Rhode Island Home Loan Modification – Modify Your Mortgage in Rhode Island

Free Loan Modification Consultation

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It is deemed that foreclosure process is the end of many loan contracts, especially in Rhode Island lately. This is the result of the lenders giving too much credit even to those who don’t have financial stability. The foreclosure happens because the bank tried to recover its loss, which is the invested money. The foreclosed properties are being sold in the market so that the bank can convert the property to monetary value; however, the market is facing the problem due to the decrease in number of potential buyers and investors, even if they are sold at lower prices.

This makes foreclosure not the best option for the lenders. The government implemented a solution with high hopes that the crisis experiencing by the banks will be overcome. This new law implies the legalization of loan modification and it was enforced last February 18, 2009. This law supports the collaboration between the lender and borrower. Defaults and foreclosures can only be avoided if these two sides work together as one.

However, there are still several people hesitating to apply for this loan modification; they are running away from all the formalities involved in a bank process. In doing this, they tend to default on their loans resulting to loss of their house to the lender, which is the bank. Instead of this, the creditors, the bank, will encourage you to apply for a loan modification, because there is no need for them to deal with another foreclosed property. The whole process of loan modification isn’t as difficult as you may think; in fact, this process is even much simpler than applying for a new loan. The agreement here is already detailed, and the only things that need to be accomplished are the improvements with the contract.

Loan modification can be completed from six to ten weeks and it depends on the bank’s effectiveness to find solution to your needs as well as your cooperation. To make things easier for your lender, gather relevant information why your income recently; it can be in form of pay checks, bills and other evidence of your expenses. Seeking professional help is possible so that there is someone who will guide you all the way to the end. Hiring a lawyer specializing with this field is helpful. He/she will negotiate with the bank in your place.

With this law, there is a decreased in the number of foreclosure considerably in Rhode Island. Avoid the foreclosure with this loan modification program.

Rhode Island Mortgage Companies

Home Savings Of America
866 803 8185 ext 311
800 Oaklawn Ave
Cranston, RI

Citizens Bank – Kent Heights
2823 Pawtucket Avenue
East Providence, RI

Citizens Bank – North Smithfield
67 Eddie Dowling Highway
North Smithfield, RI

Citizens Bank – Warwick West SS
300 Quaker Lane
Warwick, RI

Citizens Bank – East Avenue
409 East Avenue
Pawtucket, RI

Action Mortgage Corp.
1120 Park Avenue
Cranston, RI

Bank of America – Greenville
440 Putnam Pike (Rt 44)
Greenville, RI

Bank of America – Hope St
814 Hope St
Providence, RI

Citizens Bank – Smith Street
1798 Smith Street
North Providence, RI

Citizens Bank – West Warwick
1220 Main Street
West Warwick, RI

Rhode Island Legal Services

Rhode Island Legal Services: Housing Law Center

Assistance: Loan modification scams
Location: Providence and Newport
Website: http://www.rils.org/housing_hotline.htm
Phone: (800) 662-5034 ext. 124 (Providence)
(800) 637-4529 (Newport)
Services: The Consumer Law Group offers assistance with foreclosures and predatory lending.

Avoid Mortgage Scams Rhode Island

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)