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Foreclosure Defense and Loan Modification Blog

Did You Get A Forbearance Or Deferment After Hurricane Irma?

Posted by Maxwell Swinney

Friday, March 30, 2018

If you accepted your mortgage lender's offer to suspend your house payments so you could get back on your feet after a hurricane, you may have found that their help actually put you at risk of foreclosure. Hurricane Irma, as well as Harvey and Maria, caused damage that led some homeowners to wind up in that situation.

Many homeowners accepted their lender's offer without knowing exactly what kind of help they were getting and what the consequences of that help would be. There are also cases of the bank saying one thing and doing another.

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Let's take a look at two of the main ways mortgage payments can be suspended and repaid following a disaster:

Forbearance

A forbearance is when a lender temporarily suspends your payments so you can avoid falling behind on your loan for a period of time until your hardship is over. After it's over, all the missed payments typically have to be paid back in one lump sum.

It's great to have your bank's permission to not make some payments if you have an emergency and need to spend your money on other things. But, if your money is tight enough to need a forbearance, how are you going to afford to pay back 3, 6, or 12 missed payments in one fell swoop? That's why a forbearance is so dangerous. If you're at the end of your forbearance period and can't pay the money back and the bank won't give you a repayment plan, you could end up in foreclosure.

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Topics: foreclosure, hurricane irma

We Helped Our Suntrust Client Get More Than $12k After Foreclosure!

Posted by Maxwell Swinney

Saturday, March 10, 2018

Amerihope Alliance Legal Services recently helped a client get $12,842.42 in surplus funds after his property was sold in a foreclosure auction. To protect his privacy I'll call this client Mr. Sebben.

Mr. Sebben's mortgage problems came about because he wasn't able to sell his Broward County, Florida home before moving out of state for work. Unable to pay for housing in two states, he stopped paying the mortgage on his vacant Florida home and his lender, Suntrust, started foreclosure on it.

Mr. Sebben realized that he needed professional help, and so he retained our firm in 2016 to help him stay a bit longer in the property and deal with the foreclosure case.

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Topics: florida foreclosure attorney, foreclosure deficiency, life after foreclosure, foreclosure, deficiency judgment

SLS Tries To Foreclose On Widow, Loan Modification Saves Her Home

Posted by Maxwell Swinney

Thursday, December 28, 2017

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.

A recent client of our law firm, who I'll call Ms. Garcia to protect her privacy, nearly lost her home in Hudson County, New Jersey after she fell behind on mortgage payments to SLS following the death of her husband.

In June of 2015, Ms. Garcia was served a with a foreclosure summons and complaint, which meant that she was being sued and was the defendant in a civil lawsuit. This is the way it works in states with a judicial foreclosure process. The plaintiff (the party suing) was HSBC.

By June of 2016, an order of summary judgment had been entered, which meant that the lender could request a Writ of Execution, and a sale date to auction off her home at anytime.

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Topics: foreclosure, sls loan modification

Our Client Was 98 Months Past Due with Ditech and We Still Got Him a Loan Modification!

Posted by Maxwell Swinney

Friday, December 8, 2017

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.

Being really, really, really far behind on your mortgage doesn't necessarily mean that you can't get a loan modification and keep your home. A recent client of our firm is a good example of this. To protect his privacy, I'll call him Mr. Shroff.

Mr. Shroff lives in a nice home, currently valued at about $1 million, in Hilsborough County, FL with his wife and son. He is self-employed. A downturn in his business caused him to fall behind on his mortgage during the recession in 2009.

Eventually Mr. Shroff's financial problems cleared up and he was able to make payments again, but by then, his mortgage servicer, Ditech, wouldn't let him make payments. They wanted him to pay all of the missed payments plus fees, which ended up being an astounding $191,140.06. He didn't have that much cash, so he stayed in default.

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Topics: loan modification, foreclosure, ditech loan modification

Avoid Judicial Default By Answering Foreclosure Complaint

Posted by Maxwell Swinney

Tuesday, November 28, 2017

If you miss mortgage payments, or pay less than what is required, then you're in default on your mortgage loan. Your lender will at some point send you a notice of default letter notifying you that by not paying your mortgage, you're in violation of the terms of the promissory note that you signed and are at risk of losing your home to foreclosure.

If you don't work things out by reinstating your loan (paying the entire amount you're behind), agreeing to a repayment plan, or getting a loan modification, then the foreclosure process will continue.

Further along in the foreclosure process there's another type of default that can happen called a judicial default or clerk's default. A judicial default is a “binding judgment in favor of either party based on some failure to take action by the other party.”

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Topics: foreclosure, judicial default judgment, summons and complaint

Mistake By Loan Servicer Drives IL Homeowner Into Foreclosure

Posted by Maxwell Swinney

Saturday, November 18, 2017

Normally people fall into foreclosure because they don't have enough money to pay their mortgage. But sometimes it's a mistake from the mortgage servicer, not any fault of the borrower, that puts someone into foreclosure. That's the case for a recent client of our firm, who I'll call Ms. Craig to protect her privacy.

Ms. Craig is a school teacher who has owned a home near Chicago, Illinois since 2002. For nearly a decade and a half things went pretty smoothly with her home and finances.

Then in 2016, Ms. Craig filed for Chapter 7 bankruptcy to deal with some debt that was not related to her mortgage. Her home was not included in the bankruptcy and she continued to make her mortgage payments during bankruptcy.

Mortgage Servicer Changed

Also in 2016, the servicing rights to Ms. Craig's mortgage were transferred from Loan Care to Freedom Mortgage. It's a servicer's right to sell the servicing rights to another company if they wish, and the borrower has no say in it.

Servicing is supposed to continue as normal during and after the transfer, but that's not what happened in Ms. Craig's case.

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Topics: loan modification, foreclosure, freedom mortgage loan modification

Should You Trade Stocks or Bitcoin to Make Money and Avoid Foreclosure?

Posted by Maxwell Swinney

Wednesday, October 18, 2017

If you're facing foreclosure, and only have a few thousand dollars to your name, is gambling that money by trading stocks or investing in cryptocurrencies like Bitcoin your ticket to big earnings and saving your home? No. There are smarter ways to invest and avoid foreclosure.

Dream Pushers

There is a huge industry that sells the dream that anyone can make a bunch of money speculating in stocks and securities. They make it seem like all the cool people are doing it, and they're getting rich. Don't you want to be cool and rich?

Discount brokerages like Scottrade, TD Ameritrade, Etrade, and Robinhood, as well companies providing information, like CNBC and countless newsletters and websites, all market the idea that it's possible for an average Joe with no experience to earn more money trading stocks than with other investments

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Topics: foreclosure, stock trading, bitcoin

What Is Final Judgment of Foreclosure, and How Can You Avoid It?

Posted by Maxwell Swinney

Saturday, September 2, 2017

A final judgment of foreclosure is an order in certain states that a plaintiff/bank gets from the court, which allows them to sell a defendant's home for failure to pay the mortgage.

Final judgment of foreclosure is one of the last dominoes to fall before the foreclosure sale, and a big loss for a homeowner who wants to keep their home.

Final judgment can be in rem (against the house), in personam (against the homeowner), or both. If the lender believes there is a deficiency on the in rem judgment because the home won't sell for enough to cover all the money they're owed, they can seek an in personam judgment against the homeowner.

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Topics: foreclosure, final judgment

🏆🏆Our Awards for Results and Customer Service🏆🏆

Posted by Maxwell Swinney

Wednesday, August 30, 2017

Amerihope Alliance Legal Services, which focuses on providing foreclosure defense and loan modification assistance, is proud to have accepted numerous awards for providing excellent service to our clients.

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Topics: loan modification, law firm awards, foreclosure

The Kids Are Back to School and It's Time to Do Your Foreclosure Homework

Posted by Maxwell Swinney

Saturday, August 26, 2017

It's back to school time. Kids are getting on the bus, going to class, and doing homework after school, and hopefully you'll find some time to handle your own homework. 

If you've missed mortgage payments, there's no better time than now to try to repair your finances.

If you do your homework, you could ace foreclosure avoidance and keep your home. So sharpen your number two pencils, grab a fidget spinner if you must, and let's do some foreclosure avoidance homework.

Homework Assignment #1: Discover Your Options

In school and in the real world, success depends on good information. So your first homework assignment is to educate yourself on the options available to you

When you stop paying your mortgage, you have to find a solution to or else you will eventually lose your home to foreclosure. There are a number of loss mitigation options that could help you avoid that, including:

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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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