Louisiana is encountering a great problem about foreclosed homes because buyers and investors are not interested anymore. For the lender, this situation makes it difficult for them to obtain profit from foreclosed properties. Even if the price is 50% lower than their actual value, several houses stay for a few months on the real estate market without being sold. This is a disadvantage for the bank, because it cannot recover the money invested in the mortgage. The number of loan defaults reached 50,000 in just six months in New Orleans. In addition, people with bad credit ratings continuously apply for a second mortgage and another loan default is possible. The foreclosure process becomes a threat for both debtor and creditor; to avoid this threat, the government approved a new law allowing loan modification after a certain period. This is applicable for a debtor who thinks that they are overwhelmed by the high rates and interest.
Make sure that you have all the necessary requirements first if you will request for a loan modification. You should present valid reasons stating that you are not able to keep up with the monthly payments. Examples of unexpected events that can cause a big drop in your budget and income are job loss, divorce, or illness. With this law, you are entitled to request recalculation of your rates, in order to match your financial status. You can decide the type of rate for your new agreement and this will be included as well. Choose the fixed rates if you want to handle your money better.
However, the disadvantage of fix rates is that it becomes too hard to pay if your income decreases again. Another option available for you is the flexible rate, but this is not recommended for people who can’t gain stable monthly income. The bank typically provides free mortgage counseling, and you have to take advantage of it especially if you want to learn the entire process. Aside from that, you can hire a lawyer and let them handle the entire process in your place. The lawyer’s work is to make sure that you will obtain the best offer from the mortgagee. To make the mortgage handier, the lender will extend the term of the loan so that the rates will become smaller and accessible. In addition, the penalties and charges could be lowered or eliminated.
Apply for a loan modification program and avoid risking your home. Several home owners have re-entered in the custody of their homes after they continue the negotiations and cooperation with the lender.
Capital One 318-674-3731 309 East Palmetto Street Plain Dealing, LA
Chase Bank (225) 332-4310 1702 Main St Baker, LA
Capital One 337-268-8050 501 First St Franklin, LA
Capital One 985-447-0110 4804 Hwy 308 Napoleonville, LA
Chase Bank (504) 347-9792 4100 Lapalco Blvd Marrero, LA
United First Financial 225 921-2206 9345 Corsica Ave Baton Rouge, LA
Chase Bank (985) 649-1893 1943 E Gause Blvd Slidell, LA
Capital One 337-494-3589 113 Arthur Avenue Lake Arthur, LA
Capital One 337-775-7107 451 Marshall Street Cameron, LA
Chase Bank (985) 727-7313 3481a E Causeway Approach Mandeville, LA
Acadiana Legal Service Corporation
Capital Area Legal Services Corporation
Legal Services of North Louisiana (LSNL)
Southeast Louisiana Legal Services Corporation
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)
