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Foreclosure Defense and Loan Modification Blog

Avoiding Payment Shock After Getting a Loan Modification

Posted by Maxwell Swinney

Monday, November 21, 2016

Many homeowners haven't paid their mortgage in many months or even years. They fight foreclosure and look for a way to keep their home. After a lot of work, some get approved for a loan modification which returns their loan to normal. Foreclosure disaster averted. Hooray!

But there's one minor problem with getting your loan back to normal: you have to actually start paying a mortgage again. What the heck?

I know, bills are terrible, but getting a free house is not a realistic possibility. Keeping your home after falling behind on payments by getting a loan modification is the best result, and one that millions of homeowners in recent years wanted to achieve and couldn't. (Seven million Americans have been in foreclosure since the recession began.)

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Topics: loan modification, foreclosure defense, life after foreclosure

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

Is It Too Late to Save Your Home When You've Received a Writ of Possession?

Posted by Maxwell Swinney

Friday, May 20, 2016

Yes, it is too late to save your home when you've received a writ of possession. To learn why, let's look at what it is.

A writ of possession is a court order that the sheriff will place on your door notifying you that you have to get yourself, your family, and all of your belongings out of your home after it is sold at a foreclosure auction or repossessed by the bank. The sheriff will come back 24/48/72 hours after posting the writ of possession to execute the writ, which is code for kicking you out.

It doesn't matter if you have nowhere else to go. At this point it's too late to do much.

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Topics: foreclosure defense, life after foreclosure, foreclosure, writ of possession

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

Can Cash For Keys Work For Me?

Posted by Maxwell Swinney

Wednesday, November 11, 2015

 

If you're in foreclosure and have decided that you cannot or do not want to keep your home, you may be wondering if you could get a “cash for keys” agreement. Cash for keys, sometimes called a "move out incentive", may sound like something you've heard about in hip hop music, but in this case it has nothing to do with kilos of illegal drugs. It's an agreement between you and your lender to hand over the keys to, and move out of your property in exchange for money. Getting paid cash money is always a seductive option, but you should take a close look at what you give up in exchange for that money before signing an agreement.

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Topics: short sale, foreclosure deficiency, life after foreclosure, foreclosure, deed in lieu of foreclosure, deficiency judgment

'Lien On Me' Web Series Gives Humorous Take On Foreclosure Crisis

Posted by Maxwell Swinney

Monday, November 9, 2015

Entertainment is not just something that distracts us from the realities of our mundane lives with science fiction stories involving space, the distant future, aliens, and supernatural forces. Not that there's anything wrong with that, but some entertainment is grounded in the specific realities and challenges people live with and fight against in contemporary society. One such work is a web series called Lien On Me.

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Topics: life after foreclosure, lien, foreclosure

What Is a Deficiency Judgment Waiver, and How Do I Get One?

Posted by Maxwell Swinney

Monday, November 2, 2015

If you're having doubts about your ability to pay your mortgage or come to any resolution with your lender that allows you to keep your home, you may be wondering what your options are for exiting your home, and what responsibilities are associated with each choice. Whether ownership of your home is transferred through a short sale, deed in lieu of foreclosure agreement, or foreclosure sale, one of the most important things to be aware of is that you may be responsible for a deficiency. But, with a little bit of help and some planning, you may be able to get a deficiency judgment waiver that allows you to walk away from your home without owing any money.

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Topics: life after foreclosure, foreclosure, deficiency judgment

Real (Estate) Vampires and Zombies Are In Your Neighborhood

Posted by Maxwell Swinney

Wednesday, October 28, 2015

Believe it or not, monsters like vampires and zombies do exist. They're not under your bed, but they might be in your neighborhood right now. Fortunately, they're not the kind that want to drink your blood or eat your brains, but you should still be aware of their existence.

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Topics: foreclosure defense, foreclosure deficiency, life after foreclosure, foreclosure

Can I Buy a Home After I Have Been Through Foreclosure?

Posted by Maxwell Swinney

Monday, October 19, 2015

Losing your home is a stressful process to endure, but it doesn't mean you have to give up on your goal of owning a home forever. But many homeowners are unsure if they will be able to get a mortgage after foreclosure.

Yes, you can buy a home after going through foreclosure, but you may need to wait several years or more after your foreclosure is completed, and you may be charged a higher interest rate and need a larger down payment to do it.

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Topics: understanding credit, Buying a home after foreclosure, life after foreclosure, foreclosure

“Boomerang Buyers” Can I Buy After Foreclosure?

Posted by Jake Sterling

Thursday, May 14, 2015

If you have gone through foreclosure before know that yes, it is possible. Known as "Boomerang Buyers" those previously foreclosed on are starting to join the market and are able to purchase a home. However, there are waiting periods for most of the common loan programs. Depending on the type of loan you are applying for here's how long you must wait before being eligible for a home loan again:


2015 FHA Mortgage Guidelines

Bankruptcy Chapter 7 2 Years From Chapter 7 Bankruptcy Discharge Date
Bankruptcy Chapter 13 1 Year From Chapter 13 Bankruptcy Discharge Date
Foreclosure 3 Years From After the Sale/Deed Transfer Date
Short Sale or Deed in Lieu 3 Years After the Sale Date of Your Foreclosure

Credit with a minimum of 640 credit score and proof of good payment history. If you defaulted on a FHA loan, and you are trying to apply for a new FHA loan, the waiting period will be calculated from the date the mortgage insurance was paid by FHA on the defaulted loan.

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Topics: Buying a home after foreclosure, life after 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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