North Dakota Home Loan Modification – Modify Your Mortgage in North Dakota

Free Loan Modification Consultation

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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.

North Dakota Mortgage Companies

Wells Fargo – Hornbachers Village West
4101 13Th Ave Sw
Fargo, ND

US Bank – West Acres Drive-Up
(701) 281-0975
3802 13th Ave S
Fargo, ND

Wells Fargo – Crystal
600 6Th St
Crystal, ND

Wells Fargo – Minot Afb
241 Missile Ave
Minot Afb, ND

Wells Fargo – Tower City
208 Maiden Ln
Tower City, ND

Wells Fargo – West Fargo
1401 13Th Ave E
West Fargo, ND

Wells Fargo – Valley City
201 Central Ave N
Valley City, ND

Wells Fargo – Casselton Main
2 6Th Ave N
Casselton, ND

US Bank – Jamestown Office
(701) 253-2733
123 1st Ave S
Jamestown, ND

Wells Fargo – Fargo Southside
3201 S University Dr
Fargo, ND

North Dakota Legal Services

Legal Services of North Dakota

Assistance: Housing
Location: Statewide
Phone: 800-634-5263 and 866-621-9886 (for Seniors 60+)
Services: Legal Services of North Dakota (LSND) is a non-profit organization, providing legal assistance in a variety of matters to low-income and elderly North Dakotans. LSND represents individuals in housing-related cases.

Dakota Plains Legal Services

Assistance: Consumer and Homeownership
Location: Statewide
Phone: 701-854-7204
Services: Dakota Plains Legal Services provides legal representation, advocacy, conflict resolution, and community education options to meet the legal needs of the Native American and non-Native American clients in the community.

Avoid Mortgage Scams North Dakota

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)