Any bank procedures are deemed not easy to handle. For this reason, many people choose to default on their loan instead of making appropriate actions to settle things with the bank. Rather than default on your loan, why don’t you apply for a loan modification program? With over 5,000 homes in Texas, loan modification is the ideal option for you to save your home from being foreclosed.
To obtain a loan, you will undergo stringent steps and verification processes in order to qualify for one. That is why several people opt to save money to buy a new house, rather than request for financial support from the bank. However, in order to increase the profit, lenders make the loans more accessible to everyone thinking that they will have more success and contracts that will be advantageous for them.
Unfortunately, that strategy backfires because the banks experienced numerous loan defaults; the defaults were almost proportional to the number of loans given by the banks without doing any proper verification process. The applications for zero down payment loans by the people that aren’t financial stable enough were also approved. These people started to fail to make the monthly payment and as a result, they default on their loans after a short span of time. Therefore, the bank wanted to recover the invested money for loans and intended the foreclosure processes to get the right town of the mortgage properties. But this situation repeated several times until the number of people who defaulted as well as the number of foreclosure processes overwhelmed the law courts.
Another problem that the banks are facing is the selling of the foreclosed properties. Right now, selling is very difficult because there are no potential buyers in the market. If they cannot sell, the bank cannot generate money to continue their operations and they are in great loss. In simple words, both parties involved in a mortgage contracts will suffer if the debtor defaults on his/her loan. A new law was released last February 18, 2009 that made the modification of loans possible. This is an alternative to foreclosure process that promotes continues collaboration between the borrowers and lender. Re-negotiation of a better loan contract is what this law is all about. All of the terms and conditions in the initial contract are subjected to modification to make things more accessible to those people encountering financial difficulties.
If you are previously in a mortgage contract and you are also closed to defaulting it, avoid the foreclosure process. That is why the loan modification program is enforced so that you will not be deprived in your own home.
Advantage Mortgage North (512) 502-9682 6101 W Courtyard Dr Bldg 3 Austin, TX
All Homes Mortgage (512) 302-4244 6010 Balcones Dr Austin, TX
Alethes LLC (512) 264-2115 20208 Auger Cove Spicewood, TX
Westin Mortgage Group 409-861-1544 3350 N. Dowlen Suite F Beaumont, TX
5mortgage Wise Lending (713) 926-9700 5731 Gulf Fwy Houston, TX
Alter Link Mortgage Inc. (512) 977-9740 2121 W Parmer Ln Austin, TX
Able Mortgage (512) 302-5029 314 E Highland Mall Blvd Austin, TX
A New Life Mortgage Co. (972) 557-0102 10321 Trail Ave Dallas, TX
Mortgage Pros, Inc. 512-680-9906 3520 Executive Center Dr. #250 Austin, TX
1st Abana Mortgage Corp. (713) 645-7200 7227 South Loop E Houston, TX
Houston Volunteer Lawyers Program
Legal Aid of NorthWest Texas
Lone Star Legal Aid
Texas RioGrande Legal Aid
Volunteer Legal Services of Central Texas
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)
