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.
Home Savings Of America 866 803 8185 ext 311 800 Oaklawn Ave Cranston, RI
Citizens Bank – Kent Heights 401-434-1400 2823 Pawtucket Avenue East Providence, RI
Citizens Bank – North Smithfield 401-235-1000 67 Eddie Dowling Highway North Smithfield, RI
Citizens Bank – Warwick West SS 401-828-8611 300 Quaker Lane Warwick, RI
Citizens Bank – East Avenue 401-722-7065 409 East Avenue Pawtucket, RI
Action Mortgage Corp. 401-943-7300 1120 Park Avenue Cranston, RI
Bank of America – Greenville 800.432.1000 440 Putnam Pike (Rt 44) Greenville, RI
Bank of America – Hope St 800.432.1000 814 Hope St Providence, RI
Citizens Bank – Smith Street 401-354-7922 1798 Smith Street North Providence, RI
Citizens Bank – West Warwick 401-821-7900 1220 Main Street West Warwick, RI
Rhode Island Legal Services: Housing 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)
