The problem of foreclosed homes became a real issue for the State of Iowa. About ten or twenty homes are being foreclosed from every neighborhood of Des Moines, and the situation is getting worse. The problems started due to the banks recklessly approving credits and mortgage applications easily. Because of that, there are several people whose income is not stable and insufficient who received a loan and then defaulted after a few months of payment. In that case, banks seized the mortgaged proprieties and then put them for auction because they are hoping of reclaiming some part of the invested money back.
The bank needs money in its account so that it can function properly. Unfortunately, the banks were unable to sell the foreclosed homes because the real estate market declined dramatically. Because of this, people are thinking twice before buying a house or they tend to rent a house instead of buying. This brought lots of major banks to close due to collapse. Money is the key for banks to function, and without it, they cannot render services to clients wanting to withdraw money from their accounts. Because of the widespread news of the huge number of defaults, people hesitated when it come to mortgage application.
Fortunately, the government came up with a new law trying to bring things back to its track, which is the loan modification law. This law permits the debtors to request a re-negotiation of his/her contract’s terms, if he/she thinks that he/she can’t manage the situation properly anymore.
For you to be eligible to a loan modification, you have to pinpoint the roots of your financial meltdown. Most of people are unable to manage their debts when unfortunate events take place in their lives, like the death of a family member bringing great expenditures from the income, loss of jobs or even the robbery of uninsured goods. The bank will most likely help you to overcome these issues, rather than doing a foreclosure procedure.
A foreclosure procedure will not help the bank recover their loss. In Iowa, there are several law firms preparing their lawyers to deal with such procedures wherein you can ask for professional help, if you are unable to manage all the paper work by yourself. The lawyer will guarantee that the new deal will be advantageous for you.
The Loan Modification law saved several homes from being foreclosed in Iowa, so never hesitate to apply for this program if you think that you are under the constant pressure of your high monthly rates.
Wells Fargo – College Square
6309 University Ave
Cedar Falls, IA
Wells Fargo – Cumberland Square
2001 Spruce Hills Dr
Wells Fargo – La Porte City
508 Hwy 218 N
La Porte City, IA
US Bank – Urbandale Office
3501 NW 86th St
Generation Mortgage Company
800-894-9166 or 712-249-6671
207 7th St
US Bank – Southeast Office
6150 SE 14th St, Suite A
Des Moines, IA
US Bank – Clinton County Office
405 S 3rd St
US Bank – Clinton Lyons Office
2300 N 3rd St
US Bank – Chariton Drive-Up Office
926 Court Ave
Iowa Legal Aid
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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