Foreclosure and Loan Modification Blog (10)

Illinois Hardest Hit Fund Helps Senior Avoid Reverse Mortgage Foreclosure

Recently our firm was hired by a homeowner in Chicago, Illinois who needed help saving her home from foreclosure. To protect her privacy, I'll call this client “Ms. Campbell”.

Ms. Campbell's home was scheduled to be sold in a foreclosure auction in March, 2018. She hired us in January. Retaining an experienced law firm like ours that has a record of helping people in her situation was the smart thing to do, but it's better to do so before a sale date is scheduled.

With so little time until the scheduled foreclosure sale, would we be able to save her home?

Unlike most people facing foreclosure, Ms. Campbell wasn't past due on her mortgage payments. She doesn't even have mortgage payments. She was facing foreclosure on her reverse mortgage, which takes advantage of the equity she had in her home.

[fa icon="clock-o"] Sunday, August 5, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] hardest hit, reverse mortgage, reverse mortgage foreclosure, Hardest Hit Fund

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 and US Bank:

US Bank

After falling 12 months and $13,554 past due on his mortgage payments, we helped our US Bank client get a fresh start through a final FHA partial claim loan modification with $22,121.65 partial claim due at maturity in 30 years!

[fa icon="clock-o"] Friday, August 3, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] sps loan modification, us bank loan modification, 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 are some of their stories.

Penny Mac

Our Penny Mac client was $6,259.79 past due on his mortgage, but we helped him get a final loan modification with $488.17 cheaper monthly payment and lower interest rate!

Hardship Letter Tips for a Successful Loan Modification

If you are trying to obtain a loan modification or other loan workout plan, then your bank’s guidelines are going to require that you write a hardship letter.

[fa icon="clock-o"] Monday, July 23, 2018 [fa icon="user"] Kristen Clinton [fa icon="folder-open'] loan modification attorney, write a hardship letter, hardship letter

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.

SLS

Our SLS clients were 5 months and $10,309.20 past due on their mortgage payments, but we helped them get a final loan modification with $610.70 cheaper monthly payment and $48,838.95 non-interest bearing deferment!

What You Should Know About Foreclosure Mediation Conferences In Illinois

Some counties in Illinois offer mediation programs to homeowners in foreclosure, which are “designed to create an opportunity for homeowners and lenders to come together to explore mutually beneficial alternatives to foreclosure.”

At the mediation conference, a homeowner and a representative from the foreclosing lender will come together with an impartial third party where alternatives to foreclosure, such as loan modification, repayment plan, short sale, and deed in lieu of foreclosure, may be discussed.

Can I Participate In Mediation?

In some counties in Illinois, it's mandatory that mediation be offered to eligible homeowners facing foreclosure.

[fa icon="clock-o"] Saturday, July 7, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] illinois foreclosure lawyer, mediation, foreclosure process in illinois

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.

Caliber

After falling 8 months and $16,719.18 past due on their mortgage, we helped our Caliber clients get a final VA loan modification with $283.31 cheaper monthly payment and $16,719.18 deferred for 30 years!

Successful Loan Modification Roundup Week of 6/29/18

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

Our Ocwen client was 38 months and $47,526.85 past due on her mortgage, which had been modified in 2015. with a foreclosure sale date scheduled, but we helped her get a 3-month streamline trial loan modification plan with $188.54 cheaper monthly payment!

Successful Loan Modification Roundup Week of 6/22/18

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.

Loan Care

Recent clients of our firm were 25 months and $24,996+ past due on their Loan Care mortgage, but we helped them get a 3 month FHA trial loan modification plan with cheaper monthly payment and a fresh start!

[fa icon="clock-o"] Friday, June 22, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] carrington loan modification, loan care loan modification, loan modification success

Owning a timeshare can be so expensive that, if you inherit one, you may want to refuse to take it by filing something called a “disclaimer of interest”.

This may be a surprise because typically inheriting something is a good thing. That's not necessarily the case with timeshares because a significant amount of them are basically worthless.

Even if you are bequeathed a timeshare that is totally paid off, you'll still have to pay monthly maintenance fees for as long as you have it. These maintenance fees can be $700-$800 a month or more. At $800 a month, you'll be paying $9,600 a year to use a timeshare for one week a year. Some deal.

[fa icon="clock-o"] Monday, June 18, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] timeshare cancellation

Foreclosure and Loan Modification Blog

Illinois Hardest Hit Fund Helps Senior Avoid Reverse Mortgage Foreclosure

Successful Loan Modification Roundup Week of 8/3/18

US Bank

Successful Loan Modification Roundup Week of 7/27/18

Penny Mac

Hardship Letter Tips for a Successful Loan Modification

Successful Loan Modification Roundup Week of 7/20/18

SLS

What You Should Know About Foreclosure Mediation Conferences In Illinois

Can I Participate In Mediation?

Successful Loan Modification Roundup Week of 7/6/18

Caliber

Successful Loan Modification Roundup Week of 6/29/18

Ocwen

Successful Loan Modification Roundup Week of 6/22/18

Loan Care

Avoid Inheriting A Timeshare By Filing "Disclaimer of Interest"

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