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Foreclosure and Loan Modification Blog

Top 5 Cyber Tuesday Safety Tips

The Internet makes holiday shopping so easy—no fighting for parking spaces at jam-packed malls, no waiting in endless lines to get to the register. But, even if you consider yourself a pro, shopping online isn't without risks. These five tips from USA.gov can help you protect yourself and your finances as you hunt for that perfect gift:

 

  1. Use a credit card rather than a debit card. Credit card payments can be withheld if there's a dispute with a store, and if the card is stolen, you won't have to pay more than $50 of fraudulent charges. But with a debit card, you can't withhold payments—the store is paid directly from your bank account. And if your card is stolen, you could be liable for up to $500, depending on when you report it.
  2. Find out if the public WiFi hotspot you're using at a coffee shop or bookstore is secure. If it's not, your payment information could be compromised over the network.
  3. It's risky not to read the terms of service agreement before you buy online. You could inadvertently sign up for subscriptions or get hit with additional fees or restrictions. Terms of service are often in small print or presented right when you are anxious to purchase.
  4. Be careful if you're buying event tickets online as gifts. Some venues may practice restricted ticketing, requiring the same credit card used in the online purchase to be shown to get into the event.

Four Tips for Financial Success

According to the Fidelity 2014 New Year Financial Resolutions Study, 54 percent of respondents are planning a financial resolution in 2014, up from 46 percent last year. With the new year officially underway, millions of Americans will be looking for ways to achieve their financial goals.

Robert Lindquist, Ashford University professor and author of "Financial Independence for the New Generation," offers four strategic tips for managing money and creating personal wealth:

Money Is Freedom – To accumulate wealth, we need to save money. This seems simple but many people say that bills prevent them from saving. The trick is not focusing on the amount of savings, but the process. Because it takes discipline to save money, the key is semi-enforced saving – paying yourself first and using leftovers for bills and other needs. Even $1 a day will make a difference.

Cut the Card – If money equals freedom, debt equals servitude. We live in a credit-driven society, with high credit card balances and finance rates. Although we need to establish credit for larger purchases, such as a home, the key is to avoid creating debt. To reduce credit card obligations, it's necessary to cut the cards and apply any extra money, such as a bonus or birthday gift to debt reduction. Creating a strategic plan for lowering balances and switching to a debit card can expedite the process.

Loan Modification Success: Ocwen Mortgage Payment and Interest Reduction

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.

When this Illinois homeowner retained us in June 2013, he was over 2 years behind on his $1,100 monthly mortgage payment to Ocwen. The interest rate on that loan was an astronomical 11.60%. He had just been served foreclosure in April, and did the right thing by responding within the 30 day response period. This way, his house would not be fast-tracked toward a foreclosure sale date.

Some Serious Advice on Paying Down Mortgages Faster

By John Voket

There is no better gift to give yourself this holiday season and in the New Year, than your own home - preferably owned outright. With the hope of getting consumers free and clear of their mortgage debt sooner, we tapped Durham, N.C. REALTOR® Bernice McNutt who blogged recently with these tips on how to pay down that homeowner's debt:

1. Accelerate bi-weekly payments - Instead of paying your mortgage on a monthly basis 12 times per year, McNutt says pay your mortgage every two weeks for a total of 26 payments each year. A $300,000 mortgage with a monthly payment and three percent debt service over 25 years will cost $125,920 in interest. Increase to accelerated bi-weekly payments and shave nearly three years off of your schedule, and save $16,059 in interest.

Loan Modification Success: SPS Payment and Interest Rate Reduction

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 if you had hired a law firm to help you save you and your family's home, but that law firm ended up splitting up and forgetting about your case. This homeowner faced that exact situation, and needed reliable help to help him ensure that his home stayed in hiMortgage s possession.

Home Foreclosure: It Happens for More than Just Missed Loan Payments

Good people face foreclosure every day, all over the country. The reality of the situation is that most people who face home foreclosure want to pay their bills, but have run into financial instability due to circumstances largely outside of their own control. Since the year 2000, foreclosure statistics have been on a steady upward trajectory year over year, starting at 470,000 homes in 2000, and growing each year to peak at 3.9 million homes in 2011, the most recent year for which full statistics are available. Foreclosures are regularly attributed to non-payment, but there are other reasons they occur, as well. Can foreclosure happen due to late fees?

New Financial Rules for a New Economy

If there is one thing that the financial crisis has taught us, it's that we can no longer afford to think about our personal finances as we did in the bubbly pre-recession days. In today's economy, there are new financial realities that every consumer must understand.

What Is an Ocwen SAM Loan Modification

According to loan modification expert David Ramos, prior to the proliferation of subprime loans and the mass securitization of mortgages, “the loan modification system was a lot more simple.”  The process required a homeowner to contact the mortgage servicer to work out an agreement to change the terms of the loan. 

During the years leading up to the housing market collapse, banks and other entities started packaging these loans and selling them to investors as mortgage-backed securities. Loans that could previously be traced back to the mortgage lenders were now owned by Wall Street investors, which greatly complicated the traditional loan modification process.

When these mortgages soured and the default rate skyrocketed, the event contributed to the financial crisis that occurred in 2008. Subsequently, taxpayers’ bailed out of big banks to the tune of $750 billion.

In March 2009, the Obama Administration introduced the Home Affordable Modification Program (HAMP). After the first year results of HAMP filtered in, it became obvious that the program was not working as intended.

Loan Modification Success: Wells Fargo Can't Touch This 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.

Many people who were on the outside looking in at the foreclosure crisis didn't understand that many peoples situations were seemingly made worse by attempting to rectify their situation with their banks. This is probably why Washington never came up with an adequate solution to the foreclosure crisis.

Stop. Hammer-time! On the Sale Date

Consider the case of this homeowner- he had been fighting for a loan modification on his own for years prior to retaining us. Two years prior, he had lost his job and attempted to get a loan modification on his family's home, because he couldn't afford his mortgage payment, which was nearly $3500 each month. He was granted a pre-modification trial payment plan. He made the trial payments, but his bank, Wells Fargo, said he owed too much on the property for them to complete a loan modification. Afterward, Wells Fargo suggested that he try a modification again, but his house was actually sold via foreclosure auction when his modification documents did not arrive in time (the sale was rescinded afterward). By the time he retained us (April 2012) another sale date was already set on his house and he was tired of handling the situation on his own.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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