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Foreclosure Defense and Loan Modification Blog

6 Common Misconceptions About Mortgage Loan Modifications

Posted by Maxwell Swinney

Monday, August 8, 2016

As a result of the ongoing housing crisis, mortgage loan modifications have become popular with distressed homeowners who need to reinstate their loan and get a more affordable payment. But not everyone who could benefit from modifying their mortgage understands what's actually involved and how to go about getting one. And some assume or have been told incorrect information.

What is a Loan Modification

A mortgage loan modification is a permanent change to one or more of the terms of your existing loan, such as the interest rate, term length, and principal balance. The purpose is to lower the monthly payment to an affordable portion of your income and allow you to avoid foreclosure. It is different from a refinance, which replaces your old loan with a completely new one.

Loan modifications are the only hope many people have for avoiding foreclosure and staying in their home. However, there are some common misconceptions, such as:

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Topics: loan modification, hamp loan modification, loan modification help, foreclosure

4 Ways To Deal With The Emotions Around Foreclosure

Posted by Maxwell Swinney

Wednesday, August 3, 2016

Money is a very personal issue. So much so that it's often considered in bad taste to talk about it in polite society. Especially when you're talking about problems with money. And foreclosure is the mother lode of money problems since most people's largest asset is their home.

But unfortunate events beyond the control of any homeowner have caused millions of people to have to reckon with foreclosure. The credit crisis, recession, and housing crisis have caused foreclosures on a scale that the country hasn't seen since the Great Depression.

If you're in danger of losing your home to foreclosure, you're likely experiencing some seriously negative emotions. Fear, uncertainty, shame, guilt, and anger are common. These emotions are completely understandable and just as useless. You have to get a handle on them to keep from going crazy and find the best resolution.

Here are some ways to do that:

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Topics: loan modification help, foreclosure, foreclosure grief

Behind on Your Mortgage? How about Getting a Free House?

Posted by Maxwell Swinney

Wednesday, July 27, 2016

Many homeowners have lost wages or experienced some hardship or hardships that caused them to fall behind on their mortgage payments. They're in desperate need of a solution before they're foreclosed on. Searching for any hope in a sea of despondence, they wonder if there's a way they could get their house for free.

These homeowners want to know if there's any way their house could be given to them as a form of retributive justice for all the illegal and unethical things their bank has done. There certainly doesn't seem to be a shortage of that. We've all heard the stories about predatory lending, robo-signing, and fraudulent foreclosure. Could that somehow be cause for a free house?

No. You won't get your home for free because of any bad behavior by the bank.

However, there is a technicality that could allow a homeowner to get their home for free.

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Topics: loan modification, loan modification help

You Could Be In Foreclosure And Not Even Know It

Posted by Maxwell Swinney

Tuesday, July 5, 2016

Many homeowners find that something strange happens when they stop paying their mortgage: nothing much. After missing payments they get letters from their bank telling them that they have to pay up or else lose their home. They don't pay because they can't, but still nothing happens for a long time.

Some homeowners go many years without making a payment, falling behind by tens or hundreds of thousands of dollars, and yet their house isn't sold at a foreclosure auction, the sheriff doesn't tell them to vacate the premises, and they're not thrown to the curb. Sometimes the collections calls even stop!

However, just because nothing seems to happen doesn't mean that the gears of foreclosure aren't turning or that the bank forgot that your loan isn't performing for them. Rest assured that they haven't forgotten about you and the money you owe them.

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Topics: new jersey foreclosure process, foreclosure process in new york, loan modification, florida foreclosure process, loan modification help, foreclosure

Donald Trump or Bernie Sanders Presidency Could Be Bad for Home Values, Experts Say

Posted by Maxwell Swinney

Wednesday, June 22, 2016

Home values are expected to grow about 3 to 4 percent a year in the coming years according to the panelists in the most recent Zillow Home Price Expectations Survey. Their expectations, however, are less optimistic when considering a Donald Trump or Bernie Sanders presidency.

The survey asked 107 economists, real estate experts, and academics across the nation what they expected from home prices over the next four years and how the election of different candidates would affect their forecast.

45 percent of those surveyed who had an opinion said that the election of presumptive Republican nominee Donald Trump “would impact their expectations for future home value growth either very negatively or somewhat negatively, compared to just 16 percent who said their expectations would be impacted somewhat or very positively.”

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Topics: loan modification, loan modification help, housing market

With a Trial Modification, You're Almost to Your Goal

Posted by Maxwell Swinney

Friday, May 27, 2016

If you're at the point in the loan modification process where your loan servicer is asking you to make trial modification payments, then you've almost reached your goal. But this is no time to take your foot off the gas. You still have a little ways to go before your loan is permanently modified.

Being asked to make trial modification payments is a good thing. It means that your request for modification assistance has been accepted. You're on your way to achieving your objective.

But banks don't just approve an application and return your loan to normal servicing like nothing ever happened. You have to prove that you're able to make the payments, and then you'll be offered a permanent modification.

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Topics: loan modification, loan modification help, trial modification

Largest Loan Modification Scammer Ever Found Guilty in Federal Court

Posted by Maxwell Swinney

Monday, May 23, 2016

On Tuesday, May 2, 2016 a Manhattan federal court convicted Dionysius Fiumano of “orchestrating a massive mortgage modification scheme through which he and his conspirators defrauded more than 30,000 American homeowners out of a total of approximately $31 million,” according to Christy Goldsmith Romero, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

Dionysius Fiumano, aka “D”, and his co-conspirators oversaw a sales staff of 65 telemarketers and managers from 2011 to 2014. Fiumano was the general manager of sales at Vortex Financial Management, Inc, which was also known as Professional Marketing Group (PMG), and Professional Legal Network. The company was based in Irvine, California and claimed to offer mortgage modification services.

PMG operated somewhat like a legitimate company, buying leads that gave them the contact information of homeowners who were behind on their mortgage payments and in danger of foreclosure and trying to get them to buy their "services."

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Topics: loan modification, loan modification help, foreclosure, loan modification fraud

Don't Put up with Your Mortgage Servicer Giving You the Runaround

Posted by Maxwell Swinney

Wednesday, May 11, 2016

When you have a problem with your mortgage, it can be very challenging to get your loan servicer to work with you to fix it. Applying for a loan modification, many homeowners feel like their bank actually wants them to fail so they can foreclose on their home.

To state the obvious, when you're contacting your bank it's because something's gone wrong, such as divorce, illness, or loss of income. Maybe all three at once. Something's caused you to be unable to pay your mortgage and be at risk of losing your home to foreclosure. It's an awful situation to be in.

Fortunately for you, there's this amazing thing that could permanently lower your monthly payment to an affordable portion of your income and enable you to keep your home. It's called a loan modification, and it works by changing the length of your loan term, interest rate, and/or reducing principal. It costs nothing to apply and there are no closing costs.

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Topics: loan modification, loan modification help, mortgage servicers

If You Are Your Own Foreclosure Defense Attorney, You Have a Foolish Client

Posted by Maxwell Swinney

Friday, April 15, 2016

Abraham Lincoln said “He who represents himself has a fool for a client.”

Honest Abe was talking about legal representation when he said that, and a century and a half later his advice still rings true. President Lincoln was a lawyer himself and knew that it just doesn't make sense to act as your own attorney, even if you are one.

But some people have been doing exactly that in recent years while trying to avoid losing their most valuable investment, their home, through foreclosure. Seven million homeowners have experienced foreclosure since the housing crisis began and many of them don't have a clue about how to deal with it.

Their bewilderment is completely understandable. Foreclosure was never part of any homeowner's plan. Unfortunate circumstances beyond the control of any individual homeowner has made foreclosure something that millions of homeowners have been forced to learn about.

Some look into it and think they can handle everything on their own. “How hard could this be? I can answer a complaint and fill out a request for modification assistance without a lawyer.”

Others learn about the laws pertaining to foreclosure and the ways to avoid it and conclude that having an experienced attorney on their side is essential. While every person's situation is different, there are important reasons for everyone with mortgage problems to seriously consider hiring an experienced attorney:

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Topics: loan modification, loan modification help, foreclosure

Why You Need To Get Help With Your Mortgage Right Now

Posted by Maxwell Swinney

Monday, April 11, 2016

When you have trouble with your mortgage, it's important to start thinking about how you're going to get out of trouble as quickly as possible. The sooner you can understand the issues affecting you and what the potential solutions are, the sooner you can work toward getting what you want, which is avoiding foreclosure and getting back on good terms with your lender.

While it can take years from the time you stop paying your mortgage until until you lose your home in foreclosure, spending that time dilly dallying, lollygagging, or failing to plan is a mistake. You're eventually going to lose your house, so use the time you have to your advantage by saving money, educating yourself, and making a strategy.

This may seem like common sense, and it is, but some homeowners are so overwhelmed by the stress of potentially losing their home that they freeze up and don't do anything. Playing dead is not an effective strategy. Pretending that you didn't get the bank's notices does not make you immune to their consequences. There are productive things to do.

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Topics: loan modification, loan modification help, 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.

Click to Read Our Super Loan Mod Success Stories

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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