Foreclosure and Loan Modification Blog

Jake Sterling

Jake Sterling is Amerihope Alliance Legal Services' Homeowner Liaison. He helps to bring awareness and teach homeowners about foreclosure defense and options to save their homes.

More New Jersey Foreclosure Filings than Ever! Wonder Why?

The foreclosure crisis is finally slowing down, except in New Jersey.

Across the country, year-to-year foreclosure numbers have plummeted. For example, a report from August 2013 show that nationwide, foreclosures in July 2013 dropped about 25% when compared to July 2012. However, in New Jersey, foreclosures went up 89% during that same period. Although it has taken 2 1/2 years for the average foreclosure to be completed. New Jersey is speeding up the foreclosure process to clear out the foreclosure backlogs.

So why are there so many new foreclosure filings in New Jersey and how quickly are they moving through the system?

[fa icon="clock-o"] Friday, October 11, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] new jersey foreclosure attorney, foreclosure defense attorney new jersey

Since its beginnings in 2007, the foreclosure crisis' effects were felt by people across every layer of social strata. Given the lavish spending habits of the rich and famous, it will probably serve as no surprise that some to the biggest names in entertainment suffered harshly during the economic downturn and endured foreclosure like millions of other Americans. Here are 6 celebrities that have experienced the worst part of the Great Recession; some in more interesting ways than others.

1. Rihanna

In 2009, Rihanna purchased a $6.9 million mansion in Beverly Hills, California. Allegedly, flooding from a "moderate rainstorm" in 2010 caused "extensive damage" to the house, and she famously defaulted on the home and sold it via short sale for $4.5 million in 2011. Her lawyers then sued the former owners of the home and several other parties for good measure. It seems that the pop singer didn't have a good enough "Umbrella" in place. By the end of the next year, the buyer had already put the home back on the market... for $9.95 million.

[fa icon="clock-o"] Wednesday, October 9, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] stop foreclosure, foreclosure defense

Taming the Debt Monster [Video]

Being in debt has a bigger impact on your financial future than you might realize. Bad debts can continue to haunt you and your credit report for years, especially if you don't deal with it now. Here are some practical tips on how to get out of debt and stay out of debt.

[fa icon="clock-o"] Tuesday, October 8, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] understanding credit

The government shutdown has affected many "normal" parts of American life, not to mention the lives of hundreds of thousands of furloughed federal employees. Although the most important question about the shutdown is "When and how will it end?" many Americans who are experiencing foreclosure or are at risk for foreclosure would like to know how their homes might be affected. After all, even without knowing how long the government shutdown will last, it could be argued that mortgage fraud and the ensuing financial crisis crisis debilitated Americans more than the government gridlock can or will.

[fa icon="clock-o"] Monday, October 7, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] stop foreclosure, foreclosure defense

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.

One recurring trend today is that many people who received loan modifications in the early stages of the Great Recession are attempting to get new loan modifications now. Oftentimes, these people received loan modifications before they experienced their worst hardship, and had no safety net when their hardship hit.

This happened to a homeowner who was faced with a dire situation. He was one of the first people to receive a loan modification from the HAMP program. Shortly after receiving his modification, harder times hit. The homeowner lost his job, and the family was only depending on his wife's salary for support. By the time the homeowner connected with us, he was several months past due on his $1,730 FHA mortgage payment, and had just been served foreclosure.

[fa icon="clock-o"] Saturday, October 5, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] bank of america loan modification, successful loan modifications

We've heard all types of questions from our clients, but one question that we're hearing often is this: "can my mortgage be canceled if I don't make my mortgage payments for 5 years?" Some foreclosure defense lawyers and "foreclosure rescue" companies have been advertising that Florida homeowners can get out of foreclosure by not paying on their home for 5 years, and homeowners aren't sure whether to believe these claims or not.

In fact, Florida law does state that there's a 5 year statute of limitations on foreclosures (technically on promissory notes). Although this may seem straightforward enough, it gets a bit complicated when you delve into the specifics of the law.

Freddie Mac Turns to YouTube to Dispel Common Foreclosure Myths

Freddie Mac is helping consumers separate foreclosure fact from fiction in a new video series recently launched on its YouTube Channel (http://www.youtube.com/FreddieMac). Each video dispels one of five common myths that could prevent people from keeping their homes if they face foreclosure. It is based on content from the Freddie Mac Get the Facts on Homeownership education and outreach materials. Here are five common myths that consumers should be aware of when it comes to dealing with foreclosures.

[fa icon="clock-o"] Tuesday, October 1, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] stop foreclosure, how to stop foreclosure, foreclosure defense, prolong foreclosure

For any homeowner, the prospect of losing their home because they can’t make the mortgage payments can be a frightening experience. Since the Great Recession began, many borrowers have experienced problems making ends meet because of losing a job, divorce, medical issues and other situations.

In addition, during the real estate boom, it was common for borrowers to get duped into take on risky adjustable-rate mortgages (ARMs) to get into homes they could not otherwise afford. ARMs have low “teaser rates” for at least the first year. This feature helps borrowers qualify bigger mortgages.

After the introductory rate expires, the lender can adjust the interest rate on the loan at predetermined intervals, which can send monthly payments skyrocketing.

[fa icon="clock-o"] Monday, September 30, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification denied, loan modification help

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.

Many of the worst stories that have come from the mortgage crisis involve the casual ineptitude of large banks when it comes to loan modification. Thousands and thousands of foreclosures have resulted from this indiligence, and hundreds of thousands of people have had their lives negatively impacted as a result.

One Such Story

A New York woman approached us about her similar mortgage issues; she had been attempting to get a loan modification from Bank of America, but couldn't get any headway after trying for nearly two years. This homeowner was a single mother who had emerged from bankruptcy just a few years earlier; the last thing she needed was the dark cloud of foreclosure hanging over her head. However, her home could've been foreclosed on at any time; she was over 5 years and $162,000 behind on paying her $2,680 mortgage payment.

Are Loan Modifications Really Saving the Economy?

According to reports from the United States Department of the Treasury, about 63,000 homeowners received loan modifications during July 2013 (which is the last month statistics are available). This brings the total for 2013 to 519,000 loan modifications, a number which dwarfs the number of foreclosure sales (378,000) that were reported up to the same point. All in all, this totals 6.6 million permanent loan modifications since 2008. According to analysis from financial firm Keefe, Bruyette, and Woods, loan modifications are playing a large part in strengthening today's housing market.
It's clear that loan modifications have done plenty to improve housing statistics, but these numbers conceal serious issues that are often glossed over by pundits and the national media.

[fa icon="clock-o"] Friday, September 27, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification lawyer, foreclosure defense, loan modification help

Foreclosure and Loan Modification Blog

Jake Sterling

Recent Posts

More New Jersey Foreclosure Filings than Ever! Wonder Why?

Defaults of the Rich and Famous: Celebs Who Needed Foreclosure Help

1. Rihanna

Taming the Debt Monster [Video]

Will the Government Shutdown Affect the Foreclosure Process?

Loan Modification Success: FHA - Selene Payment Reduction

Is Your Home Free If You Don't Pay Your Mortgage for 5 Years?

Freddie Mac Turns to YouTube to Dispel Common Foreclosure Myths

Can a Mortgage Lender Withdraw a Loan Modification Package?

Loan Modification Success: Eye-Popping BOA Principal Reduction

One Such Story

Are Loan Modifications Really Saving the Economy?

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