Across the country, the number of foreclosed homes is overwhelming the real estate market and this is also the scenario in Kentucky. This occurs because of the decrease in the number of interested buyers and investors. This is a serious matter for the bank, because currency is needed to perform its duties. A foreclosed home can stay in the market for years without getting sold. For debtors who lost their homes, they have to start again and the first step for them is to get a new mortgage, which is difficult, especially for those deemed as bad credit. The Board enforced a new law that gives the mortgagor the possibility to request a loan modification.
Events like job loss, divorce, something that caused your monthly income to go down, and an instance which made it difficult to provide the money for the monthly rates are valid reasons for a person to become eligible. Apply for a loan modification if you have these valid reasons and save your home from being foreclosed. Make a research about the program, and all the necessary data that you need before you push through with your application. Ask for professional help if necessary.
On the other hand, if you want to be sure about your actions, seek professional help from a lawyer who has experience in this domain and let him/her handle the entire process properly, provided that you have budget for that. He/she will thoroughly explain to you all the procedures. In addition, he/she will negotiate along with the bank’s representatives about your status and will look forward in obtaining the best deal. The extension of the contract is possible and it will result to smaller rates and affordable payment for you.
If you think that you are unable to keep up with the flexible rates, go for fixed ones so that you can manage your budget properly. If you have an unsteady income, do not go for the flexible rates. Before you sign the new contract, read it carefully so that you can understand what’s inside it, and the terms and conditions as well. After obtaining a new and more affordable loan terms and agreement, you should handle it now more efficiently; a second renegotiation will be unlikely to happen.
In Kentucky, there is big decrease in the number of foreclosed homes since the implementation of the law last February 18, 2009. With this initial success of the law, the government is on its way to avoid the collapse of banking institutions and the continued cooperation between the banks and their clients is the key.
Heleringer Mortgage Company
1945 Alfresco Pl
KEY FINANCIAL MORTGAGE
107 South Hurstbourne Ln.
AMERICAN NATIONWIDE MORTGAGE
151 NORTH EAGLE CREEK DR
Residential Mortgage Services
191 Kentucky Avenue
Kentucky Solutions LLC
PO Box 36012
Wells Fargo Home Mortgage
114 S. Maple St
2525 Nelson Miller Parkway
859-253-5363 ext 2242
2700 Old Rosebud Way Suite 310
The Cecilian Bank
2633 Leitchfield Rd
Appalachian Research and Defense Fund
Legal Aid Society of Louisville
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.
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