Having your application for a mortgage loan modification accepted typically means being required to make a series of trial modification payments to prove you're able to pay your mortgage again. Passing that test means you're most of the way to your goal to a permanently modified loan.
But, even after making trial modification payments, some homeowners are still denied a permanently modified mortgage.
Here are some reasons that could happen:
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 Seterus, Nationstar, Capital One, US Bank, SPS, and Pennsylvania Housing Finance Agency:
Seterus client was 16 months and $48,422 past due on mortgage, now they have a fresh start with a final in-house loan modification with lower fixed interest rate!
A lot of things about 2016 were not so good. In fact, they stunk. We lost Prince, David Bowie, Harambe and George Michael. There was a contentious election, terrorism abroad, war in Syria, the Zika virus, and Brexit.
With all that and more, many people are glad to put 2016 behind them, and are hoping that 2017 turns out better.
It's important to point out that not everything was terrible in 2016. The stock market hit new highs, and housing continued to improve. Home prices went up, interest rates stayed low, and the number of foreclosures declined.
But will the positive trends in housing continue with everything that's changing, which includes a new president, new congress, and the expiration of some government programs?
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:
Yes! Our Ditech clients was $13,677 past due on their mortgage and in danger of losing their home. After making three trial modification payments they were approved for a final HAMP Tier II loan modification that dropped their payments from $1,730 to $1,043 a month for a $687 cheaper payment, and slashed their interest rate from 6.875% to 3% for the 33 year term of the loan.
HAMP, the federal government's mortgage loan modification program, is expiring. Your complete application must be submitted by December 30, 2016 in order to be eligible to participate in the program.
The Home Affordable Modification Program (HAMP) is designed to help homeowners who have experienced a financial hardship, such as loss of income or illness, to get their mortgage back to normal servicing with a lower monthly payment that they can afford long-term.
A lower payment can be achieved by changing the interest rate, extending the term of the loan to as many as 40 years, and/or forgiving or forbearing some of the money owed on the loan.
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 Caliber, Ditech, and Carrington:
Our Caliber client was $55,751 past due on mortgage and in active foreclosure, now has a permanent mod with low fixed 2% interest rate for 40 years!
The Florida Supreme Court has issued a ruling that could increase the number of foreclosure actions brought against homeowners in the state.
According to the Florida Bar News, as a result of the state Supreme Court's November 3 ruling,“Lenders who have had a foreclosure suit dismissed can bring new action if the borrower continues to default after the dismissal and the case is brought within five years of nonpayment.”
The ruling had to do with the statute of limitations provision in Florida that says foreclosure on a mortgage has to be brought within five years of the borrower defaulting on payments.
When you take out a mortgage to buy a home, your plan is to never miss a payment and live in the house until you pay off the mortgage or sell the property to buy another home. So what happens when the plan goes awry and you miss payments? You're at risk of losing your home to foreclosure, obviously.
However, foreclosure doesn't happen like flipping a light switch. In judicial foreclosure states the foreclosure process is long and filled with legal procedures that most homeowners aren't familiar with and don't understand.
It can be hard to tell when you're fighting for a lost cause, and when you should keep fighting, and how. Here's a look at some of the things that happen, and how to tell if you could still keep your home when they happen.
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 Wells Fargo and Nationstar:
More than five years and $80k past due to Wells Fargo with a sale date set, our client now has a 3 month in-house trial loan modification with 1.25% lower interest rate and sale date on hold.
Have you recieved a Notice of Acceleration from your lender?
It could also be called a Notice of Intent to Accelerate, Acceleration Notice, Demand Letter, Default Letter, Notice of Default or even Notice of Default and Acceleration.
What does it mean?
In contract law, an acceleration clause is a “term that fully matures the performance due from a party upon a breach of the contract.”
For mortgages that have an acceleration clause (most do), that means that, after breaching your contract by missing payments, your lender can demand that you either pay off the entire balance of your mortgage or be foreclosed upon.
Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.
Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.
