Foreclosure and Loan Modification Blog

Maxwell Swinney

Successful Loan Modification Roundup Week of 9/1/17

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.

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 PNC:

PNC

Our PNC client was 21 months past due on mortgage payments back in May when we obtained a Trial Loan Modification for them. There was an active foreclosure case.

[fa icon="clock-o"] Friday, September 1, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, PNC loan modification success

It's back to school time. Kids are getting on the bus, going to class, and doing homework after school, and hopefully you'll find some time to handle your own homework.

If you've missed mortgage payments, there's no better time than now to try to repair your finances.

If you do your homework, you could ace foreclosure avoidance and keep your home. So sharpen your number two pencils, grab a fidget spinner if you must, and let's do some foreclosure avoidance homework.

Homework Assignment #1: Discover Your Options

In school and in the real world, success depends on good information. So your first homework assignment is to educate yourself on the options available to you.

When you stop paying your mortgage, you have to find a solution to or else you will eventually lose your home to foreclosure. There are a number of loss mitigation options that could help you avoid that, including:

[fa icon="clock-o"] Saturday, August 26, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure

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.

SPS

Our SPS clients were $135,522.66 past due on mortgage. Now they have a three month trial loan modification with enormous savings of $570.88 on their monthly payment.

Successful Loan Modification Roundup Week of 8/18/17

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.

4 Ways to Avoid a Repeat Foreclosure After a Loan Modification

Getting out of foreclosure is only half the battle. The other half is staying out.

After months or years of not making house payments and trying to avoid foreclosure, some homeowners have been able to reinstate their mortgage with a permanent loan modification that gives them the opportunity to keep their home and avoid foreclosure for good.

Unfortunately, some of these homeowners have stopped making mortgage payments again and ended up back in foreclosure.

That's called a repeat foreclosure, and it's been a big problem since the housing crisis began. ATTOM Data Solutions recently reported data on repeat foreclosures. The results show very high rates in some parts of the country.

[fa icon="clock-o"] Wednesday, August 16, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, loan modification help, personal finance

Getting your bank's approval for a trial loan modification is often difficult, but once you get it and make the payments, your permanent loan mod is basically a slam dunk, right?

Wrong.

In some cases it doesn't happen so easily.

A recent client of our firm, who I'll call Mr. Smith to protect his privacy, is a good example of that. Mr. Smith made his trial modification payments on time and in full, and wasn't offered a final loan modification like he was promised. Let's look at his story and what lessons can be learned from it.

[fa icon="clock-o"] Saturday, August 12, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, CFPB, trial modification, 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.

Nationstar

Our Nationstar client was past due by 14 payments and $11,186.79, nut now has a three-month trial loan modification with a stunning 45% lower monthly mortgage payment!

Successful Loan Modification Roundup Week of 8/4/17

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.

SPS

Our SPS client was $9,015 past due on mortgage, but now has a final loan modification with $625.61 lower monthly payment and 3.2% lower interest rate!

Successful Loan Modification Roundup Week of 7/28/17

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.

Caliber

Monthly mortgage payment reduced by 55% and 1.125% lower interest rate with a final loan modification for our Caliber client who was $45,779.44 past due on mortgage.

SPS Is Now the Biggest Mortgage Servicer, Getting Loan Modification a Challenge Without Help

Select Portfolio Servicing (SPS) is now the biggest servicer of non-agency residential mortgage-backed securities (RMBS) in the country, with 410,286 loans worth $80.03 billion in their portfolio. Previous number one Ocwen falls to second place, and Nationstar follows in the third spot.

Non-agency, or “private label,” backed mortgage securities are created by private entities. They're not guaranteed by the government and often contain higher risk subprime loans from borrowers who couldn't meet agency standards.

So SPS services a huge portfolio of mortgages that have a relatively higher risk of default. Even if only a small percentage of those loans default, there are many thousands of homeowners seeking to work with SPS for an alternative to foreclosure.

[fa icon="clock-o"] Thursday, July 27, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, sps loan modification

Foreclosure and Loan Modification Blog

Maxwell Swinney

Recent Posts

Successful Loan Modification Roundup Week of 9/1/17

PNC

The Kids Are Back to School and It's Time to Do Your Foreclosure Homework

Homework Assignment #1: Discover Your Options

Successful Loan Modification Roundup Week of 8/25/17

SPS

Successful Loan Modification Roundup Week of 8/18/17

4 Ways to Avoid a Repeat Foreclosure After a Loan Modification

Ditech Gave This Final Loan Modification Only After a CFPB Complaint Was Filed

Successful Loan Modification Roundup Week of 8/11/17

Nationstar

Successful Loan Modification Roundup Week of 8/4/17

SPS

Successful Loan Modification Roundup Week of 7/28/17

Caliber

SPS Is Now the Biggest Mortgage Servicer, Getting Loan Modification a Challenge Without Help

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