in the last months, thus, it’s unfair to pay the same mortgage rates as what you did when you first applied for it. This new amendment encourages cooperation from both the lender and those who have bad credits. They will want to get their foreclosed home back and they are willing to carry on the negotiations.
Saving money to pay the high rates of your mortgage can be good but stressful; applying for a loan modification program is more ideal than saving. Hiring a lawyer specializing on these issues may also be beneficial for you. He/she will be able to help you in obtaining an appropriate and new agreement that will end your monetary problems. Being prepared will help you in the whole process, and you should be determined in getting a new deal that will prevent the foreclosure process. Being deprived of your house or property will make you pay the remaining loan integrally and it will be hard to realize. A representative from the bank will present the new deals and offers to you. It is your duty to make a right decision in choosing the one that fits your needs. Even if you are in a fixed rate mortgage, you can still go for flexible ones; however, you should make a considerate research before making a decision. Sometimes, flexible rates are difficult to handle, especially if your income is unstable.
The Loan Modification program is a way of reducing the number of foreclosed and filed homes. This can be deemed as a second chance for people who defaulted on their initial debts.
Paramount Equtiy Mortgage 916-770-8289 3013 Douglas Blvd, Suite 220 Roseville, AK
Heritage Mortgage, LLC 804.201.9434 10124-C W Broad St Richmond, AK
Wells Fargo – Cottonwood Creek 907-376-6797 1701 E Parks Hwy Wasilla, AK
Wells Fargo – Soldotna 907-262-4435 44552 Sterling Hwy Soldotna, AK
Wells Fargo – Wasilla 907-376-5355 581 W Parks Hwy Wasilla, AK
Golf Savings Bank 206-719-6375 1730 Minor Avenue Seattle, AK
Mortage Lender Company (000) 000-0000 Delhi, AK
American Mortgage Corporation (952) 915-5397 6700 France Ave S Ste 230 Edina, AK
Wells Fargo – Midtown Wal-Mart 907-265-2707 3101 A St Anchorage, AK
Wells Fargo – Cushman 907-459-4300 613 Cushman St Fairbanks, AK
Alaska Legal Services Corporation
Alaska Bar Association
Assistance: Foreclosure Location: Anchorage Website: http://www.alaskabar.org/ Phone: 907-272-7469 Email: info@alaskabar.org Services: The Alaska Bar Association provides lawyer referral services for individuals seeking assistance with foreclosure cases.
Consumer Credit Counseling Service
Assistance: Housing Counseling/Foreclosure Mitigation/Default Mortgage Counseling Website: http://www.cccsofak.com/ Phone: 800-478-6501
Housing Help Now Alaska
Assistance: Housing Counseling/Foreclosure Mitigation/Default Mortgage Website: http://www.housinghelpnowalaska.org/
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)
