The banks have exaggerated with the big number of mortgages approved without doing proper verifications. Many people who didn’t present financial stability obtained a loan. Their default was unavoidable and the effect of their failure affects both mortgagee and mortgagor. The banks used to have high standards when it came to approving mortgages, but the situation has changed during the last couple of years.
They concluded more contracts and that was in their advantage, but they didn’t take in consideration that the risk of default is bigger in this case. Over one million homes have been foreclosed in the United States. Alaska is at the middle of the list. The number of foreclosed homes isn’t huge, like in the case of other states, but it represents a problem for the economy. You don’t have to lose your mortgaged propriety due to unexpected events that occurred in your life, such as job loss, divorce or illness. Many people have lost their job and they can’t keep up with their monthly rates anymore. Defaulting and searching for another creditor is not a solution. You can get yourself a stop foreclosure attorney and negotiate with the bank for a new and better contract.
The bank is willing to collaborate with you, instead of entering in the possession of your home that is very hard to sell in this period. However, you need support in handling the procedure, especially if you have no experience in this domain. An attorney will help you with all the paper work. He will make sure that you will be well prepared for the meeting with your lender. You will have to provide evidence of your struggle with the monthly payments. You can save all the documents that represent your financial situation, such as paychecks and bills, and give them to your lawyer. He will make a statistic and represent the decrease of your monthly income. He will negotiate with the banks representatives in your interest.
You need strategy and experience in order to obtain the best deal. The negotiations with the creditor can vary from six to ten weeks. You can hire an independent lawyer or you can contact a law firm. If you choose to work with an independent lawyer, you have to make sure that he has positive reviews. You don’t want to risk getting your home foreclosed for the second time, do you?
The situation in Alaska has improved lately and more and more people contact a stop foreclosure attorney instead of defaulting on their loans.