Foreclosure and Loan Modification Blog

Maxwell Swinney

[Foreclosure Q&A] What is a Notice of Default?

A notice of default is a letter sent to a homeowner telling them that they have not made their mortgage payments and that they need to pay for the missed payments, plus fees, in order to avoid foreclosure.

The letter will call making up for the missed payments “curing the default”.

A notice of default is required by law and will usually arrive after three months of missed mortgage payments. It shouldn't be a surprise since you know when you haven't been paying your mortgage and the bank will have been in contact before sending the default letter.

[fa icon="clock-o"] Thursday, October 18, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] notice of default

If you fall behind on your mortgage payments, and don't come to some sort of resolution with your lender, you're going to end up in foreclosure. The end result of foreclosure is often a public auction.

The foreclosing party is obligated to publicize the auction in advance in local newspapers and online. On the day of the auction, the property will be sold to the highest bidder. That's the goal, anyway. But sometimes there aren't any buyers at the auction willing to pay the minimum price that's been set.

When that happens, the lender will usually take the home back. According to RealtyTrac, in 2016 71.5% of completed auctions in the U.S. resulted in homes going back to the foreclosing lender, and the remaining 28.5% went to a third-party buyer.

[fa icon="clock-o"] Saturday, October 13, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] auction, foreclosure auction

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are some 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, Seterus, and Loan Care:

SPS

Our SPS client fell $12,638.15 past due on his mortgage, which had been previously modified. We helped him get a repayment plan that allows him to keep his home and avoid foreclosure!

Look at These Raving Reviews Our Clients Left Us in September!

Amerihope Alliance Legal Services has helped more than 7,000 homeowners obtain a loan modification in the 10 years we've been in business. Our experienced staff works hard to get our clients the results they want, and a number of our satisfied clients have left us reviews online to make public their appreciation for the work we've done for them.

In September 2018, we received a large number of reviews on a site called TrustLink, a free website that provides customer reviews of businesses. TrustLink verifies that reviews come from customers who have actually used the business they're reviewing, so a good review there really means something because it can't be purchased or falsified. Amerihope Alliance Legal Services has over 370 reviews.

Alongside the attorneys, our paralegals work closely with our clients and are mentioned frequently in glowing terms in the TrustLink reviews we received in September, which are all five stars, the highest you can get. Take a look at these unedited reviews below:

[fa icon="clock-o"] Saturday, October 6, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] 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 some of their stories.

Bayview

23 months and $41,642+fees past due on their mortgage (which had been previously modified) with a foreclosure sale date set, we helped our Bayview clients get a three month trial loan modification plan with a fresh start!

Florida Foreclosure Defense Law Firm of Mark Stopa, "Stay In My Home", Files Bankruptcy

One of Florida's biggest foreclosure defense law firms, Stay In My Home P.A., has declared bankruptcy. The roughly 4,000 clients of the firm will need to look elsewhere for legal services.

Mark Stopa, the founder of Stay In My Home, P.A. and a high-profile attorney in the field of foreclosure defense, is under criminal investigation for alleged “equity skimming”, which is a type of mortgage fraud.

Over the summer of 2018 Stopa was indefinitely suspended from practicing law for violating professional conduct rules. The Florida Department of Law Enforcement raided his offices, seized his firm's computers, and froze its accounts. With no way to make payroll “most of the attorneys and staff quit” the firm, according to an article in the Tampa Bay Times.

[fa icon="clock-o"] Friday, October 5, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] florida foreclosure attorney, Bankruptcy, 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 some of their stories.

Ocwen

Yes! 50 months and $40,562 past due on her mortgage, we helped our Ocwen client get a final streamline loan modification with $118.02 monthly savings and $34,975.66 principal forgiven!

10 Years After The Financial Crisis, Don't Forget Foreclosure Victims

September 2018 marks the 10 year anniversary of the bankruptcy of Lehman Brothers, the event that signifies the start of the financial crisis in many people's minds. You remember the financial crisis, the worst since the Great Depression, the one that almost destroyed the economy? That one.

Everyone has an opinion about the crisis and how they would have responded to it if they had been in charge. You'll hear people say that they wouldn't have bailed out the banks and the government should have done this or that, and it would have been better that way, and blah, blah, blah.

[fa icon="clock-o"] Friday, September 28, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense attorney, financial crisis

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are some of their stories.

Mr. Cooper

Our Mr. Cooper client was past due on her mortgage and in active foreclosure with a sale date scheduled. Her loan had been previously modified, but we helped her get a three month trial loan modification plan with $105 cheaper monthly payment!

Should You Use Retirement Money To Pay Your Mortgage And Avoid Foreclosure?

Not having enough money to pay your mortgage means making some tough choices. One choice that some homeowners find themselves pondering is whether or not they should take money from their retirement savings to make their mortgage payments.

Taking money from your retirement account is a big decision with serious consequences. Whether it's a good or bad idea for you depends on how much retirement savings you have and what's causing you to have trouble paying your mortgage.

When Spending Retirement on Mortgage Makes Sense

Taking a withdrawal from your retirement account to pay your mortgage could make sense if you have a ton of money in your retirement account and are experiencing a temporary hardship caused by a one-time expense.

[fa icon="clock-o"] Wednesday, September 19, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, retirement

Foreclosure and Loan Modification Blog

Maxwell Swinney

Recent Posts

[Foreclosure Q&A] What is a Notice of Default?

What If Your Home Doesn't Sell At Foreclosure Auction?

Successful Loan Modification Roundup Week of 10/12/18

SPS

Look at These Raving Reviews Our Clients Left Us in September!

Successful Loan Modification Roundup Week of 10/5/18

Bayview

Florida Foreclosure Defense Law Firm of Mark Stopa, "Stay In My Home", Files Bankruptcy

Successful Loan Modification Roundup Week of 9/28/18

Ocwen

10 Years After The Financial Crisis, Don't Forget Foreclosure Victims

Successful Loan Modification Roundup Week of 9/21/18

Mr. Cooper

Should You Use Retirement Money To Pay Your Mortgage And Avoid Foreclosure?

When Spending Retirement on Mortgage Makes Sense

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