Foreclosure and Loan Modification Blog

Maxwell Swinney

3 Common Wells Fargo Loan Modification Problems

If you're having problems with your mortgage, it's a good idea to communicate with your bank to see if you can work with them for some sort of agreement to stay out of foreclosure.

Your bank can choose to give you an unemployment forbearance that temporarily suspends your mortgage payments because of a job loss, for example. Or, if you're already behind on your mortgage payments due to a hardship, you may be able to get a loan modification that reinstates your mortgage with a more affordable payment.

Loan modifications are the only option many homeowners have to keep their home. The terms of the loan, such as the length of the loan, the interest rate, and the principal balance can be changed.

Loan modifications are a life saver for those who get them. Unfortunately, many Wells Fargo borrowers end up disappointed when they don't get the results they're looking for after trying to deal with the bank on their own. And Wells Fargo has a reputation as one of the most difficult banks to work with for a loan modification.

Successful Loan Modification Roundup Week of 9/2

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 Nationstar, SPS, Wells Fargo, and others:

Nationstar

8 years behind on mortgage payments to Nationstar, our client was approved for a loan modification with lower payment and interest rate, $88k principal forgiven, and $265k deferred!
This in-house loan modification got our Nationstar client a fresh start with a cheaper payment and 2% lower interest rate!

FHA Updating Loss Mitigation Options to Make Keeping Home Easier

If your mortgage is insured by the Federal Housing Administration (FHA) and you're struggling to keep your home, there's some good news that the FHA recently announced.

The FHA, which is part of the Department of Housing and Urban Development (HUD), announced “new procedures to strengthen the process mortgage servicers use to help struggling families avoid foreclosure and remain in their homes.”

FHA is accomplishing this by “streamlining its loss mitigation protocols that servicers must use when evaluating and deploying 'home retention options,' foreclosure alternatives that allow delinquent borrowers to retain their home.”

[fa icon="clock-o"] Tuesday, August 30, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HAMP, hamp loan modification, fha

Successful Loan Modification Roundup Week of 8/26

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.

Seterus

Our client was in foreclosure and $45k past due on payments to Seterus, but we helped them get a trial loan modification with a lower interest rate!

Foreclosures Down, Home Values Up, Loan Modifications Still An Option

The recent financial crisis, housing crisis, and recession really did a number on homeowners. You didn't have to be an economist or real estate expert to know that there was a sharp increase in the number of foreclosures. All you had to do was turn on the news and you'd hear about it, or drive through any residential neighborhood and see the signs in front yards.

About seven million homeowners have experienced foreclosure since the start of the crisis. The wealth homeowners held in their homes evaporated as jobs were lost. That left many homeowners in the terrible position of being unable to afford their mortgage payment or sell their home because they owed more on it than it was worth.

[fa icon="clock-o"] Thursday, August 25, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure defense, housing market, foreclosure crisis

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 February of 2015, we were hired by homeowners in Brooklyn, New York who wanted to avoid losing their home to foreclosure. To protect their privacy, we'll call them the Voshenkos.

The Voshenkos were in very serious trouble when they came to us. They were in foreclosure because they hadn't made a mortgage payment to Wells Fargo in more than five years. But they wanted to find a solution to keep their home, so we started working on their case.

Successful Loan Modification Roundup Week of 8/19

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.

650,000 Borrowers to Receive (More) Money from Independent Foreclosure Review

If you were eligible to receive money under the Independent Foreclosure Review Payment Agreement but didn't cash your check, it's too late. All the money that went unclaimed is now being redistributed to those who did cash their checks.

The Federal Reserve Board has announced that money leftover from the $3.9 billion Independent Foreclosure Review Agreement will be paid to the nearly 650,000 borrowers who already got their money. The borrowers who didn't cash their checks before the deadline are out of luck.

The Fed has given borrowers every chance to claim the money they were entitled to under the Independent Foreclosure Review Payment Agreement. Those who had not cashed their checks were given until December 31, 2015 to ask for a replacement check, and had to cash those checks by March 31, 2016.

[fa icon="clock-o"] Wednesday, August 17, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure

If you want to get out of your Federal Housing Administration (FHA) insured home loan through a short sale you should be aware of the differences between an FHA short sale and a regular short sale.

The Federal Housing Administration (FHA) is a government agency that insures loans. It is part of the Department of Housing and Urban Development (HUD). Their goals are to “improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans, and stabilize the mortgage market.”

As a government agency, the FHA is subject to regulations that other mortgages (or investors) aren't.

[fa icon="clock-o"] Monday, August 15, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] short sale, fha

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 eight (8) of the results from this week, which include results from Caliber, SPS, Ocwen, and others:

Ocwen

Trial loan modification achieved for our client's non owner occupied property with Ocwen. Investment properties are often more difficult to modify.

Foreclosure and Loan Modification Blog

Maxwell Swinney

Recent Posts

3 Common Wells Fargo Loan Modification Problems

Successful Loan Modification Roundup Week of 9/2

Nationstar

FHA Updating Loss Mitigation Options to Make Keeping Home Easier

Successful Loan Modification Roundup Week of 8/26

Seterus

Foreclosures Down, Home Values Up, Loan Modifications Still An Option

5 Years Behind with Wells Fargo, This NY Client Avoided Foreclosure

Successful Loan Modification Roundup Week of 8/19

650,000 Borrowers to Receive (More) Money from Independent Foreclosure Review

Approval to Participate Required for FHA Short Sales

Successful Loan Modification Roundup Week of 8/12

Ocwen

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