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.
A C & C Brokerage
101 Brentwood Sq
A I Mortgage Inc
413 Welshwood Dr
1669 Kirby Parkway
1321 Murfreesboro Pike
Expectancy Capital – Funding projects from 1Million-20Million
1040 Charlie Daniels Parkway
Mount Juliet, TN
Wells Fargo Home Mortgage- Reverse
338 East Center St
1st Fidelity Mortgage
740 Thompson Ln
Ace Mortgage Funding Incorporated
11 Plus Park Blvd
U S Community Credit Union
125 8th Ave S
STEEL RAINBOW Mortgage Professionals, Inc.
Community Legal Center
Legal Aid of East Tennessee
Legal Aid Society of Middle Tennessee and the Cumberlands
Memphis Area Legal Services, Inc.
Southeast Tennessee Legal Services
West Tennessee Legal Services, Inc.
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Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement)
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