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.
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As the second largest bank in the United States based on total assets, Bank of America has become a staple in nearly every home. More so, Bank of America has been an integral factor in the financing of millions of mortgages across the U.S. With such a considerable level of relevance in home mortgages, it's easy to assume that BOA is the shining symbol of excellence. However, Bank of America has consistently been amid a whirlwind of mortgage lawsuits and shady practices over the last few years.
Amerihope Alliance Legal Services managing attorney Gregory Nordt congratulates Florida Attorney General Pam Bondi who was re-elected to serve a second year term as Florida’s Chief Legal Officer. Attorney General Pam Bondi secured 55% of the vote with more than 5.6 million votes cast in the cabinet race.
Although the number of Americans behind two or more months on their mortgage payments have fallen below the 2 million mark for six consecutive months, an estimated 1.89 million borrowers had serious delinquencies of 60-days+ in August 2014, according to HOPE. It does not matter why you fell behind on your mortgage payments. Unless you negotiate otherwise, you will fall into default on your mortgage loan, which triggers the foreclosure process.
But do you need a lawyer?
Massachusetts is a non judicial (technically, “nonjudicial under power of sale in deed of trust") foreclosure state... Uhm, what the heck is that you ask? Oh, just that lenders can take your home without going through court, or any sort of judicial proceeding. Okay and?! AND, say good bye to any extra time you thought you had in your home, because clearly there will be no pending judicial process delaying your foreclosure... I don't mean to a big ole' foreclosure ogre or anything but that's reality peeps, time to embrace the “it is what it is.”
Foreclosure by sale
Otherwise know as, “foreclosure under a deed of trust.” which just so happens to let the lenders sell your precious property through a power of sale (unfair much? after all you two have been through, haha they got you! If you didn't already know, lenders have 0 remorse..). Now I'm sure you want an explanation of how this power of sale BS works. Here it goes.....
Paying off your mortgage faster may not be your goal when you first buy a house, but after a few years your financial situation may change. If you have more income than you did when you first bought the house, you might consider paying off your mortgage early.
It's important for consumers to understand they have important rights if contacted by a debt collector about a delinquent or defaulted account. "Millions of consumers per year may find themselves behind on payments and are contacted by a creditor or debt collector," ACA International CEO Pat Morris said. "While no one ever wants to get a call or letter telling them they owe money, consumers need to know they are protected by very important federal and state laws."
America's economy relies on the repayment of consumer credit such as loans, credit cards, and bills for services rendered to keep costs down and ensure the availability of affordable credit. Federal, state, and local governments in the public sector also rely on the repayment of billions of taxpayer owed dollars in delinquencies including student loans, uncollected court fees, unpaid taxes, library fines, and traffic tickets. The following are helpful tips for U.S. consumers who may be contacted about a rightfully owed debt:
Recently, the Lawyers’ Committee for Civil Rights Under Law and NeighborWorks® America highlighted the ongoing foreclosure rescue scam crisis during a press conference to identify top consumer complaints in New York.
During this National Consumer Protection Week event, representatives offered guidance on avoiding financial scams, including loan modification scams.
The Federal Trade Commission’s Office organized the press event, which highlighted the most egregious frauds plaguing New York residents and featured scam avoidance tips from the Better Business Bureau Serving Metropolitan New York, United States Postal Inspection Service, New York Attorney General’s Office, New York State Department of Financial Services, New York City Department of Consumer Affairs and AARP.
The Loan Modification Scam Alert Campaign educates homeowners about the warning signs that indicate that the person or company offering assistance may be a scam. The top three warning signs of a scam are any person or company that:
• Asks for fees in advance of fully providing services
• Guarantees that they’ll stop a foreclosure or get your loan modified.
• Tells you to stop paying your mortgage company and to pay them instead
While Baby Boomers are generally in better financial shape than their younger counterparts, many of their needs are more urgent due to their relatively short time horizon until retirement. Here are some steps for Baby Boomers to take now:
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
