The banking system in New Hampshire has had positive developments for years which resulted to easy approval for the mortgages and loan applications for everyone. At the start of this program, the bank accepted numerous contracts thinking that their potential successes are increasing considerably.
However, nobody anticipated that this new system will turn into a big disaster after some time. The people began to fail in their monthly payments thanks to ill timed events like loss of job, death of a family member that needed financial support, or the incapability to manage their budget properly. Failure of payments has prompted the bank to enter in foreclosure process to take the right of ownership for the mortgaged properties. The foreclosed homes or properties are put up for auction at small prices in comparison to those on the real estate market. But the real estate market is currently facing crisis, the banks were unable to sell the properties and; hence, they failed to recover the money they invested for the mortgage.
As a result, foreclosure process was not a profitable option for the creditors. The government came up with the solution. They approved and implemented a new law allowing loan modification. The law states that the terms of the initial contract can be revised with the reason of preventing a loan default and will bring mutual benefits to both sides.
If you think that your current terms and agreement in your mortgage contract doesn’t match your financial status anymore, you have the right to apply for a loan modification. After its implementation last February 18, 2009, there are several people who applied for it and their loan got modified. This is the best alternative for both mortgagee and mortgagor. It supports a better communication between the bank and its client. If you are currently experiencing financial crisis, talk to your lender and explain the situation you are in.
After that, expect that your lender will schedule an appointment with the bank’s representatives. They will study and analyze your situation. They will also elaborate the new contract and make sure that it will satisfy your needs. If the high rates are your problem, they can decrease it by extending the length of the mortgage. If you are unable to handle the flexible rates, go for fixed ones. Regarding the whole modification process, seeking professional assistance can help you in handling these procedures.
In New Hampshire, more than 10,000 homes have been saved from foreclosure since the implementation of the loan modification system.
Sensible Mortgage Solutions Corp.
18 Opera House Square
A Smarter Way To Refinance
229 Lund Rd
Citizens Bank – Hudson SS NH
9 Wason Rd.
Bank of America – Hampton
264 Lafayette Rd
Bank of America – Manchester
1000 South Willow Street
Pro Loan Finders, LLC
200 Elm Street
35 Manchester Road
Citizens Bank – Londonderry
Route 102 42 Nashua Road
Bank of America – Somersworth
1 Parsons Drive
Legal Advice and Referral Center (LARC)
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Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)
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