There are more than 5,000 mortgaged homes foreclosed this month and thousands more are being put up for auction in Kansas. This resulted in a great damage for the banks’ economy as well as its image. People become skeptical when applying for a loan, due to the big number of defaults recently. The foreclosure process wasn’t a feasible alternative anymore, and the banks should use other methods to prevent their losses. During Fall last year, a law was passed that is deemed to be the key solution to the collapsing real estate market and financial problem in Kansas, the Loan Modification law. This program permits the debtor to request for a revision or re-assessment of the initial contract, especially if he/she feels that the initial terms is not possible anymore.
The law takes advantage of the fact that banks are open to cooperate with the creditors that defaulted on their loans; for them, this is the only way to overcome the log jam successfully. Dealing with seized proprieties is no use now because those properties are unable to get sold due to the market’s awful situation, so the bank will have to continue the contract with some modifications applied on it. The length of the agreement can be lengthened to help in the reduction of the monthly rates because it will be relatively smaller and more affordable.
As you file your application for a loan modification, make sure that you are eligible for it. Make sure that the reason why you are experiencing difficulties in keeping up with the monthly payments should be a relevant and serious, like an unfortunate event. Loss of job, divorce, and your incapacity to manage your budget properly are some examples. Bring the necessary documents that will attest that your income decreased owing to the external factors that don’t depend on you. Initially, the monthly rates were settled after your first income, which was bigger that time of economic prosperity. If the lender approves your application to modify your loan, the next action is to obtain the best and suitable deal for you. You can seek professional help from a lawyer that will aid you in handling all the paper works and will wind up the bargain in your favor. The whole process sometimes takes about three months so do not fret if there is no response from your bank
Because of this law, there are several people who applied to this program and they have managed to save their homes from an awful foreclosure. If you live and own a house in Kansas, there is no need anymore to face the problem of having to pay high rates every month thanks to the loan modification, which is an option that will avoid you to gear towards defaulting.
Allied Mortgage Group, Inc.
Originates loans in Missouri, Kansas and Colorado.
America Mortgage Online
Provides directories of mortgage companies listed by state. Site also contains live interest rates, mortgage calculators, online applications and mortgage articles.
Mortgage Lenders in Kansas – Bankrate®
FDIC Insured Banks. Search Today’s Low Home Interest Rates For Your Local Area. Enjoy Our Comprehensive and Free Financial Assistance.
Citizens Savings and Loan Association
Savings bank provides personal banking products and services including consumer loans and mortgages.
Cypress Mortgage, Inc.
Online mortgage banking; offers over 50 mortgage products to consumers through Cendant Mortgage call center and online.
Residential mortgage lender, loan ‘types’, conventional, jumbo, government, home improvement/ equity and commercial.
Steele Enterprises, Inc. of Kansas
Assists Veterans and Active Duty Military personnel in buying and refinancing homes through the VA Guaranty Program.
Kansas Legal 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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