Tennessee Home Loan Modification – Modify Your Mortgage in Tennessee

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The banking system problems also spread to the state of Tennessee. These problems started in the mortgages and loans given to almost all citizens way too easily. The banks didn’t do any stringent verification to its debtors. The banks hosted the biggest problem, which is the zero down payment loan programs. People without a stable source of income or have problems in keeping the monthly payments applied for it and got approved. With these conditions, they have a hard time paying the monthly rates.

Approximately 70% of those who applied and got approved for the 0% down payment loan defaulted on it after a short time. The bad news is that banks still continued this operation without the proper verification process. These things resulted to disadvantageous things to both sides involved in the mortgage contract. The debtors lose his/her homes and usually resorted to look for another mortgage that will be more difficult to obtain because they will be regarded as bad credits when they default. The lenders lose as well due to failure to recover at least a part of the money invested for the loan; even if they get the properties in exchange for the loan.

These properties presently were hard to convert to money and thus, no monetary value because they are very hard to sell nowadays without any interested buyers. The government come up with a solution that promotes the cooperation between the two sides of the mortgage instead of ending the contract or defaulting and foreclosure processes. This new measure supports the cooperation between the two sides to talk things over and come up with a new, improved and affordable contract terms and agreements.

The loan modification law was implemented after its approval on the 18th of February 2009. It is necessary for yourself to be very knowledgeable and informed with the whole process of loan modification before applying for it. You can do online research about the issue, ask advices from an acquaintance that has previous experience with it or better, you can ask for professional help. There are several law firms in Nashville and Memphis that have lawyers specializing with this new law. He/she will be your representative during the negotiation process with your creditor. He/she will make sure to only get the best deals for your sake. The modifications that will happen to your initial contract can make your loan easier and affordable. There is a chance that your monthly payments will be smaller.

Many homes in Tennessee have been saved from being foreclosed thanks to the new law. The statistics will show that this action by the government at is a huge success.

Tennessee Mortgage Companies

A C & C Brokerage
(615) 833-5678
101 Brentwood Sq
Nashville, TN

A I Mortgage Inc
(615) 843-5626
413 Welshwood Dr
Nashville, TN

Wells Fargo
(901) 491-0349
1669 Kirby Parkway
Memphis, TN

Accurate Mortgage
615) 690-6200
1321 Murfreesboro Pike
Nashville, TN

Expectancy Capital – Funding projects from 1Million-20Million
615-717-5970
1040 Charlie Daniels Parkway
Mount Juliet, TN

Wells Fargo Home Mortgage- Reverse
423-378-7271
338 East Center St
Kingsport, TN

1st Fidelity Mortgage
(615) 279-5381
740 Thompson Ln
Nashville, TN

Ace Mortgage Funding Incorporated
(800) 733-4967
11 Plus Park Blvd
Nashville, TN

U S Community Credit Union
(615) 256-8712
125 8th Ave S
Nashville, TN

STEEL RAINBOW Mortgage Professionals, Inc.
1-866-699-0974
steelrainbowmortgage.com
Jackson, TN

Tennessee Legal Services

Community Legal Center

Assistance: Foreclosure
Location: Shelby County
Website: http://www.clcmemphis.com
Phone: 901-543-3395
Services: Serves the over 30,000 families in Shelby County whose incomes are between 125% and 175% of the poverty level – those who simply cannot afford private legal counsel, but who earn enough that they do not qualify for Memphis Area Legal Services (under 125%).

Legal Aid of East Tennessee

Assistance: Foreclosure
Location: Chattanooga, Cleveland, Johnson City, Knoxville, Maryville, and Morristown
Website: www.laet.org
Phone: Chattanooga (423-756-4013); Cleveland (423-479-8577); Johnson City (423-928-8311); Knoxville (865-637-0484); Maryville (678-376-4545); and Morristown (423-587-4850)
Services: Legal Aid of Tennessee provides a broad scope of civil legal assistance and advocacy.

Legal Aid Society of Middle Tennessee and the Cumberlands

Assistance: Foreclosure
Location: Clarksville, Columbia, Cookeville, Murfreesboro, Oak Ridge, Davidson, and Williamson
Website: www.las.org
Phone: 800-238-1443
Services: The Legal Aid Society provides lawyers and paralegals to assist low-income Tennessee residents with their housing matters.

Memphis Area Legal Services, Inc.

Assistance: Foreclosure
Location: Memphis and Covington
Website: http://www.malsi.org/
Phone: Memphis (901-523-8822); Covington (901-476-1808); or Fayette or Lauderdale County (888-207-6386)
Services: Memphis Area Legal Services provides lawyers and paralegals to assist low-income Tennessee residents with their housing matters.

Southeast Tennessee Legal Services

Assistance: Foreclosure
Location: Statewide
Website: www.selegal.org
Phone: 423-756-0128 or 800-836-0128 (outside Chattanooga)
Services: Southeast Tennessee Legal Services provides lawyers and paralegals to assist low-income Tennessee residents with their housing matters.

West Tennessee Legal Services, Inc.

Assistance: Foreclosure
Location: Jackson, Dyersburg, Huntingdon and Selmer
Website: http://www.wtls.org/
Phone: 731-423-0616 or 800-372-8346, extension 200
Services: West Tennessee Legal Services’ housing counselors help families avoid the loss of their home through one on one counseling, advice, and advocacy.

Avoid Mortgage Scams Tennessee

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)