The economy of Idaho is affected by the increasing number of debtors defaulting on their loans. As a result, banks are being forced to the foreclosure process, which will entitle them to enter in possession of the mortgaged estate. The bank will sell the property to recover some part of the money invested for the loan. However, real estate market is overwhelmed; hence, many foreclosed houses with very low prices stay on the market for several months and are still unable to get sold.
This is the case in Idaho wherein the number of houses that are for sale is greater than the buyers. This simply means that foreclosure isn’t a practical alternative for the lender any longer. His/her only chance to not lose money in case of a defaulted loan is to have cooperation with the bad creditor, rather than penalizing him/her. The loan modification law that is enforced recently supports that kind of cooperation between the bank and the debtor. In addition, it gives the opportunity to re-negotiate the conditions of the loan for the mortgagor, especially if he/she thinks that his/her financial status doesn’t fit anymore.
For an instance, if you are unable to handle the flexible rates anymore due to your unstable income that is lower than it was at the start of the contract, you have the right to modify your loan and go for the fixed ones. You have the right to apply for this program, if you feel that you are nearing towards the mortgage defaulting. The banks are more willing to find a solution that will be beneficial to both of you. Your failure is also the bank’s failure. Your interests are advantageous for the bank, because you will give them the currency in its account, rather than the useless proprieties that cannot be sold. Conduct a research on the worldwide web and get informed about the necessary facts for a loan modification.
If you think that a professional advice is needed, never hesitate to ask an attorney’s help. He/she is willing to do all the paper work for you as well as dealing with the lender to obtain the best and suitable deal for you. After your loan modification gets approved and you have signed a new and suitable contract, you should be more careful this time. Handle your money wisely in order for you to avoid the same mistake again.
Free yourself from the pressure of the high rates and inappropriate terms. The loan modification program offers you the best chances of saving your home from being foreclosed and it relieves you from the stress about the monthly payment. At present, more than 50,000 loan contracts have been modified in Idaho.
Bell Financial Group
1833 E 17th Street
Idaho Falls, ID
Bank of America – Appleway
501 W Appleway St
Coeur d’Alene, ID
Bank of America – Silver Valley
733 E Mullan Ave
Wells Fargo – Perrine
1864 Blue Lakes Blvd N
Twin Falls, ID
Wells Fargo – Caldwell Cleveland
823 Cleveland Blvd
Waterstone Mortgage – Prime Equity Group
2535 W State Street
Golf Savings Bank
2300 S.Eagle Rd
US Bank – Wendell Office
15 S Idaho St
US Bank – Filer Office
98 Highway 30
Wells Fargo – Genesee
102 E Walnut St
Idaho Legal Aid Services
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)
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