Just like any other State, Oregon is confronting the problem caused by the increased number of foreclosed homes. It all started with the banks approving loan applications without stringent verification so that even those people unworthy to it and those who didn’t have financial stability. Because of that, the number of defaults increased and the zero down payment loan system is to blame. All of the loan defaults resulted to foreclosure processes and this process deprived the debtors of the right of ownership.
The rights of the mortgaged properties are seized by the lenders such as the banks. However, the bank cannot take full advantage of the foreclosed homes’ cash value because the real estate market is currently confronting a decrease number of interested or potential buyers. The government proposed a countermeasure for this problem. This measure avoids the foreclosure process, and this measure is the loan modification program that is implemented last February 2009. The debtors have the rights to request for a revision of his/her contract’s terms and conditions.
Before you apply for a loan modification, make sure that this is the best option for your problem. Take note that, people nearing to default are eligible for these measures. There are borrowers that defaulted because of unexpected events in their lives like losing a job any events that can cause financial problems. If the reasons for your failure in paying the monthly rates aren’t related to your money handling skills, contact your lender and then request a re-negotiation of your contract’s terms and conditions. Be well informed before meeting your creditors. You can attend the free mortgage counselling offered by some banks. If you want to get professional help, get a lawyer that will help you all the way to run through the whole process. He/she will manage everything for you, all the requirements of a loan modification, the negotiation to get the best deal for you, in short a lawyer that will try everything to give you the best terms and agreement suitable for your financial needs.
With this new law, several homes are saved from being foreclosed since its implementation last February 18, 2009. The situation of the banks and lenders experienced some improvement thanks to the law. Because the law supports continues collaboration between the bank and their clients, the banks go for this rather than trying to sell foreclosed homes that are of no use to the local buyers. The cooperation between mortgagor and mortgagee is the underlying key to the success.
IGR Mortgage Services 503-224-8350 4445 SW Barbur Blvd Portland, OR
Marleen Pitts Appraisals 541-382-1043 61183 Concho St., Bend La Pine, OR
Academy Mortgage Corporation (503) 467-4150 10220 Sw Greenburg Rd Portland, OR
Accord Property Management (541) 536-1165 16430 3rd St La Pine, OR
Hamilton, Jean C – Broker (541) 536-1384 16430 3rd St La Pine, OR
La Pine Property Management Services 541-536-1114 51480 Hwy 97 La Pine, OR
Little Deschutes Lodge, LP (541) 390-9679 5 NW Minnesota Ave, #210, Bend La Pine, OR
1st Rate Mortgage Inc (503) 548-8111 735 Se 9th Ave Portland, OR
Landmark Reverse Mortgage 503-358-7707 12901 SE 97th Ave Clackamas, OR
Village Properties 1-866-320-5139 Sunriver Village Mall Building 5, Sunriver La Pine, OR
Center for Non-Profit Legal Services
Legal Aid Services of Oregon
Oregon Law Center
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)
