Like other states, Nebraska has been facing the issue of foreclosed homes for years. This is due to the loans becoming accessible to everyone, but the downside is that these loans are difficult to maintain. Many people applied for a mortgage and they did not think if it was a good decision for their financial status or not. The trend nowadays is that the number of foreclosed homes increased considerably and it overwhelmed the real estate market that has had a decrease in the number of potential buyers. With this situation, banks were unable to sell the gained properties.
The government enforced a new law last February 18, 2009 that allows the debtor the right to request for a loan modification, if he/she thinks that he/she in incapable to handle it anymore.
Banks and lenders are encouraging their debtors to apply for this process, because it gives advantages for them rather than a foreclosure process. With that, they offer free counselling sessions for people who are considering applying for this process. If you want to apply for a loan modification, research and gather as much information as you can before applying for it. Start the necessary preparation for the modification process three months before you apply for it; gather enough evidences showing that you are undergoing financial difficulties in your daily life. Save all the bills of your regular expenses and present them to your creditor. By doing this, you are relieving him/her of doing the research work. At the same time, by doing this, you make a good impression to your lender.
The negotiation will succeed only if both mortgagee and mortgagor are interested. You can inform the lender regarding the reasons why you are encountering financial problems. For instance, many people defaulted on their loans because they lost their job or some got involved in a divorce process. Bringing excuses won’t help; show your creditor that you are trustworthy and that you didn’t fail to pay your rates because of problems in managing your money. Hiring a lawyer is a big help, because there is no need for you to handle all the paper work. If your budget doesn’t permit you to hire one, you can still do it yourself or at least ask a relative or close friend with proper knowledge about the whole modification process.
If you are exhausted by the monthly efforts to keep up with the high rates, apply for a loan modification program. Here in Nebraska, thousands of people have already done it, acquired their foreclosed homes and have no regrets.
Wells Fargo – Williamsburg 402-434-4750 3901 Old Cheney Rd Lincoln, NE
Wells Fargo – Sunset Plaza 402-644-2131 1710 Market Ln Norfolk, NE
US Bank – 3rd & Main Office (308) 389-4017 424 W Third St Grand Island, NE
Wells Fargo – Pine Lake Road 402-434-4373 2801 Pine Lake Rd Ste M Lincoln, NE
Wells Fargo – Omaha Main Mb 402-536-2183 1919 Douglas St Omaha, NE
Ecreamery 402-934-3888 5001 Underwood Ave. Omaha, NE
Wells Fargo – Lincoln 402-434-4133 1248 O St 2Nd Flr Lincoln, NE
US Bank – Kearney NE – Main Office (308) 237-3606 204 W 31st St Kearney, NE
Wells Fargo – Kearney Main 308-234-1818 21 W 21St St Kearney, NE
Wells Fargo – Meridian 402-434-6195 6940 O St Lincoln, NE
Legal Aid of Nebraska
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)
