Just like any other state, Maine is also affected by the issue of foreclosed homes; it all started when all the banks and lenders offered mortgages to people incapable of handling the monthly payments. This is because of the banks that offered zero down payment loans and many who applied for it were approved too easily.
The problem arises for those who don’t have the sufficient funds to give a down payment and they are in a situation wherein it is difficult to handle their financial obligations. The result is that they defaulted quickly on their mortgages causing foreclosure processes to increase rapidly and it also overwhelms the real estate market that is already suffering from the lack of buyers. The lenders were unable to sell the foreclosed homes and hence, they did not obtain profit. The Loan Modification Law that was approved and enforced last year by the government of Maine supports a better communication between the mortgagor and mortgagee, in order for them to avoid the case of a loan default.
If you are struggling to pay for the monthly payments, you may experience the pressure and exhaustion it can give and to think of ways on how to avoid the risk of your home. In addition, defaulting your loan will just make it harder for you to get another mortgage. With a loan modification, you can prevent all those things. Apply for it and continue the collaboration you had with your lender. This law brings advantages for both parties. If you choose to default, the bank will fail too. In this case, the bank will try to collaborate with you to ease your situation as well as reducing your monthly rates and interest.
For your part, you have to provide proofs that your financial status worsened since the beginning of your contract. Examples of proofs are your bills, pay checks, and unexpected events that happened in your life like loss of job, divorce or death of a relative that needed financial support. The bank will analyze your current situation and then will revise your initial agreement if applicable. The bank will present to you the new agreement and you must read it carefully before signing the contract, make sure that all of the items listed are working to your favor. Take the free counseling sessions that are offered by the lender. As an alternative to it, seek assistance from a lawyer; he/she will explain all the procedures to you.
After the implementation of the loan modification law, the situation has gotten better. The loan terms became more accessible now and the number of loan defaults has decreased as well.
Harborview Properties 207 712 4796 47 India Street Portland, ME
Dedicated Mortgage Associates LLC 207-571-8270 1168- A Maine Street Waterboro, ME
TD Bank 207-368-4363 76 Main Street Newport, ME
Bank of America – Armory St 800.432.1000 21 Armory St Augusta, ME
TD Bank 207-799-8189 Millcreek Shopping Center, 180 Waterman Drive South Portland, ME
Wells Fargo Home Mortgage 207-828-9012 144 US Route 1 Scarborough, ME
TD Bank 207-627-4261 9 Leach Hill Road Casco, ME
Bank of America – South Sanford 800.432.1000 1364 Main St Sanford, ME
TD Bank 207-834-6181 62 W Main Street, Suite 104 Freeport, ME
Legal Services for the Elderly
Maine Volunteer Lawyers Project
Pine Tree Legal Assistance
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)
