Illinois continues to have one of the highest foreclosure rates in the U.S. Homeowners fall behind on mortgage payments for a variety of reasons, and borrowers are unaware that even if they are unable to make their mortgage payments and falling to foreclosure, they may have an effective defense that can save their home from foreclosure, or, at minimum, buy more time by working with an experienced foreclosure attorney.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
Sometimes with our crazy work schedules and other obligations, it almost seems like it would be impossible for us to deal with any additional stress. That's what banks depend on when your home is in foreclosure- taking the necessary steps to get a loan modification on your own is almost a full-time job in itself, which is why homeowners should hire a law firm that works with foreclosure defense and loan modification if they wish to save their homes.
A home loan modification is a process in which the mortgage is modified outside of the original mortgage to new terms and agreements. The resulting mortgage usually results in lower monthly payments, but the new mortgage also commonly has longer terms and potentially higher interest. The overall effect of a loan modification is to make the monthly payments more affordable for the homeowner.
Although home loan modifications are viable solutions, many homeowners choose to pursue their own modification, which results in an unsuccessful home loan modification and the bank foreclosing on the home. On the other hand, the loan modification experts at Amerihope Alliance Legal Services are among the best and most effective in the industry at getting home loan modifications approved.
When you first heard these stories, you probably didn't believe they were true. Whether the stories featured controversial changes to the Florida foreclosure laws, Florida's unbelievable foreclosure timeline, or a slap on the wrist for Florida's Foreclosure King, the three biggest foreclosure stories in Florida in 2013 are, well... as "Florida" as it gets.
From the election to the continued Sandy recovery efforts, 2013 was important for the future of New Jersey. 2014 promises to be an even more vital year for New Jersey's future. While the hot-button topic of last 5 years has been all about how New Jersey has dealt with new foreclosures, the hot-button topic in 2014 will be about how New Jersey deals with the aftereffects of the mortgage crisis.
If New Jersey's people, government, and banks don't make the right choices, then it could spell a worse 2014 and beyond for everyone in the Garden State.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
If bad lending and greed made the foundation the foreclosure crisis was built upon, then its two pillars were long-term unemployment and footdragging by the banks. This homeowner and his wife had experienced all of these aspects of the foreclosure crisis, but with our help, they were able to right their lives again and get back on track to a bright financial future.
Millions of Americans are struggling financially. Some are at risk of or are already in foreclosure.
There have always been shady "Fix it Fast" companies that are trying to take advantage of people who need help. Scams can be easy to spot if you are well-informed about today's most common schemes.
1. Foreclosure Rescue Scam
The Foreclosure Rescue Scam usually includes a "counselor" contacting someone in foreclosure and telling them they can help negotiate their loan modification with the bank to stop the foreclosure, all for an upfront preset fee. There are already two problems with that promise:
A trial loan modification is usually the next-to-last step for homeowners who have successfully applied for a loan modification. Lenders give homeowners trial loan modifications to test their ability to pay a mortgage payment under terms that have been optimized to fit a homeowners' financial situation. Trial loan modifications usually last for 3 months, and if all 3 payments are paid in full and on time, then the mortgage lender will begin the process of offering a permanent loan modification.
For most people, a trial loan modification is like a bridge into the "promised land" of financial stability. If they're able to successfully cross over that bridge after fighting to reach it for several months, then their financial lives will be in a much better position than before.
By Barbara Pronin
Identity theft is a serious crime that can wreak havoc with your credit. Preventing it starts with managing your personal information carefully and sensibly. The Federal Trade Commission (FTC) recommends seven simple precautions:
- Carry only essential documents – On any given day, go not carry extra credit cards, your Social Security card, a birth certificate or passport with you outside the house unless they will be needed.
- Keep new checks out of the mail – When ordering new checks, pick them up at the bank, if possible, instead of having them sent to your home.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
One of the biggest public misconceptions at the beginnings of the foreclosure crisis was that banks were well-equipped to handle loan modifications. Perhaps even the banks themselves believed this, because it has taken them years to even slightly improve their loan modification processes. The ineptitude of the loan modification departments at major banks has been well-documented, and has resulted in many homeowners losing their homes.
If loan modifications were the holidays, then Wells Fargo would be the Grinch. While the other big banks have been known to make life difficult for homeowners who are facing foreclosure, Wells Fargo's loan modification unit is among the worst. How many American homeowners have they spoiled Christmas for this year?
If you are paying for a trial loan modification, then the cold, hard, truth is that your lender does not have to stop the foreclosure process on your home. In fact, expect foreclosure to proceed as if you hadn't done anything, unless you've otherwise been informed by the courts. This is for 3 reasons:
Regardless of how the economic landscape progresses in the coming months, there are certain steps consumers can take to safeguard their own financial well-being. Nonprofit firm InCharge Debt Solutions advises following these five steps:
1. Reduce your debt – Paying for debt instead of life's necessities (food, shelter, utilities) is counterproductive, particularly during a recession. Take steps to pay down your debt as much as possible before another downturn.
2. Create an emergency fund. Even if you only have a small amount of "extra" money every time you receive income, put as much as you can away.
3. Cut your expenses. It is amazing how many things you can save on when you really put your mind to it - cable, insurance, entertainment. There are always ways to cut back.
It's hard to believe, but 2013 is already coming to a close. This has been quite an eventful year for New Jersey homeowners- especially because the events of 2012 have started a ripple -- or better yet, a wave of effects that lasted into 2013. For example:
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
Would you believe that there are actually critics who blame homeowners for the foreclosure crisis? These critics are so detached from real life that they forget to project a human face onto the numbers. Nobody wants to lose their home to foreclosure; the foreclosure crisis was comprised of a lot of people who faced extenuating circumstances (including unfair mortgage lending) that caused them to lose their homes.
Several Hardships Led to Foreclosure
The New York homeowner in our story certainly faced extenuating circumstances of his own. His family had faced death within the family, and was also enduring the financial effects of serious extended sickness. He was no longer able to pay his $786 payment to GMAC (his loan was eventually sold to Ocwen Financial) on his home that he and his wife shared, and was over 8 months behind and far into the foreclosure process by the time he and his wife retained us.
As if to add insult to injury, the homeowner's interest rate was an astronomical 9.0% (his home loan was one of the infamous adjustable-rate loans that played a large part in starting the mortgage crisis), and the homeowner had been planning to retire in early 2013 for years; this now seemed like a bleak prospect. The homeowner retained us in late 2012, and our home retention department began working with he and his wife to compile a loan modification package. Simultaneously, our legal team began to prepare a legal defense for the homeowner.
Learn 8 ways that homeowners can (or cannot) stop foreclosure. Does refinancing stop foreclosure? Does loan modification?
If you are facing foreclosure, it's important to learn about your situation and be prepared.
Click through to see the slideshow.
If your loan modification has been denied, be assured: you're not the first person to experience denial, and you certainly won't be the last. Loan modifications may be one of the hardest things to get approved without an experienced attorney's assistance. After denial, your next step depends on the reason why you were denied and where your home is in the foreclosure process.
Fraudsters have discovered new ways to steal money and information thanks to the popularity of social networking sites, unsecured public Internet access points and online activities like shopping, buying and selling, dating and gaming. Online fraud may be the latest way to scam people, but it is not the only approach that is used.
"The best way to avoid becoming a victim of fraud is to protect your personal and financial information at all times. Whether you're at home, in a public place, on the phone or online, keep in mind that someone could steal personal information if it is not properly protected," says Ursula Menke, Commissioner of the Financial Consumer Agency of Canada (FCAC). "Fraud can be committed by anyone—someone close to you, someone in your community, or a distant stranger," she adds.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
Imagine being confronted with the prospect of losing your home in foreclosure. Now imagine having to deal with that financial pressure and the pressures that come with having a newborn baby. This is what our client was faced with, and was able to eventually overcome, thanks to Amerihope Alliance Legal Services.
When this client retained us in May 2013, she had already tried working with other law firms who simply weren't able to solve her situation. She was already 4 and a half years behind on paying her $1,750 mortgage payment to Flagstar Bank, and was in active foreclosure. This presented a unique challenge, as our team did not only have to clean up the mess left behind by the previous law firms, but we also had to work on preparing a great loan modification package for the client.
