The banks in Ohio experienced a serious problem with their own mortgage system. The problems are on the increasing number of debtors who default on their loans because of the difficulty encountered because of the economic meltdown. The numbers of foreclosed homes are increasing each day in the law courts and homes are locked for several months before they get foreclosed. More than 30,000 homes are foreclosed or being filed for it in Columbus.
These are great loss for the homeowners as well as the bank itself, because they cannot convert the foreclosed properties to money. Even if the prices are very cheap, foreclosed homes still remained for months on the real estate market because there are no interested buyers. This was an alarming issue for the whole banking and financial institutions and it needs a solution as quickly as possible. Before anything went worst, the government proposed a new law that makes loan modification a possibility. With this law, the terms and conditions of the contract are possible to get necessary revision and the debtor can enter in the re-negotiated with his/her lender. This new law is encouraging the cooperation between the mortgagee and mortgagor and it is deemed as a replacement for the foreclosure process, which did not bring any benefits to both parties involved.
The opportunity of having your contract modified has been used in determining the people to be eligible for mortgages again. Banks support this process and as a proof, they are offering their counseling sessions and brochures for everyone involved in a loan contract. If you are experiencing financial hardships, you can request for a loan modification so that you can avoid the struggles as well as the loan defaults. In your part, you have to prepare for this modification process, because it is the same as you apply for a new mortgage. In your contract, only a few terms and agreement can be modified or, if possible, the whole contract will be discussed and elaborated. The bank will schedule an appointment to you, usually it takes several weeks.
However, during the whole loan modification process, there is no need for you to pay your monthly rates. There is a possibility that the length of your mortgage can be extended, so that you can settle to smaller rates. In addition, expect that reduction of the penalties and fees. It is the bank’s duty to offer you the best and suitable deals through their representatives and they will do this because for them, defaulting is a loss.
The loan modification program, after its implementation, saved lots of people from foreclosure. With this, they State of Ohio have high hopes that the crisis they are experiencing will end soon.
ALLIED HOME MORTGAGE CAPITAL CORPORATION 155 S MAIN ST CADIZ, OH 43907 Tel: (740) 942-9895 Fax: (740) 942-9894 Cadiz, OH Mortgage & Property Information
3437 WHIPPLE AVE NW CANTON, OH 44718 Tel: (330) 491-1702 Fax: (330) 491-1712 Canton, OH Mortgage & Property Information
112 SOUTH ST CHARDON, OH 44024 Tel: (440) 286-2798 Fax: (440) 286-2799 Chardon, OH Mortgage & Property Information
22021 BROOKPARK RD STE 13 CLEVELAND, OH 44126 Tel: (440) 801-1870 Fax: (440) 801-1875 Cleveland, OH Mortgage & Property Information
3040 RIVERSIDE DRIVE STE 203 COLUMBUS, OH 43221 Tel: (614) 545-0727 Fax: (614) 459-6624 Columbus, OH Mortgage & Property Information
1830 BETHEL RD STE B COLUMBUS, OH 43220 Tel: (614) 538-1046 Fax: (614) 538-1426 Columbus, OH Mortgage & Property Information
6085 MEMORIAL DRIVE DUBLIN, OH 43017 Tel: (614) 889-2600 Fax: (614) 889-2705 Dublin, OH Mortgage & Property Information
6035 MEMORIAL DRIVE SUITE B DUBLIN, OH 43017 Tel: (614) 389-0900 Fax: (614) 389-0888 Dublin, OH Mortgage & Property Information
5380 PLEASANT AVE # A FAIRFIELD, OH 45014 Tel: (757) 248-5626 Fax: (513) 863-8199 Fairfield, OH Mortgage & Property Information
4730 N RIDGE RD E GENEVA, OH 44041 Tel: (440) 466-5556 Fax: (440) 466-6757 Geneva, OH Mortgage & Property Information
440 E MAPLE ST STE 6 HARTVILLE, OH 44632 Tel: (330) 877-1801 Fax: (330) 877-2077 Hartville, OH Mortgage & Property Information
2575 W US HIGHWAY 22 AND 3 STE MAINEVILLE, OH 45039 Tel: (513) 677-2297 Fax: (877) 442-8667 Maineville, OH Mortgage & Property Information
333 E CENTER ST MARION, OH 43302 Tel: (740) 375-5626 Fax: (740) 375-0866 Marion, OH Mortgage & Property Information
8827 MENTOR AVE STE A MENTOR, OH 44060 Tel: (440) 974-8350 Fax: (440) 974-8355 Mentor, OH Mortgage & Property Information
7029 PEARL ROAD SUITE 300 MIDDLEBURG, OH 44130 Tel: (440) 884-3898 Middleburg, OH Mortgage & Property Information
9821 OLDE 8 RD STE E NORTHFIELD, OH 44067 Tel: (330) 468-3700 Fax: (330) 468-3703 Northfield, OH Mortgage & Property Information
5077 WATERFORD DR STE 301 SHEFFIELD VILLAGE, OH 44035 Tel: (866) 295-9339 Fax: (866) 215-8194 Sheffield Village, OH Mortgage & Property Information
6797 NORTH HIGH ST STE 304A WORTHINGTON, OH 43085 Tel: (614) 842-6044 Fax: (614) 842-6047 Worthington, OH Mortgage & Property Information
937 HIGH ST STE 201 WORTHINGTON, OH 43085 Tel: (614) 880-4200 Fax: (614) 880-4204 Worthington, OH Mortgage & Property Information
Statewide Save the Dream
Supreme Court of Ohio
Central Ohio
Legal Aid Society of Columbus
Ohio State Legal Services Association
Central Northeast Ohio Community Legal Aid Services, Inc.
Northeast Ohio Legal Aid Society of Cleveland
Northwest Ohio Advocates for Basic Legal Equality
Southeast Ohio Southeastern Ohio Legal Services
Southwest Ohio Legal Aid Society of Greater Cincinnati
West Ohio Advocates for Basic Legal Equality
Legal Aid of Western Ohio
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)
