Foreclosure and Loan Modification Blog

Maxwell Swinney

HUD Releases Guide "What To Do If You Can't Pay Your Mortgage"

The Department of Housing and Urban Development (HUD) has released a document that gives homeowners information on what to do when they're facing foreclosure or can't make their mortgage payments called “Homeowner's Guide to Success: What To Do If You Can't Pay your Mortgage.”

The HUD guide is short, but contains a lot of useful information for homeowners who are in foreclosure or in danger of falling into foreclosure. If you're having trouble with your mortgage and don't know what to do, HUD's guide is a good place to start learning about what options are available to you.

The guide includes a glossary of terms, a financial worksheet, and advice on where to go for more information. But it also includes some specific advice on what you should do.

[fa icon="clock-o"] Wednesday, January 10, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HUD, avoiding foreclosure

The terms of some mortgage loan modifications include deferment of a portion of the money owed, which is not paid back in monthly payments like the rest of the loan. Rather, the deferred amount is put to the side when a loan is permanently modified, where it accumulates no interest.

When the loan matures or the home is sold, the deferred amount has to be paid back in one balloon payment.

When a loan modification includes a deferment it is typically for the amount the borrower is past due, which includes fees, and can be tens or hundreds of thousands of dollars.

[fa icon="clock-o"] Saturday, January 6, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, deferment

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter (#loanmodwow) or Facebook. Here are some of our results from this week with Carrington, Ocwen, Caliber, M&T Bank, Freedom Mortgage, and Bayview:

Caliber

Our Caliber clients were 53 months and $81,198.06 past due on their mortgage with a foreclosure sale date set, but we helped them get a three month in-house trial loan modification plan with $183.84 monthly savings!

Successful Loan Modification Roundup Week of 12/29/17

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Ditech

Our Ditech clients were 53 months and $80,522.01 past due on their mortgage with foreclosure started on their home, now they have a permanent in-house loan modification with 3.75% lower interest rate (from 7.75% to 4.0%) and $329.04 lower monthly payment!

SLS Tries To Foreclose On Widow, Loan Modification Saves Her Home

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here is one of their stories.

A recent client of our law firm, who I'll call Ms. Garcia to protect her privacy, nearly lost her home in Hudson County, New Jersey after she fell behind on mortgage payments to SLS following the death of her husband.

In June of 2015, Ms. Garcia was served a with a foreclosure summons and complaint, which meant that she was being sued and was the defendant in a civil lawsuit. This is the way it works in states with a judicial foreclosure process. The plaintiff (the party suing) was HSBC.

By June of 2016, an order of summary judgment had been entered, which meant that the lender could request a Writ of Execution, and a sale date to auction off her home at anytime.

[fa icon="clock-o"] Thursday, December 28, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, sls loan modification

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter (#loanmodwow) or Facebook. Here are some of our results from this week with Nationstar, Shellpoint, Wells Fargo, Ocwen, and Ditech:

Nationstar

Foreclosure was started on our Nationstar client after she fell 12 months and $12,421.52 past due on her mortgage, but we helped her get a fresh start with a three month in-house trial loan modification. If she keeps up her payments, we hope to have her in a permanent modification by Easter!

Our Nationstar clients were $28,107.72 past due on their mortgage payments, but now they have a final loan modification with the entire past due amount deferred and monthly savings of $224.03 (24% reduction)!

Successful Loan Modification Roundup Week of 12/15/17

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Bank of America

Our Bank of America client was 12 months and $8,486.93 past due on her mortgage, but now she has a final in-house loan modification. Their monthly mortgage payment dropped from $695.00 to $335.00, which is a 52% decrease! We will continue to represent them and make sure that Bank of America dismisses the foreclosure lawsuit.

Our Client Was 98 Months Past Due with Ditech and We Still Got Him a Loan Modification!

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners, here is one of their stories.

Being really, really, really far behind on your mortgage doesn't necessarily mean that you can't get a loan modification and keep your home. A recent client of our firm is a good example of this. To protect his privacy, I'll call him Mr. Shroff.

Mr. Shroff lives in a nice home, currently valued at about $1 million, in Hilsborough County, FL with his wife and son. He is self-employed. A downturn in his business caused him to fall behind on his mortgage during the recession in 2009.

Eventually Mr. Shroff's financial problems cleared up and he was able to make payments again, but by then, his mortgage servicer, Ditech, wouldn't let him make payments. They wanted him to pay all of the missed payments plus fees, which ended up being an astounding $191,140.06. He didn't have that much cash, so he stayed in default.

[fa icon="clock-o"] Friday, December 8, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, ditech loan modification

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Freedom Mortgage

Our Freedom Mortgage client was 8 months and $15,334 past due on his mortgage, but we helped him get a three month FHA-HAMP trial loan modification with cheaper monthly payment!

Avoid Judicial Default By Answering Foreclosure Complaint

If you miss mortgage payments, or pay less than what is required, then you're in default on your mortgage loan. Your lender will at some point send you a notice of default letter notifying you that by not paying your mortgage, you're in violation of the terms of the promissory note that you signed and are at risk of losing your home to foreclosure.

If you don't work things out by reinstating your loan (paying the entire amount you're behind), agreeing to a repayment plan, or getting a loan modification, then the foreclosure process will continue.

Further along in the foreclosure process there's another type of default that can happen called a judicial default or clerk's default. A judicial default is a “binding judgment in favor of either party based on some failure to take action by the other party.”

[fa icon="clock-o"] Tuesday, November 28, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, judicial default judgment, summons and complaint

Foreclosure and Loan Modification Blog

Maxwell Swinney

Recent Posts

HUD Releases Guide "What To Do If You Can't Pay Your Mortgage"

Will Your Loan Modification Include a Deferment and Balloon Payment?

Successful Loan Modification Roundup Week of 1/5/18

Caliber

Successful Loan Modification Roundup Week of 12/29/17

Ditech

SLS Tries To Foreclose On Widow, Loan Modification Saves Her Home

Successful Loan Modification Roundup Week of 12/22/17

Nationstar

Successful Loan Modification Roundup Week of 12/15/17

Bank of America

Our Client Was 98 Months Past Due with Ditech and We Still Got Him a Loan Modification!

Successful Loan Modification Roundup Week of 12/1/17

Freedom Mortgage

Avoid Judicial Default By Answering Foreclosure Complaint

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