Florida may be in the Southernmost part of the United States, but it was and still is the center of the foreclosure crisis. Even today, thousands of Floridians are served with foreclosure papers every month. Florida is a judicial foreclosure state, meaning that foreclosures have to proceed through through the court system in order to be completed. This combination of judicial foreclosure and the severity of the foreclosure crisis has created what is consistently the nation's largest backlog of foreclosure cases; a problem which Florida's government had not addressed until recently.
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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.
Aside from the infamous "subprime mortgages," one of the major contributors to the foreclosure crisis was banks giving out home loans at unfair terms. Many homeowners simply couldn't afford their homes once the economy slowed. One homeowner had experienced problems with getting on top of his loan for years; his entire situation changed when he spoke with us.
This homeowner hadn't paid on his mortgage since around the start of the mortgage crisis. In fact, he hadn't paid his mortgage for six years. In addition to being over $150,000 behind on paying his $2,000 monthly mortgage payment, our homeowner was paying an astronomically high 9.34% interest rate. Somehow, he had managed to stay out of foreclosure during that time, but he knew that wouldn't always be the case. That's when the homeowner retained (hired) us to help him modify his home loan in June 2013.
Which has worse consequences, a foreclosure or a short sale? Are there any consequences that come with mortgage modifications? Here's what your realtor and bank won't tell you.
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.
What would you do if you were emerging from the shadows of bankruptcy, had already lost one of your cars to repossession, and your house was now in danger of being foreclosed? If you're like this couple, then you fight back.
Emerging From The Shadows
We met this married couple when they retained (hired) us in late 2011. They couldn't afford to pay their $2,600 mortgage payment and were several months behind.
Foreclosures are never pretty. They destroy a homeowner’s credit. They ruin a neighborhood’s sense of closeness. When you or someone that you know is in financial trouble, you feel like you’re living in a nightmare. The purpose of this post is to assist homeowners in understanding the process in this unfortunate circumstance.
In 2009, President Obama introduced the Home Affordable Modification Program (also known as HAMP). The program was designed to help struggling homeowners either to refinance their mortgage or modify their existing mortgage. The program was designed with incentives to the servicers/mortgage lenders and homeowners. However, many servicers were not seeing the program through, and as a result, many homeowners experienced multiple obstacles in getting a HAMP loan modification.
HAMP adapts to protect homeowners from foreclosure
The HAMP program, unveiled in 2009, was considered by many to be a failed experiment (in part due to the servicers lack of participation and implementation of the rules as well as many stringent program guidelines). Due to many failed modifications, in June of 2012 the Obama administration unveiled HAMP Tier 2 in an attempt to provide assistance to struggling homeowners. Tier 2 came with some much needed eligibility changes.
By Barbara Pronin, RISMedia Columnist
With home prices languishing and mortgage interest rates still at historic lows, this may be the year you will want to buy your first home. But getting a mortgage can be a daunting process, especially if the terms associated with getting a loan are new to your vocabulary.
This is the final installment in a three part series about free loan modifications. You can read Part 1: Free Loan Modifications: Hope Now and Part 2: Free Loan Modifications: NACA Know How?
In Brief:
- Hope Now, NACA, and other free loan modification services have helped thousands of homeowners.
- There are 3 main drawbacks to these free services.
- These companies can't help you the way a foreclosure defense attorney can.
Are Homeowners Being helped by Free Loan Modification Programs Hope Now and NACA?
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.
A single, mature homeowner was attempting to get her home loan modified and was having issues with Bank of America. She had been involved in an auto accident with an uninsured driver which had created financial difficulties, which eventually led to her not being able to pay her mortgage on time. Even though BOA had promised to help the homeowner, they strung her along for over a year, and the homeowner was now being threatened with foreclosure. This homeowner was paying a mortgage payment of over $2000 monthly with a high 9.375% interest rate, and was over $20,000 behind on her mortgage. Once she hired Amerihope Alliance Legal Services, her entire situation began to change.
