The debtor, most of the time, offers secured loans because this type of loans comes with collateral like personal belongings, house or property. If the borrower defaults on his/her loan, the lender naturally will recover its loss by seizing the mortgaged property and then he/she can put it up for auction. However, the number of foreclosed homes has increased and it is directly connected with the number of defaults in their home loan.
Maryland is confronting a drop in interested buyers that results to a problem in selling a foreclosed home. In this situation, the only feasible option for the lenders is further collaboration with people having bad credits rather than giving them penalties. The new law implemented by the government is supporting the collaboration between the mortgagor and mortgagee in order to give benefits to both parties. The rights of the debtors in requesting a loan modification began on the 18th of February 2009.
Before you apply for a loan modification, you have to verify your eligibility for it. If the loan is approved in less than a year ago, you are not eligible for the process. However, if there are external factors affecting your income, you should communicate with the bank and arrange a meeting to analyze your situation. In case that you lost your job loss or got a divorce, the rates that you are paying may be lowered to the extent that you can manage to fix your financial problems, but expect that the future rates will be larger.
Begin collecting all the evidences of your bad financial situation if you think that you are qualified for a loan modification. After you sent all the necessary documents, the bank will analyze all of it and they will decide whether you really need a change in the terms and agreement in your mortgage. After that, the bank will call for a meeting with the representatives of the bank for the new contract negotiation. You can seek professional and legal help by hiring a lawyer specializing in these processes. The re-negotiation procedure is a very tedious one, so if you do not know anything about it, it is better to have a lawyer who will explain everything for you as well as giving you the best results.
The Loan Modification program aims to help the debtors in overcoming the issue of high rates and it also gives assurance that a valid profit source for the banks is possible, which can’t take the advantages of the foreclosure processes anymore.
Family First Mortgage Group LLC
3525 H Ellicott Mills Dr.
Ellicott City, MD
Baltimore HUD Homes
1953 Laurel Oak Dr
Sentinel Home Mortgage
2200 Baltimore Blvd
Real Estate Place, Inc
1 Equitable Bldg
Bank of America Home Loans
7550 Teague Rd
4405 Leeds Ave.
240 South Potomac St
1966 Greenspring Dr
Mortgage Network Solutions
408 Main Street, Suite 3
Proficio Mortgage Ventures
11219 Lockwood Dr.
Silver Spring, MD
Civil Justice, Inc.
Community Legal Services of Prince George’s County, Inc.
Maryland Legal Aid Bureau, Inc.
Maryland Volunteer Lawyers Service
Mid-Shore Pro Bono, Inc.
Saint Ambrose 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.
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