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Foreclosure Defense and Loan Modification Blog

How HAMP Waterfalls Affect Your Loan Modification

Posted by Maxwell Swinney

Thursday, June 30, 2016

Behind on your mortgage payment? Need a loan modification to save your home? You should familiarize yourself with waterfalls. And not the type from the 1994 Grammy nominated song 'Waterfalls' by the American recording group TLC.

The waterfalls relevant to you as a homeowner in need of help with your mortgage are related to the federal government's Home Affordable Modification Program, or HAMP.

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Topics: loan modification, HAMP

Attorney Demands Bank Proves Reason For Denying Loan Modification

Posted by Maxwell Swinney

Monday, June 27, 2016

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners, here is one of their stories.

Everybody needs help from professionals sometimes. That's especially true for people trying to save their home from foreclosure. Despite many homeowners best efforts, they're not able to get the results they want on their own because they lack the knowledge and experience needed to do so, and the consequences of failure are unacceptable. So they seek outside help.

That's the case with a recent client of ours who retained us to help them avoid foreclosure. To protect their privacy, let's call this couple the Livelys. The Livelys have a home in Bronx County, New York and they fell behind on their mortgage payments in August of 2013.

Solo Loan Modification Attempt

Since they wanted to keep their home, but didn't have the massive amount of cash ($91,251.00) needed to reinstate their loan, the Livelys applied for a loan modification which, if successful, would have gotten their loan back to normal and eliminated the threat of foreclosure. They submitted an RMA (Request for Modification Assistance) to Ocwen, their mortgage loan servicer.

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Topics: foreclosure process in new york, loan modification denied, loan modification, foreclosure defense, new york foreclosure attorney

Successful Loan Modification Roundup Week of 6/24

Posted by Maxwell Swinney

Friday, June 24, 2016

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter or Facebook. Here are some of the results from this week including Ocwen, Wells Fargo and others:

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Topics: bank of america loan modification, successful loan modifications, ocwen loan modification, loan modification success

Donald Trump or Bernie Sanders Presidency Could Be Bad for Home Values, Experts Say

Posted by Maxwell Swinney

Wednesday, June 22, 2016

Home values are expected to grow about 3 to 4 percent a year in the coming years according to the panelists in the most recent Zillow Home Price Expectations Survey. Their expectations, however, are less optimistic when considering a Donald Trump or Bernie Sanders presidency.

The survey asked 107 economists, real estate experts, and academics across the nation what they expected from home prices over the next four years and how the election of different candidates would affect their forecast.

45 percent of those surveyed who had an opinion said that the election of presumptive Republican nominee Donald Trump “would impact their expectations for future home value growth either very negatively or somewhat negatively, compared to just 16 percent who said their expectations would be impacted somewhat or very positively.”

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Topics: loan modification, loan modification help, housing market

House Flipping Up 20 Percent, Should Snooki and Vanilla Ice Get Credit?

Posted by Maxwell Swinney

Monday, June 20, 2016

Turn your television to a random basic cable channel and it probably won't be long before a reality show about house flipping comes on. There's Flip This House on A&E, Flip That House on Discovery, Flip or Flop on HGTV, Flip Men on Spike, Flipping Out on Bravo, and many, many others.

Even celebrities are in on the house flipping reality show craze. Snooki from Jersey Shore has a show on FYI called Nicole & Jionni's Shore Flip. And Vanilla Ice has The Vanilla Ice Project on DIY Network.

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Topics: loan modification, life after foreclosure, housing market

Successful Loan Modification Roundup Week of 6/17

Posted by Maxwell Swinney

Friday, June 17, 2016

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners, here are some results that came in this week.

Every week we obtain loan modifications for our clients, we're working on a round up of results that came in which you can follow on Twitter or Facebook.

Keep reading to see: three (3) Ocwen modifications, two (2) Bayview loan modifications, three (3) Seterus modifications, one (1) Bank of America loan modification and one (1) Selene Finance mod.

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Topics: bank of america loan modification, successful loan modifications, ocwen loan modification, loan modification success

Illinois Couple Gets Trial Modification After Being 16 Months Past Due

Posted by Maxwell Swinney

Thursday, June 16, 2016

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners, here is one of their stories.

In 2008 an Illinois couple, who we'll call the Petersons to protect their privacy, purchased a home in the Chicago suburbs with a $216,464 loan from Citi Financial. By March of 2015 they had stopped making the $1,077 monthly mortgage payment because they could no longer afford it. By September of 2015 they were justifiably concerned that they would lose their home to foreclosure and hired Amerihope Alliance Legal Services to help.

Step One: Submit Loan Modification Application

Since the Petersons wanted to keep their home, getting a loan modification was the only hope they had to accomplish their goal. When approved, a loan mod will reinstate a loan and return it to normal servicing. Modified mortgage loans usually have a lower monthly payment and sometimes reduced principal as well.

We submitted the Peterson's modification application to their lender but weeks later, and while the application was under review, they were served a complaint letting them know they were in foreclosure.

Step Two: Answer Foreclosure Complaint

We responded to the complaint for our client, letting CitiFinancial know we intended to fight for our client to avoid foreclosure and keep their home.

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Topics: loan modification, successful loan modifications, foreclosure, loan modification success

Mortgage Debt at Highest Level in 4 ½ Years, Delinquency Falls

Posted by Maxwell Swinney

Wednesday, June 15, 2016

The amount of debt American householdsowe on their mortgages increased in the first quarter of 2016 to its highest level in four and a half years, according to the Federal Reserve Bank of New York's Quarterly report on Household Debt and Credit.

Delinquency rates, however, continued improving and remain at low levels, according to the report.

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Topics: loan modification, foreclosure, mortgage debt

Are You Being Foreclosed On With Fraudulent Documents?

Posted by Maxwell Swinney

Thursday, June 9, 2016

Not that many years ago, it seemed like you heard something about robosigning, foreclosure, and foreclosure fraud in the news all the time. These days, not so much. But it's not because foreclosure isn't a problem or banks aren't foreclosing on homeowners with fraudulent documents anymore.

According to a recent article on theintercept.com by journalist David Dayen “Every day in America, people continue to be kicked out of their homes based on false documents.”

Dayen is promoting his new book called Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud, which is about victims of foreclosure who “exposed the mass production of false mortgage documents in courthouses and county records offices across the country.”

It's the latest in a long line of articles from the author telling the stories of homeowners who are being kicked out of their homes with fraudulent documents.

Why Banks Need to Fabricate Documents to Foreclose

During the housing bubble mortgages were bundled together, carved up, and sold to investors (which is called securitization) so carelessly that it became hard to tell who the real owner of a mortgage was.

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Topics: loan modification, foreclosure fraud

New Jersey, New York, Florida, and Illinois Lead Nation in Zombie Foreclosures

Posted by Maxwell Swinney

Tuesday, June 7, 2016

Almost 1.4 million homes in America were vacant as of May 2016, according to real estate information company RealtyTrac's recently released Residential Property Vacancy and Zombie Foreclosure Report for the second quarter 2016.

Those 1.4 million vacant homes represent 1.6 percent of all 85 million residential properties in the country. The most recent numbers are a 2.7 percent increase in vacant properties from the previous quarter.

Zombies Becoming Less Common

While the number of vacant properties ticked up slightly, the number of zombie properties, which are residences that are vacant and in foreclosure, declined. 4.7 percent of properties in foreclosure, which is 19,187 residential properties, are vacant. That's a 3 percent decline from the quarter before it and a 30 percent dip from the same quarter in 2015.

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Topics: foreclosure defense, zombie foreclosure

Doing This One Thing Would Solve the Housing Crisis

Posted by Maxwell Swinney

Friday, June 3, 2016

The United States is experiencing a housing crisis. Too many Americans have to spend an outsized portion of their income on their mortgage payments or are unable to pay it and are at risk of being foreclosed upon.

That might be news to people who thought the problems in housing had already been solved, but tens of millions of households are desperate to reduce the amount of money they're spending on their homes and avoid foreclosure.

There are things that can be done to reduce the amount of money people are spending on their mortgage payments. The best way is by reducing the principal balance on the loan.

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Topics: loan modification, principal reduction

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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