Foreclosure and Loan Modification Blog

Successful Loan Modification Roundup Week of 1/26/18

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 Wells Fargo, SPS, Cenlar, Carrington, and Roundpoint:

Wells Fargo

Our Wells Fargo clients were $165,030.89 past due on their mortgage with a high 7.95% interest rate, now they have a three-month in-house trial loan modification plan with the opportunity for a permanent modification with a lower interest rate!

5 Reasons It Takes So Long To Complete A Short Sale

A short sale, which is when a home is sold for less than what is required to pay off the mortgage, is more complex than a regular sale and takes longer to complete. How long it takes depends on many factors, but about six months is a common rough estimate from professionals with short sale experience.

When someone takes out a loan for a home and its value drops to less than what they owe on the mortgage, that's called having negative equity or being underwater. As long as the monthly mortgage payment is affordable, negative equity is not the end of the world. You can just keep making payments and eventually you should have equity from paying down the loan and/or appreciation of the property.

But when a hardship such as a loss of income has left a homeowner unable to pay their mortgage, they don't have the option of waiting. In situations like that, getting rid of the home in a short sale can be better than going through foreclosure, as it keeps them in control of the process, can be less damaging to their credit, and may allow them to become a homeowner again in less time.

[fa icon="clock-o"] Tuesday, January 16, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] short sale

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.

Carrington

Our Carrington client was an astounding 98 months and $200,000+ past due on his mortgage. He was in an active foreclosure case and facing summary judgment. Now he has an in-house trial loan modification plan with lower interest rate, $969 lower monthly mortgage payment, and $323,930.01 principal forgiveness!

[fa icon="clock-o"] Friday, January 12, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, carrington loan modification

The Department of Housing and Urban Development (HUD) has released a document that gives homeowners information on what to do when they're facing foreclosure or can't make their mortgage payments called “Homeowner's Guide to Success: What To Do If You Can't Pay your Mortgage.”

The HUD guide is short, but contains a lot of useful information for homeowners who are in foreclosure or in danger of falling into foreclosure. If you're having trouble with your mortgage and don't know what to do, HUD's guide is a good place to start learning about what options are available to you.

The guide includes a glossary of terms, a financial worksheet, and advice on where to go for more information. But it also includes some specific advice on what you should do.

[fa icon="clock-o"] Wednesday, January 10, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HUD, avoiding foreclosure

The terms of some mortgage loan modifications include deferment of a portion of the money owed, which is not paid back in monthly payments like the rest of the loan. Rather, the deferred amount is put to the side when a loan is permanently modified, where it accumulates no interest.

When the loan matures or the home is sold, the deferred amount has to be paid back in one balloon payment.

When a loan modification includes a deferment it is typically for the amount the borrower is past due, which includes fees, and can be tens or hundreds of thousands of dollars.

[fa icon="clock-o"] Saturday, January 6, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, deferment

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 Carrington, Ocwen, Caliber, M&T Bank, Freedom Mortgage, and Bayview:

Caliber

Our Caliber clients were 53 months and $81,198.06 past due on their mortgage with a foreclosure sale date set, but we helped them get a three month in-house trial loan modification plan with $183.84 monthly savings!

Foreclosure and Loan Modification Blog

Successful Loan Modification Roundup Week of 1/26/18

Wells Fargo

5 Reasons It Takes So Long To Complete A Short Sale

Successful Loan Modification Roundup Week of 1/12/18

Carrington

HUD Releases Guide "What To Do If You Can't Pay Your Mortgage"

Will Your Loan Modification Include a Deferment and Balloon Payment?

Successful Loan Modification Roundup Week of 1/5/18

Caliber

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