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.

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

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

On the morning of this client's Summary Judgment Hearing early in 2013, our client and his son followed the wrong signs in the courthouse and sat outside the court room for 2 hours before someone told them that the cases had been moved to a different location. By this time they figured out what was wrong, it was two hours later and the Judge had already granted Wells Fargo a Summary Judgment and allowed them to schedule a foreclosure sale date. Here is what happened after they found Amerihope Alliance Legal Services.

On August 14, 2013, our firm was retained by a family who was deep in the foreclosure process. As a matter of fact, Wells Fargo had already scheduled a foreclosure sale date of September 24, 2013 on their home. Despite the fact that there were only a few weeks before the house was to be sold via foreclosure auction, our foreclosure defense attorney reviewed and accepted their case, and were ready to defend our client against Wells Fargo's foreclosure action in court.

[fa icon="clock-o"] Wednesday, September 25, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] foreclosure defense

By Barbara Pronin

Everyone knows that having a good credit score marks you as a credit-worthy individual with increased buying power. But, said consumer finance consultant Jill Krasny, many people have critical misconceptions about what makes for a good credit score.

Krasny offers five common credit misconceptions:

[fa icon="clock-o"] Tuesday, September 24, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] understanding credit

Many homeowners are investigating mortgage loan modification programs as an alternative to foreclosure and a way to stay in their homes. The Home Affordable Modification Program (HAMP) promoted by the U.S. Government aims to streamline the process but many homeowners are still unsure about where to start the loan modification process and how to give their modification application the best chance of approval. As a homeowner, preparation and knowledge will allow you to help your lender review your case thereby increasing your chances of success.

[fa icon="clock-o"] Monday, September 23, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification denied, loan modification, 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.

The recession hit all of America hard, but many self-employed people felt the worst part of the recession. As soon as business dried up, not only was it hard to recover lost business, but it was also hard to re-enter the traditional workforce, since many self-employed people had not worked a corporate job for years.

That is exactly what happened to one homeowner who needed our help. He had been self-employed for quite some time, and was able to make it through the worst of the recession. However, business slowed and the homeowner ended up needing to seek out work to help support his growing family. He had just managed to secure a job when he came to us for help in late December 2012, but was already over 9 months behind on his Chase mortgage, and had been served foreclosure just a few weeks before.

[fa icon="clock-o"] Saturday, September 21, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] successful loan modifications, foreclosure defense

Understand the Loan Modification Process in 15 Minutes

Understand Loan Modifications in 15 Minutes

In the wake of the recent economic downturn, more homeowners than ever are still facing foreclosure. If you and your family are struggling to keep up with mortgage payments and fear being served a notice of foreclosure, or if you have already been served a notice of default, and are searching for a way to keep your home, loan modification might be your best opportunity for a new beginning. If you have contacted your lender and they have offered a loan modification package, depending on your situation you may either be denied, offered a trial loan modification package, or be approved for a permanent loan modification package.

[fa icon="clock-o"] Friday, September 20, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification help, mortgage modification

Foreclosure and Loan Modification Blog

Jake Sterling

Recent Posts

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?

How to Stop a Wells Fargo Foreclosure Sale Date

5 Credit Myths to Ditch Now

Do-it-Yourself Loan Modification Not so Easy

Loan Modification Success: Chase Principal Reduction and Payment Reduction

Understand the Loan Modification Process in 15 Minutes

About this Blog

Subscribe to Email Updates

Lists by Topic

Foreclosure Process Handbook

Sitemap

Subscribe

Recent Posts

Contact Us

Call (877) 882-5338

Fax: (954) 919-6337

View our Office Locations