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Foreclosure Defense and Loan Modification Blog

Texas Man Kills Victim, Impersonates Him to Sell His House

Posted by Maxwell Swinney

Friday, April 29, 2016

Texas police are accusing Christopher Brian Colbert of murdering Robert Shumway then pretending to be him to sell his house.

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Topics: foreclosure, foreclosure grief, news

How to Move out of Your Home When You're in Foreclosure

Posted by Maxwell Swinney

Wednesday, April 27, 2016

“Abandon ship!”

That's the thought some homeowners have when they miss a few mortgage payments and realize they will not be able to keep their home. If the ship's going down, it's better to get off sooner rather than later, they reason.

Just because you can't afford your mortgage payment doesn't mean you need to leave your home right away. You have the right to stay in your home until the foreclosure process is finished, which can take months or years.

A little knowledge of the process can help you to stay in your home as long as possible without making mortgage payments and land on your feet if and when you do leave.

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Topics: loan modification, life after foreclosure, foreclosure

Your Foreclosure Lawyer Needs You to Help Them Help You

Posted by Maxwell Swinney

Monday, April 25, 2016

Other than facing criminal charges that could cost you your freedom or a custody battle for your children, there are few legal fights that are more consequential than foreclosure. Your home is probably your largest investment and also has an emotional value that can't be measured in dollars. Accordingly, many people hire a foreclosure defense attorney to help them deal with it. But even the best attorney can't solve your foreclosure problem without your help. You have to do your part.

Doing everything you can to help your attorney isn't going to be worth a damn if you hire a flake attorney with no experience. So you need to do some homework to make sure you get a qualified professional.

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Topics: foreclosure defense, foreclosure

Dealing with Foreclosure in Retirement

Posted by Maxwell Swinney

Friday, April 22, 2016

Retirement is supposed to be the best time of your life, the reward for your decades of hard work. A time to not worry about the things you've been worrying about your whole life, especially money. Unfortunately, many seniors find themselves worrying not just about money but also about avoiding the foreclosure of their largest asset, their home, in their golden years.

While dealing with the prospect of foreclosure is never easy, it can be especially difficult for retired people, the elderly, and those on a fixed income. People plan so that the expenses for the rest of their life can be paid from their Social Security benefits, retirement plan, and savings before they retire. But sometimes there are unexpected expenses that throw everything out of balance and leave a retiree unable to pay their mortgage.

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Topics: loan modification, foreclosure, retirement

The Bank Doesn't Want to Foreclose on Your Freaking House!

Posted by Maxwell Swinney

Wednesday, April 20, 2016

While it can seem that the bank wants to foreclose or repossess your home, they'd really prefer to work with you for some sort of an alternative.As you fight to keep your home after defaulting on your mortgage payments, it can feel like the bank is completely unwilling to work with you, that they actually want to foreclose on you and take your home. And, since you're just one person fighting a huge bank that has billions of dollars and the best lawyers money can buy, you might as well just roll over and accept the inevitable, right?

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Topics: loan modification, foreclosure

UPDATE: Fannie Mae to Allow Principal Reducing Loan Modifications

Posted by Maxwell Swinney

Tuesday, April 19, 2016

Fannie Mae has announced the Fannie Mae Principal Reduction Modification Program to "assist seriously delinquent underwater borrowers to recover from home value depreciation experienced as a result of the housing crisis."We posted a blog yesterday stating that loan modifications that reduced principal for borrowers with loans insured by Fannie Mae and Freddie Mac were being considered by their regulator, the Federal Housing Finance Authority (FHFA). Since then, Fannie Mae has announced the Fannie Mae Principal Reduction Modification Program. According to their website:

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Topics: loan modification, negative equity, fannie mae

Principal Reducing Loan Modifications May Be Coming for Fannie Mae and Freddie Mac Loans

Posted by Maxwell Swinney

Monday, April 18, 2016

Homeowners facing foreclosure whose mortgage loans are insured by Fannie Mae or Freddie Mac have not been eligible for principal reductions, which is one of the best tools for making mortgage payments more affordable, when modifying their loans. That may be changing soon.

Fannie Mae and Freddie Mac are regulated by the Federal Housing Finance Agency, or FHFA, which has indicated that it is considering allowing principal reductions.

However there have been conflicting reports on the FHFA's intention. The Wall Street Journal reported in March that Fannie and Freddie principal reductions were going to happen. But that same day FHFA's director Mel Watt said that no decision had been made.

Recently some people in high places have asked the FHFA to allow principal reductions. According to housingwire.com,New York's attorney general Eric Schneiderman wrote a letter to director Watt saying that principal reducing loan modifications“should be deployed broadly and quickly to homeowners in desperate need of this relief from the continuing damage caused by the housing crisis.”

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Topics: loan modification, foreclosure, principal reduction

If You Are Your Own Foreclosure Defense Attorney, You Have a Foolish Client

Posted by Maxwell Swinney

Friday, April 15, 2016

Abraham Lincoln said “He who represents himself has a fool for a client.”

Honest Abe was talking about legal representation when he said that, and a century and a half later his advice still rings true. President Lincoln was a lawyer himself and knew that it just doesn't make sense to act as your own attorney, even if you are one.

But some people have been doing exactly that in recent years while trying to avoid losing their most valuable investment, their home, through foreclosure. Seven million homeowners have experienced foreclosure since the housing crisis began and many of them don't have a clue about how to deal with it.

Their bewilderment is completely understandable. Foreclosure was never part of any homeowner's plan. Unfortunate circumstances beyond the control of any individual homeowner has made foreclosure something that millions of homeowners have been forced to learn about.

Some look into it and think they can handle everything on their own. “How hard could this be? I can answer a complaint and fill out a request for modification assistance without a lawyer.”

Others learn about the laws pertaining to foreclosure and the ways to avoid it and conclude that having an experienced attorney on their side is essential. While every person's situation is different, there are important reasons for everyone with mortgage problems to seriously consider hiring an experienced attorney:

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Topics: loan modification, loan modification help, foreclosure

Ask Your Attorney About Loanmodify® for Symptoms of Foreclosure

Posted by Maxwell Swinney

Wednesday, April 13, 2016

“I love my home too much to just lose it in an auction or hand it over to the bank. When my mortgage started failing, I knew I had to see my lawyer. He put me on Loanmodify®. I got a loan modification and now my mortgage is doing great and I'm feeling much better.” 

Foreclosure Frank

If you're having difficulty or are unable to pay your mortgage because of a hardship beyond your control that's caused your other bills to increase and/or your income to go down, it may be more than the typical challenges all homeowners go through. It may be a more serious problem known as foreclosure syndrome.

Here are some of the most common symptoms of foreclosure syndrome:

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Topics: loan modification, foreclosure

Why You Need To Get Help With Your Mortgage Right Now

Posted by Maxwell Swinney

Monday, April 11, 2016

When you have trouble with your mortgage, it's important to start thinking about how you're going to get out of trouble as quickly as possible. The sooner you can understand the issues affecting you and what the potential solutions are, the sooner you can work toward getting what you want, which is avoiding foreclosure and getting back on good terms with your lender.

While it can take years from the time you stop paying your mortgage until until you lose your home in foreclosure, spending that time dilly dallying, lollygagging, or failing to plan is a mistake. You're eventually going to lose your house, so use the time you have to your advantage by saving money, educating yourself, and making a strategy.

This may seem like common sense, and it is, but some homeowners are so overwhelmed by the stress of potentially losing their home that they freeze up and don't do anything. Playing dead is not an effective strategy. Pretending that you didn't get the bank's notices does not make you immune to their consequences. There are productive things to do.

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Topics: loan modification, loan modification help, foreclosure

A Glossary of Loan Modification Terms

Posted by Maxwell Swinney

Friday, April 8, 2016

If you don't understand the language around loan modifications, you will be hopelessly lost and could end up not getting the result you desire. And the consequence of not getting a mortgage loan modification for many homeowners is foreclosure. So if you want to modify your home loan, take a little time to familiarize yourself with some of the language related to it. It gives you the best chance to get the result you want.

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Topics: loan modification

Getting Sick Can Cause Foreclosure and Vice Versa

Posted by Maxwell Swinney

Thursday, April 7, 2016

If you guessed that people experiencing foreclosure or the threat of it have a higher incidence of physical and mental health issues including suicide and trips to the emergency room, you guessed right. That's no surprise given the stress of potentially losing your largest investment, moving your family, and having your credit negatively affected. However, you may not have guessed that having an illness is the reason some people go into foreclosure in the first place.

A 2014 study shows that people who had a chronic health condition that worsened as they aged were twice as likely to default on their mortgage and more than two-and-a-half times as likely to fall into foreclosure than people with a chronic condition that did not get worse over time.

The study found that people who got sicker were more likely to lose their job, their income, and health insurance, which made foreclosure more likely. Most people can't make their mortgage payment for long if they don't have a job, no matter the reason for losing it.

And people with a chronic condition who didn't lose their jobs were still at increased risk of defaulting on their mortgage loan. It's thought this is caused by the high medical costs accrued when treating a chronic condition.

No matter what you think the solution is or isn't, the reality is inescapable: healthcare is expensive, and it can cause you to go into foreclosure. It's something that's already happened to many people, and will happen to plenty more.

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Topics: loan modification, foreclosure, hardship

Uncle Sam Wants You To Avoid Foreclosure

Posted by Maxwell Swinney

Monday, April 4, 2016

Do you remember what the country was going through in the late 2000s? You couldn't turn around without hearing something about collateralized debt obligations, credit default swaps, and subprime mortgages. Our financial system was collapsing. Something had to be done.

The government created the Emergency Economic Stabilization Act of 2008, often called 'the bailout,' and the American Recovery and Reinvestment Act of 2009, known as the 'stimulus' or 'recovery act.' The main purpose of the Acts is to protect home values and savings, preserve homeownership, and promote job and economic growth.

To that end, Making Home Affordable (MHA) was created by the U.S. Treasury Department.MHA contains numerous programs intended to help distressed homeowners avoid foreclosure. The programs in it include:

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Topics: HAMP, foreclosure

New Loan Modification Program Increases Principal Homeowners Owe

Posted by Maxwell Swinney

Friday, April 1, 2016

Claiming it is the most common sense and profitable solution to the ongoing foreclosure crisis, WTF Bank has announced the creation of an innovative loan modification program that actually increases the amount of principal owed by homeowners facing foreclosure.

According to WTF Bank's CEO, Shyster McShyster, the Principal Residential Increase Modification Program, or PRIMP, offers underwater and distressed homeowners a solution for getting even deeper underwater and more distressed.

Under the terms of PRIMP, homeowners who owe more on their mortgage loan than the home is worth and can't afford their monthly payments will have up to $125,000 added to their principal balance, making the payment even more unaffordable.

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Topics: loan modification, foreclosure

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.

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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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