Most of the time, you have to go through difficult procedures just to get your desired mortgage. Because of that, you purchased your dream home. Everything works out the way you desired it; however, how sure are you that everything will run smoothly? If unexpected things happen in your life and your funds are drained leaving you without a single penny, what will you do? With this kind of situation, you may experience failure to pay the monthly rates. Initially, you offered a personal good or asset in your contract such as the house you own in order to cover the jeopardy that the bank obtained because of their money invested in you as well as to be used for the approval of your loan.
If you can no longer pay anymore, the bank will most likely take over your possessions. Failure to make the necessary payments for your debts in an agreed time will put your rights of redeeming your home or any material possession to nothing because most of them will be put up for auction. This is the situation of thousands of debtors that couldn’t maintain their monthly rates. Nevertheless, the decrease in numbers of buyers resulted to the increase in difficulty in selling the foreclosed homes and, in conclusion, they are now representing non-profit assets for the bank. The government of Arkansas approved a new law encouraging the lenders as well as the borrowers to prevent the foreclosure process. In addition to that, it promotes a loan modification program.
This loan modification law gives you the right to request for new terms for your agreement; if you are unable to continue the same conditions of the contract, you can request for a new term. However, it is your duty to provide evidences stating the fact about your current income and shows that you cannot pay the rates as well as carry on a decent life. Through this, defaulting cases can be prevented because it doesn’t benefit any of the involved parties. You can either sign new terms of agreement with the mortgagee or carry modifications to the original. There is a possibility that the term of the mortgage can be lengthened with smaller and more affordable rates with this program.
Because banks cannot provide enough currency for the clients, the number of bankruptcies increased and being unable to sell the proprieties in their possession adds to that problem. This loan modification law approved in Arkansas aids both the lender and the borrower in order for them to get back on their track. An enhanced cooperation between the two parties is expected instead of penalizing the mortgagor who doesn’t manage the monthly rates.
Fairway Independent Mortgage Corporation 501-614-4600 1819 N. Filmore Street Little Rock, AR
Bank of America – University – Fayetteville 479.521.3694 703 W. Dickson Dr. Fayetteville, AR
SunTrust Bank 870-732-8150 125 West Broadway West Memphis, AR
US Bank – Lakewood AR Office (501) 753-7970 4140 John F Kennedy Blvd North Little Rock, AR
Bank of America – Northside Facility 870.391.7163 700 US Highway 62-65 N Harrison, AR
The Mortgage Bank of Arkasnas 501-225-5626 11501 Huron Lane Little Rock, AR
US Bank – Highway 7 North Office (501) 922-6204 101 Cooper Cir Hot Springs Village, AR
Bank of America – Meadow St 479.872.4216 281 Meadow Street Springdale, AR
Bank of America – W Capitol 501.378.1267 200 West Capitol Little Rock, AR
US Bank – Alma Office (479) 632-4007 115 Hwy 64 W Alma, AR
Arkansas Legal Services Programs
The following is a brief description of state and local law enforcement efforts underway in your state in the fight against loan modification scammers. This information is not exhaustive and may change depending upon the resources and priorities of the state and local government officials and agencies.
Arkansas State Bank Department
The Arkansas State Bank Department enforces that state’s Fair Mortgage Lending Act against state banks engaging in the mortgage process.
Resources:
Arkansas Securities Department
The Arkansas Securities Department enforces that state’s Fair Mortgage Lending Act against non-banks engaging in the mortgage process, and has brought enforcement actions against individuals and companies stopping illegal loan modification activities.
Arkansas Attorney General Consumer Protection Division
The purpose of the Attorney General’s Consumer Protection Division is to represent and protect the State, its subdivisions, the legitimate business community, and the general public as consumer. The Consumer Protection Office: serves as a central coordinating agency for individual consumer complaints; conducts investigations and reports on matters affecting the interests of consumers; acts as both advocate and mediator in resolving complaints; promotes consumer education and principles of fair business practice; investigates violations of consumer protection laws; and aggressively prosecutes civil cases on behalf of the public.
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)
How Do I Know if I Am a Victim of a Scam?
The easiest way to determine if you are a victim of a loan modification scam or have been approached by a potential scammer is just to ask yourself two simple questions:
If the answer to either question is “yes,” report the potential scam now by calling 1-888-995-HOPE or by filling out the simple online complaint form.
