A lot of people failed to pay their mortgages during the last few years because of unfortunate events that took place in their lives. Because of the economic meltdown, many companies are forced to boot their employees. This resulted to many people who are jobless. Other causes of loan default are family problems, divorce, or death of a relative who is directly involved in the payment of the loan.
When those people defaulted, banks had no choice but to foreclose their properties and seize their belongings. The bad thing is that even if the banks do this, they still experience great losses because they are not able to get back the cash value that they gave in the mortgage. During the recession, many people do not want to buy foreclosed properties and they would rather keep their money or allot it for other purposes. The banks would rather not foreclose the properties and work with the borrowers instead. The latter alternative is now possible because the loan modification law was approved last February 18, 2009. This law allows the revision and modification of the initial agreement’s term, if the person who loaned cannot pay the monthly rates anymore.
Before you contact the bank, make sure that you know about all the guidelines of the loan modification program. To do this, you can conduct research through the internet or read information in books so that you would be more knowledgeable about the process. The bank prefers this process, because it is more profitable than foreclosure. They even give counseling sessions for those who have problems in paying their mortgage. Before you meet up with the representatives from the bank, you must collect proof of your financial difficulty such as bills or other papers. If your income as indeed become lower, it would be unfair if they would still require you to pay the same fixed rates. If you are ready, the bank will schedule your appointment and the negotiations for your case will start. The bank will give you various offers and you must check each one thoroughly before you decide which one you would choose. A must have for the new agreement are lower rates, because this is what you need. To aid you in the process, ask a lawyer to represent you. An attorney with experience and a good strategy can negotiate a good deal for you.
The loan modification program is a better option compared to defaulting for those people with financial hurdles. The situation in Wyoming has improved ever since the law was enforced.
US Bank – Gillette Office (307) 686-8117 509 S Douglas Hwy Gillette, WY
Wells Fargo – Powell Main 800-869-3557 102 E 2Nd St Powell, WY
Wells Fargo – The Aspens 307-732-3915 3445 N Pines Way Wilson, WY
US Bank – Worland Office (307) 347-9268 100 S 15th St Worland, WY
Wells Fargo – Riverton Main 307-857-2626 616 N Federal Blvd Riverton, WY
US Bank – Cody Office (307) 527-9621 1132 Beck Ave Cody, WY
Wells Fargo – Cheyenne East 307-433-1267 3600 E Pershing Blvd Cheyenne, WY
Wells Fargo – Casper East 307-235-7863 4141 E 2Nd St Casper, WY
US Bank – Carey Office (307) 778-1650 2020 Carey Ave Cheyenne, WY
US Bank – Frontier Mall Office (307) 772-4060 1437 Prairie Ave Cheyenne, WY
Local offices of the Department of Housing and Urban Development (HUD) can help mortgage applicants in the State of Wyoming find the resources they need to make smart mortgage decisions.
Wyoming’s Division of Banking helps to set rules, investigate complaints and exercise enforcement/disciplinary authority over the businesses it oversees. It also tracks the mortgage lenders doing business in the state.
Wyoming Attorney General http://attorneygeneral.state.wy.us/ 123 Capitol Building 200 W. 24th Street Cheyenne, WY 82002 Phone: (307) 777-7841 TDD: (307) 777-5351
Consumer Protection Unit http://attorneygeneral.state.wy.us/consumer.htm Phone: (307) 777-7874 Toll-free: (800) 438-5799
Wyoming Division of Banking http://audit.state.wy.us/banking/ Herschler Building, 3rd Floor East 122 West 25th Street Cheyenne, WY 82002 Phone (307) 777-7797 Email: maitchison@wyaudit.state.wy.us
Wyoming Real Estate Commission http://realestate.state.wy.us/ 2020 Carey Avenue, Suite 702 Cheyenne, Wyoming 82002-0180 Phone: (307)777-7141
Wyoming State Appraisal Board www.appraisers.com/appraisal/wyoming.html 2020 Carey Avenue, Suite 100 Cheyenne, Wyoming 82002-0180 Phone: (307)777-7141
FBI Field Office Denver Division http://denver.fbi.gov/ Byron G. Rogers Federal Building 1961 Stout Street, Suite 1823 Denver, CO 80294-1823 Phone: (303) 629-7171
U.S. Department of Housing and Urban Development (HUD) Casper Field Office www.hud.gov/local/index.cfm?state=wy&topic=offices 150 East B Street, Room 1010 P.O. Box 11010 Casper, WY 82602-5001 Phone: (307) 261-6250 TTY: (307) 261-6258 Email: WY_Webmanager@hud.gov
National Credit Union Administration Region V – Tempe http://www.ncua.gov/AboutNcua/org/Region5.htm 1230 W. Washington Street, Suite 301 Tempe, AZ 85281 Phone: (602) 302-6000 Email: Region5@ncua.gov
U.S. Treasury Office of Thrift Supervision 1700 G Street, NW Washington, DC 20552 Consumer Complaints http://www.ots.treas.gov/?p=ConsumerComplaintsInquiries Phone: (800) 842-6929 Email: consumer.complaint@ots.treas.gov
West Region Office 225 E. John Carpenter Freeway, Suite 500 Irving, Texas 75062-2326 Phone: (972) 277-9500
National Fair Housing Alliance http://www.nationalfairhousing.org/ 1212 New York Avenue, NW Ste 525 Washington, DC 2005 Phone: (202) 898-1661 Email: nfha@nationalfairhousing.org
To locate your local affiliate: http://www.nationalfairhousing.org/MemberOrganizations/tabid/2574/Default.aspx
Better Business Bureaus BBB of Southeastern Idaho & Western Wyoming www.Idahofalls.bbb.org 453 River Parkway Idaho Falls ID 83402 Phone: (208)523-9754 Email: dtorres@idahofalls.bbb.org
BBB serving northern Colorado and Greater Wyoming www.wynco.bbb.org 8020 S. County Road 5, #100 Fort Collins CO 80528 Phone: (970)484-1348 Email: info@wynco.bbb.org
While Wyoming has not been affected by mortgage fraud as much as in other states, it has created state resources to address the problem.
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)
