Foreclosure and Loan Modification Blog

Maxwell Swinney

Post-HAMP Suggestions from the Mortgage Bankers Association

The government's Home Affordable Modification Program (HAMP), is expiring at the end of 2016, and the mortgage industry has ideas about how to replace it.

HAMP, sometimes referred to as the Obama plan, became available to distressed homeowners in 2009 in response to the financial and foreclosure crises. Its goal has been to help delinquent borrowers keep their home with a more affordable monthly mortgage payment.

Now the Mortgage Bankers Association, a trade group representing the real estate finance industry, has released its own suggestions for how loan modifications should be implemented in a post-HAMP world in 2017 and beyond. It's called One Mod, short for One Modification.

[fa icon="clock-o"] Monday, October 10, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, hamp loan modification, housing market

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, which include results from Bank of America, SLS, and Freedom Mortgage:

Bank of America

A whopping 6 years and $145,723 behind on mortgage with Bank of America, our client was approved for an FHA HAMP trial plan with a fresh start.

Successful Loan Modification Roundup Week of 9/30

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.

Chase

Past due on mortgage payments to Chase, our client is approved for a streamline loan modification with $252 monthly savings, lower interest rate!

[fa icon="clock-o"] Friday, September 30, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] wells fargo loan modification, loan modification, successful loan modifications

Nothing worth having is given away. When you want something of value, it usually takes some work to get it. So when you apply for a home-saving loan modification to avoid foreclosure and have a lower mortgage payment, don't expect the process to be easy.

To get a loan modification, which is a permanent change to one or more of the terms of a mortgage, you have to complete a request for mortgage assistance (RMA). It's a thorough application requiring documentation of income, a debt to income ratio, a hardship affidavit, and more.

The loan modification application must be filed with your loan servicer, and one of the largest mortgage servicers in the country is Ocwen Financial Corporation. Although Ocwen actually has a reputation as one of the better loan servicers to work with when trying to get a loan mod, it's still challenging.

Here are some common complaints of homeowners trying to work with Ocwen for a loan modification:

[fa icon="clock-o"] Wednesday, September 28, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, ocwen loan modification

Your mortgage is more complex than it appears. While you typically only deal with your servicer, which takes your payments, credits your account, and forecloses if you default, there's another party involved in your mortgage loan.

This other party, although usually invisible to you, has the biggest stake in your mortgage. I'm talking about the investor. They're the “end user” of your mortgage. They own it and earn a profit from the interest you pay them.

Many homeowners only learn about the existence of an investor in their mortgage when they experience a hardship, can't pay their mortgage, and their servicer tells them that their investor won't allow them to get a loan modification.

[fa icon="clock-o"] Monday, September 26, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, hamp loan modification, mortgage investor

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 client was in foreclosure after falling three years and $47k behind on his mortgage, but now he has a loan modification with a $591 lower monthly mortgage payment!

What Does a Foreclosure Defense Attorney Actually Do for You?

If you're considering hiring an attorney to help you avoid foreclosure and/or get a loan modification, you may be wondering what specifically an attorney will do to help you keep your home. You know your mortgage issues are too important to try to handle alone, but how exactly does an attorney help?

Do they just show up in court and say something in Latin “Your honor, the corpus juris, et cetera, entitle my client to keep their house. Also, carpe diem, and liberum domum (free house), please.”

Of course not. So what does an attorney actually do when you hire them to defend you from foreclosure and assist you in getting a loan modification?

Successful Loan Modification Roundup Week of 9/16

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.

Wells Fargo

Hooray! Trial loan modification approved for our client who was more than a year behind on mortgage payments to Wells Fargo.

Nationstar

Success! Our Nationstar client was approved for a 3 month streamline trial modification plan with $104 monthly savings on mortgage payment and a lower interest rate.

Superstorm Sandy, Foreclosure, and Loan Modification Success

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 May of 2014 a homeowner in Sullivan County, New York, that I'll call Mr. Goulet to protect his privacy, retained our firm to help him avoid foreclosure. He hadn't been served with a foreclosure lawsuit when he retained us, but knew it was coming, and wisely sought help from experienced professionals.

Mr. Goulet is a successful business owner. Things had been going well for him until Superstorm Sandy tore through the region in late 2012 and damaged his home. (Sandy caused about $75 billion in damage, which is second only to Hurricane Katrina.)

He moved out of his home, over the state line into New Jersey, while the damage caused by Sandy was being repaired.

There's Never Been a Better Time to Get a Loan Modification

If you're having trouble with your mortgage, you've probably heard about loan modifications. Modifying a mortgage loan involves making a permanent change to one or more of its terms. The interest rate can be lowered, the term can be extended, and principal and fees can be reduced.

[fa icon="clock-o"] Monday, September 12, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure defense, HAMP

Foreclosure and Loan Modification Blog

Maxwell Swinney

Recent Posts

Post-HAMP Suggestions from the Mortgage Bankers Association

Successful Loan Modification Roundup Week of 10/7

Bank of America

Successful Loan Modification Roundup Week of 9/30

Chase

3 Common Ocwen Loan Modification Problems

Why Do Mortgage Investors Deny Loan Modifications?

Successful Loan Modification Roundup Week Of 9/23

Ditech

What Does a Foreclosure Defense Attorney Actually Do for You?

Successful Loan Modification Roundup Week of 9/16

Wells Fargo

Nationstar

Superstorm Sandy, Foreclosure, and Loan Modification Success

There's Never Been a Better Time to Get a Loan Modification

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