If you are trying to obtain a loan modification or other loan workout plan, then your bank’s guidelines are going to require that you write a hardship letter.
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.
Trial loan modification achieved for our client's non owner occupied property with Ocwen. Investment properties are often more difficult to modify.
Dios mio! Our client was 10 months and $21K past due with Caliber, but we got him a loan modification with a gargantuan monthly savings of $859!
If you are behind on your mortgage payments and think you need the help of a professional, you'll find that there are no shortage of attorneys willing to take you on as a client. But, there are many different types of attorneys with different experiences, resources, and points of view. For example, a law firm specializing in intellectual property law probably would not be the best choice if you need foreclosure defense and loan modification help, any more than an ear, nose, and throat doctor would be the best choice if you need surgery on your knee.
You are an attorney or you currently work or have worked for a bank and know their guidelines. You already know how many documents will you need to submit to your bank for a loan modification. **Free Amerihope Alliance Legal Services Document Checklist**
You know the general foreclosure laws and procedures in your state. For example in Florida, foreclosures are judicial, which means the lender must file a lawsuit in state court. The lender starts the foreclosure by filing a complaint with the court and having it served to the borrower, along with a summons. If you lose the case your house will be sold to satisfy the debt.
You don't need a foreclosure attorney to prove that the foreclosing party doesn't own your loan. In other words you know that your loan was bundled and securitized. Which means that in a process called securitization, your loan and other loans (includes both the promissory notes and the mortgages) with similar qualities are pooled, and then sold in the secondary market, often to a trust. Basically, securitization takes individual mortgage loans, bundles them into a package, and turns them into marketable securities (called “mortgage-backed securities”) that can be bought and sold. With that being said you believe you have a defense based on the fact that the foreclosing party can't prove that it owns your loan.
Today, millions of Americans struggle to pay their mortgage payments. Whether it's because of a change in income, lost job, an injury or illness, or because of a costly divorce; these financial burdens can be overwhelming. In any case, the goal is for you to relieve yourself of the gargantuan financial burden with the least repercussions. As a result, a growing number of homeowners consider a loan modification vs. short sale. While each of these solutions have challenges, both are better than losing your house to foreclosure. Continue reading to learn more about loan modification vs. short sale.
1. Natural Disasters.
Floods, earthquakes, hurricanes, tornadoes, etc. During natural disaster, people will skedaddle from their homes and sometimes they never return.
2. War or Civil Conflict.
Violence, anarchy, etc. In times of war and civil conflict there are lots of people who will just abandon their homes and never ever come back.
If your loan modification was denied, don't worry: you're not alone. Loan modifications may be one of the hardest things to get approved without the assistance of an experienced attorney. After denial, your next step will depend on the reason why you were denied and where your home is in the foreclosure process.
By Suffolk County Bankruptcy Lawyer, the Law Offices of Allison B. Crain & Associates
Regional Spotlight—New York ranks third in the nation in the number of homeowners delinquent on their mortgages or in foreclosure, the Mortgage Bankers Association recently reported. In 2013, the number of foreclosures reached a three-year high in the state. Experts speculate that the number of high foreclosures is partially due to a still-sluggish local economy. While the unemployment rate is lower than it has been since the end of the Great Recession, many jobs are lower-paying and the unemployment rate is still higher than it was before 2008.
Delays in processing foreclosures
By John Voket
I received some important information issued through the Connecticut Public Interest Research Group - ConnPIRG - which is one of a network of these nonprofit consumer agencies operating across the country.
ConnPIRG issued a notice that new Consumer Financial Protection Bureau (CFPB) rules are now in effect that will help protect homeowners and homebuyers from the mortgage abuses they say led to the housing crisis.