Foreclosure and Loan Modification Blog

Maxwell Swinney

What Is a Notice of Acceleration?

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.

[fa icon="clock-o"] Wednesday, December 7, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure defense

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 SLS, Nationstar, Carrington, Caliber, Ocwen, and SPS:

Caliber

19 months and $60,778 past due on mortgage payments to Caliber, our client now has a final loan modification with $91.24 cheaper monthly payment.

Does Your Bank Have the Standing to Foreclose on Your Home?

In judicial foreclosure states (such as Illinois, Florida, Pennsylvania, New York, and New Jersey), your lender is required to go through the courts to foreclose on your property. They become the plaintiff and you become the defendant in a foreclosure lawsuit.

The plaintiff must prove to the court that they are the party in interest that's legally entitled to foreclose on your home. That, in legal terminology, is called standing.

Standing is very important, and the plaintiff must have it at the time they file a foreclosure action against you. If they don't, your attorney may file a motion to dismiss the action because of it.

[fa icon="clock-o"] Tuesday, November 29, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, florida foreclosure laws, foreclosure fraud

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.

SLS

Yes! Our SLS client was in active foreclosure with a sale date set after falling $234,020 past due on their mortgage. Now they have a trial HAMP II trial modification plan with $719 savings a month!

[fa icon="clock-o"] Friday, November 25, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, 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 is one of their stories.

In 2014 we were retained by a homeowner in New Jersey who hadn't paid her mortgage to Ocwen since 2009, and had been in foreclosure since 2010. I'll call her Diana to protect her privacy.

Diana was a staggering $185,000 past due on her mortgage. She had a good job, but a lot of bills besides her mortgage to pay each month, and Ocwen didn't think she could afford to keep her home.

Diana wanted to keep her home, but was worried that she would lose it to foreclosure, and that she and her young child would have to find somewhere else to live.

[fa icon="clock-o"] Wednesday, November 23, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, ocwen loan modification

Many homeowners haven't paid their mortgage in many months or even years. They fight foreclosure and look for a way to keep their home. After a lot of work, some get approved for a loan modification which returns their loan to normal. Foreclosure disaster averted. Hooray!

But there's one minor problem with getting your loan back to normal: you have to actually start paying a mortgage again. What the heck?

I know, bills are terrible, but getting a free house is not a realistic possibility. Keeping your home after falling behind on payments by getting a loan modification is the best result, and one that millions of homeowners in recent years wanted to achieve and couldn't. (Seven million Americans have been in foreclosure since the recession began.)

[fa icon="clock-o"] Monday, November 21, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure defense, life after 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.

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, Wells Fargo, Chase, Nationstar, Ocwen, Bank of America, Ditech, Caliber, one forbearance plan with MGC Mortgage, and one deed in lieu of foreclosure agreement:

Wells Fargo

Our Wells Fargo client was $37,238 past due on mortgage following the death of her husband, but we helped her get an FHA HAMP trial loan modification with $158 cheaper payment!

[fa icon="clock-o"] Friday, November 18, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, ocwen loan modification

With a servicing portfolio worth more than $369 billion and over 2.3 million customers, Nationstar is one of the largest mortgage loan servicers in the country.

Nationstar's website says they have “A Culture of Caring,” and “Because we are focused on keeping people in their homes, it's natural for us to want to do all we can to help those who are truly struggling.”

Despite its self-proclaimed “culture of caring,” homeowners often find that it's difficult to deal with Nationstar when trying to get a loan modification, and that they don't feel the servicer does all they can to keep them in their home.

[fa icon="clock-o"] Monday, November 14, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, nationstar 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 SPS, Wells Fargo, Chase, Nationstar, and Loan Care, and one deed in lieu of foreclosure agreement with Carrington:

SPS

Our SPS clients were 89 months and $449,078 past due on mortgage, but we got them a streamline HAMP loan modification with $1,240 monthly savings, interest rate slashed, and $209,885 deferred principal forgiven if paid on time for three years!

4 Things To Know About Loan Modifications With Citi

Are you having a hard time paying your mortgage? Have you already defaulted? If you want to keep your home you should look into getting a loan modification to avoid foreclosure and get your mortgage back to normal. A loan modification can even result in a lower monthly payment and principal forgiveness or forbearance.

To get a loan modification you'll need to work with your loan servicer, which is the company that takes your payments, credits your account, and forecloses on you when you stop paying.

But your servicer isn't necessarily the owner of your loan. That's the investor, and they're the one that has the power to approve or deny your loan modification application.

Some companies, like Ocwen, only service loans, and don't invest in any loans. But some banks, like Citi (aka Citigroup or Citibank), could be both the servicer of and investor in a mortgage, or just one and not the other.

Citigroup is one of the “big four” banks in the U.S. along with Wells Fargo, Bank of America, and JPMorgan Chase. Citi is involved in a lot of mortgages, many of which have defaulted on at one point. We've helped many homeowners who have a mortgage with Citi save their their home through a modification.

[fa icon="clock-o"] Tuesday, November 8, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, citi loan modification

Foreclosure and Loan Modification Blog

Maxwell Swinney

Recent Posts

What Is a Notice of Acceleration?

Successful Loan Modification Roundup Week of 12/2

Caliber

Does Your Bank Have the Standing to Foreclose on Your Home?

Successful Loan Modification Roundup Week of 11/25

SLS

Ocwen Loan Modification Success for Our New Jersey Client

Avoiding Payment Shock After Getting a Loan Modification

Successful Loan Modification Roundup Week Of 11/18

Wells Fargo

Two Common Nationstar Loan Modification Problems

Successful Loan Modification Roundup Week Of 11/11

SPS

4 Things To Know About Loan Modifications With Citi

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