Michigan, like any other state, is confronting the problem of foreclosed homes in the last few years. It all began when the banks carelessly granted mortgages without thoroughly conducting the verification process. The result is that the number of defaults on loans, especially for the zero down payment mortgages, increased.
Without the stringent verification, everyone took advantage of the bank; however, they didn’t foresee how they can keep up with the monthly payments. The result is that the rates were too high for their income. These are the kind of errors that must be corrected by both parties involved in the mortgage contract. The debtor will lose his/her home and the bank will deal with a foreclosed home, which is impossible to sell right now. What if the person who engages in a mortgage suffers financial problems due to unexpected events like loss of a job, a divorce or hospitalization?
These things will definitely result to a decrease in their monthly income. It would be unfair to foreclose the mortgaged property and foreclosure wouldn’t bring any advantage to the lender as well. The government proposed a solution to avoid such cases and permits that their mortgage be subjected to adjustments. This is the loan modification which is implemented on the 18th February 2009.
This new law aims to have a re-negotiation process between the mortgagor and mortgagee and discourages the foreclosure process. However, expect that there are some requirements that you must meet in order for you to qualify for the loan modification program. One of which is the length of the loan; your loan has to be at least one year long to become eligible for a modification. Another factor is the monthly income wherein it may decrease since you signed the contract. There are some adverse events that may convince the lender to consider a re-evaluation for your mortgage contract.
Most of the time, you will get an appointment with the representative from the bank and you must bring all the necessary evidence of your bad financial situation. You have to show proof that you are unable to continue with your current rates and that you are gearing towards a loan default. In order to prevent that, the bank will make a new offer to you, because when you fail, the bank will also suffer. The new agreement is adjustable in many different ways so that you can have several options available for to make it more convenient for you. If you want professional and legal assistantship, you can hire a lawyer specializing on this kind of matter.
The loan modification law is a successful solution to avoid foreclosure. In Massachusetts, many homes have been returned to the possession of their former owner and the number of defaults has declined significantly. Save your house or other mortgaged properties by applying for a loan modification.
Quicken Loans (866) 602-1549 26261 Evergreen Rd Southfield, MI
Quicken Loans (866) 602-1549 400 Galleria Officentre Southfield, MI
Quicken Loans (866) 602-1549 41238 Oak Hill Dr Clinton Township, MI
Quicken Loans (866) 602-1549 655 W Kirby St Detroit, MI
Diamond Residential Mortgage 616-532-3000 4565 Wilson Ave. Grandville, MI
Quicken Loans (866) 602-1549 800 Tower Dr Troy, MI
Quicken Loans (866) 602-1549 27725 Stansbury Blvd Farmington Hills, MI
Quicken Loans (866) 602-1549 17187 N Laurel Park Dr Livonia, MI
Quicken Loans (866) 602-1549 7035 Orchard Lake Rd West Bloomfield, MI
Treeside Financial, LLC 586-323-2500 x 111 17236 Suffield Drive Clinton Twp, MI
Statewide Michigan
Elder Law of Michigan, Inc.
Michigan Foreclosure Prevention Project
Michigan Legal Services
Detroit and Surrounding Areas Michigan Legal Services
United Community Housing Coalition
Eastern Michigan Legal Services of Eastern Michigan
Northern Michigan Legal Services of Northern Michigan
South Central Michigan Legal Services of South Central Michigan
Western Michigan Legal Services of Western Michigan
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)
