Foreclosure and Loan Modification Blog

3 Close Calls with Foreclosure on Road to Wells Fargo Short Sale

In late 2015 a homeowner in Orange County, Florida came to our law firm seeking assistance avoiding foreclosure. To protect his privacy, I'll call him Mr. Hannah.

Mr. Hannah's home is in a great location in central Florida just a few miles from Walt Disney World. But being near the “most magical place on earth” didn't help him when, in 2010, he encountered a hardship and couldn't afford to make his mortgage payments to Wells Fargo. In 2011 he was served foreclosure papers.

By the time we were retained to represent him, Mr. Hannah's home was scheduled to be sold in a foreclosure auction.

Our client told us that he wanted to pursue both a loan modification and a short sale at the same time. He figured that way if one didn't work out he would have the other option to fall back on. We've heard this from other clients in the past, but it doesn't work like that.

[fa icon="clock-o"] Sunday, May 28, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] short sale, foreclosure, wells fargo

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

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 (#loanmodwow) or Facebook. Here are some of our results from this week with Shellpoint and PNC:

Shellpoint

Our Shellpoint client was $168,704.05 past due on thier mortgage, now they have been granted a final loan modification. Shellpoint approved a $9,511.99 principal reduction and lowered their monthly payment by $237.38!

Successful Loan Modification Roundup Week of 5/19/2017

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

Chase

Our Chase clients were 20 months and $49,308+ past due on mortgage, now they have a permanent HAMP mod with $594.23 monthly savings and 0.65% lower interest rate!

4 Ways to Avoid Foreclosure at the Last Second

Falling behind on your mortgage is a terrible situation to be in, but even if a foreclosure sale date is fast approaching, it doesn't necessarily mean that all is lost. You may still be able to stop foreclosure, possibly even permanently.

Depending on your situation, a loan modification, adjournment, emergency motion, or bankruptcy could help you avoid losing your home to foreclosure. Here's how each works:

1. Loan Modification

Applying for a loan modification can stop a foreclosure sale when the application for it is submitted to the mortgage servicer at least 37 days before the sale date. When a bank pursues foreclosure while a loan mod application is under review, that's called dual-tracking, a practice that is prohibited by the Consumer Financial Protection Bureau's mortgage servicing rules.

Foreclosures Lowest Since 2005, Repeats High In New York City And Miami

ATTOM Data Solutions has released its April 2017 U.S. Foreclosure Market Data report, which shows that April's foreclosure activity is the lowest since November 2005.

In April 2017 there were 77,049 foreclosure filings, which is a drop of 7% from the month before and a decline of 23% from a year ago. A foreclosure filing includes default notices, scheduled auctions, and bank repossessions.

The good performance of mortgages originated over the last seven years is a big part of the reason for foreclosure filings continuing to drop, ATTOM says. They do, however point to an issue with repeat foreclosures “on homeowners who often fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery.”

[fa icon="clock-o"] Wednesday, May 17, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, florida foreclosure attorney, foreclosure, housing market

If you've fallen behind on your mortgage, it's a good idea to save some extra money to help you get through whatever solution you eventually reach and your life afterward.

No matter what happens, whether it's the best case scenario, like a loan modification with a big principal reduction and low monthly payment and interest rate, or the worst, like losing your home to foreclosure, having a bigger financial cushion is always a good thing.

You can never have too much money. (If you can, that's the kind of problem we'd all like to have.)

Americans aren't the best savers in the world. 1 in 3 Americans has no retirement savings, and many households don't have enough cash savings to survive a $500 emergency, much less a mortgage crisis that costs tens or hundreds of thousands of dollars. The good news is that just about anybody can save some money with a little bit of effort. Here are a few suggestions on how to do that.

[fa icon="clock-o"] Saturday, May 13, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, personal finance, loan modification cost

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

Ocwen Trial Loan Modification

4 months and $15,321 past due on mortgage, our Ocwen client is now approved for a 3-month in-house trial loan modification with massive monthly savings of $655.73!

[fa icon="clock-o"] Friday, May 12, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, ocwen loan modification

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

Bayview Loan Modification

Our Bayview Loan Servicing client was $12,123.66 past due on their mortgage, but now has a trial loan mod with $56.85 cheaper payment! The first of three payments is due June 1, and we anticipate a final loan modification to be in writing by September.

Citi Denied a Loan Modification for Years until We Demanded Fair Treatment

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 March 2014 we were hired by a homeowner in Trenton NJ, whom I'll call Ramon Delgado to protect his privacy, who needed help saving his home from foreclosure.

Mr. Delgado, like most homeowners, didn't want to default on his mortgage with Citi, but a significant loss of income forced him into a situation where he couldn't make his house payments.

He was able to recover from his hardship and regain the ability to pay his mortgage. However, after falling so far behind, Citi didn't want him to resume making regular mortgage payments. They wanted a big check for all the missed payments plus fees, which he didn't have the cash to do. So he remained in default even though he could have made payments. This is a common scenario.

Foreclosure and Loan Modification Blog

3 Close Calls with Foreclosure on Road to Wells Fargo Short Sale

Successful Loan Modification Roundup Week of 5/26/2017

Shellpoint

Successful Loan Modification Roundup Week of 5/19/2017

Chase

4 Ways to Avoid Foreclosure at the Last Second

1. Loan Modification

Foreclosures Lowest Since 2005, Repeats High In New York City And Miami

6 Ways to save Money When You're Behind on Your Mortgage

Successful Loan Modification Roundup Week Of 5/12/17

Ocwen Trial Loan Modification

Successful Loan Modification Roundup Week Of 5/5/17

Bayview Loan Modification

Citi Denied a Loan Modification for Years until We Demanded Fair Treatment

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