The predicament happening in the banking system has also affected Indiana. With this crisis, the number of foreclosed homes and properties increases every day. This is a setback for both debtors and creditors. Debtors lost their home and labeled as having bad credits. As a consequence, they have to apply for a new mortgage and this will be harder to get or it comes with bigger interest rates.
As for the bank, to recover the invested money, they will try to sell the foreclosed homes; unfortunately for the bank, the real estate is so overcrowded that chances to sell the proprieties in a short time are very small. Even if the properties stay on the market at unbelievable low prices for months, buyers aren’t interested in them. The scenario looked out of control, but last year a new law was established allowing loan modification after a specified period of payment. The law aims to help both mortgagee and mortgagor to give benefits to both parties. A foreclosure process is a loss for everyone, and this new law supports a better collaboration between lender and borrower preventing foreclosure.
Communication is very important here, you should get in touch with your bank’s representatives. You have to let them know the trials and difficulties you are encountering especially in paying the monthly rates. For the lender, he/she should be conscious about the latest events that occurred and affected your life, such examples are job losses, a divorce or death of a relative who offered financial support. These occurrences should cause a major decrease in your income.
Remember that the monthly rates are calculated based on your initial financial status, however, things changed and you are in a situation where it is hard to continue with the loan. The bank doesn’t want you to default in your loan; it would mean a failure for them too. Banks are more likely to present different offers and one of those is making the rates more accessible to your current state. Hiring a lawyer is a good thing to do, especially if you’re unable to deal with all these measures by yourself. He/she will negotiate with the lender to get the best deal for you. The length of the loan modification process can differ depending on the situation before you will come up with a universal agreement.
The loan modification law has been effectively reducing the number of foreclosed homes by around 20% in Indiana. In addition, banks re-started the cooperation with the debtors, which had their homes foreclosed. This law gives advantages to both sides.
FEDERAL MORTGAGE LOAN MODIFICATION LLC 317-281-3731 6144 WOODSIDE DRIVE INDIANAPOLIS, IN
Baytree Lending ~ Dawn Phillips 219-746-4176 742 E Lincoln Hwy 30 Schererville, IN
Coldwell Banker Home Loans 219-746-4176 20 E Lincoln Hwy Schereville, IN
National Lending Corporation 317-770-4904 14074 Trade Center Drive Fishers, IN
Wells Fargo – Angola 260-665-9484 2204 N Wayne St Angola, IN
Parmount Mortgage Funding 317-616-9296 2625 N. Meridian Street, Suite 108 Indianapolis, IN
MVH Mortgage Brokers 260-731-4165 100% Financing Available to Qualified Income/Area Braynt, IN
Baytree Lending 219-746-4176 742 E Lincoln Hwy 30 Schererville, IN
Schiller Law Offices 317-578-2100 8720 Castle Creek Parkway Indianapolis, IN
Stonegate Mortgage Corporation 317-570-0450 10412 Allisonville Rd. Fishers, IN
Indiana Legal Services, Inc. – Housing Law Center
Neighborhood Christian Legal Clinic
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)
