With the economic meltdown, the citizens of North Dakota are now carefully thinking and considering everything before they apply for a loan or mortgage in this time. They do this because of the increasing number of foreclosed homes. This seizure of properties started when banks granted loans to almost everyone, including those incapable to make the necessary monthly payments. No more verification process happened during the application period; hence everyone got a chance to get the loan. What happened is that there is more loans granted, but the number of loan defaults considerably increased in proportion to the approved loans.
Foreclosure occurred because the banks wanted to seize the properties of the borrowers who defaulted on their loans; the properties are the borrowers’ payments to their loaned money. The banks do this in order to recover the invested money by selling the foreclosed homes. Unfortunately, the State of North Dakota is also confronting problems of the lack in interested buyers in the real estate market. Even the foreclosed homes are sold at cheaper prices, they still stay at the market for longer period; no money is converted and recovered as a result. This started the crisis. In simple words, a default and foreclosure process is a loss for both lenders and borrowers.
However, to recover from this awful situation, a new law was enforced by the government. This law permits the collaboration between the two sides involved in the mortgage. The debtor has the right to request for a loan modification, if the present terms don’t fit with his/her needs and financial status anymore.
A person’s monthly income can decrease due to different reasons. Job loss, divorce and death of a relative are some of the main cause. The change in your monthly income is not presented in the terms stated in the initial contract. The loan modification law supports a better cooperation between the mortgagee and mortgagor. Inform your creditor if there are any issues with your monthly rates.
With his/her cooperation, find a solution to overcome the loan default, because defaulting will not bring any advantages either side. The people who requested for the modification of their loan are informed about the whole process and they are given advised during the negotiations with the representative from the. The mortgage terms is revised that can vary from six to ten weeks.
Avoid the foreclosure process and save your home from it. Apply for a loan modification program and take advantage of the fact that the bank is more willing to cooperate with you, instead of facing the default problem. This law was a very successful one because the number of foreclosed homes in North Dakota decreased since its implementation.
Wells Fargo – Hornbachers Village West 701-281-4310 4101 13Th Ave Sw Fargo, ND
US Bank – West Acres Drive-Up (701) 281-0975 3802 13th Ave S Fargo, ND
Wells Fargo – Crystal 701-657-2324 600 6Th St Crystal, ND
Wells Fargo – Minot Afb 701-857-1780 241 Missile Ave Minot Afb, ND
Wells Fargo – Tower City 701-749-2591 208 Maiden Ln Tower City, ND
Wells Fargo – West Fargo 701-433-3660 1401 13Th Ave E West Fargo, ND
Wells Fargo – Valley City 701-845-2210 201 Central Ave N Valley City, ND
Wells Fargo – Casselton Main 701-347-5491 2 6Th Ave N Casselton, ND
US Bank – Jamestown Office (701) 253-2733 123 1st Ave S Jamestown, ND
Wells Fargo – Fargo Southside 701-232-2082 3201 S University Dr Fargo, ND
Legal Services of North Dakota
Dakota Plains 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.
Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)
