Foreclosure and Loan Modification Blog (15)

Successful Loan Modification Roundup Week of 12/22/17

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 Nationstar, Shellpoint, Wells Fargo, Ocwen, and Ditech:

Nationstar

Foreclosure was started on our Nationstar client after she fell 12 months and $12,421.52 past due on her mortgage, but we helped her get a fresh start with a three month in-house trial loan modification. If she keeps up her payments, we hope to have her in a permanent modification by Easter!

Our Nationstar clients were $28,107.72 past due on their mortgage payments, but now they have a final loan modification with the entire past due amount deferred and monthly savings of $224.03 (24% reduction)!

Successful Loan Modification Roundup Week of 12/15/17

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.

Bank of America

Our Bank of America client was 12 months and $8,486.93 past due on her mortgage, but now she has a final in-house loan modification. Their monthly mortgage payment dropped from $695.00 to $335.00, which is a 52% decrease! We will continue to represent them and make sure that Bank of America dismisses the foreclosure lawsuit.

Our Client Was 98 Months Past Due with Ditech and We Still Got Him a 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.

Being really, really, really far behind on your mortgage doesn't necessarily mean that you can't get a loan modification and keep your home. A recent client of our firm is a good example of this. To protect his privacy, I'll call him Mr. Shroff.

Mr. Shroff lives in a nice home, currently valued at about $1 million, in Hilsborough County, FL with his wife and son. He is self-employed. A downturn in his business caused him to fall behind on his mortgage during the recession in 2009.

Eventually Mr. Shroff's financial problems cleared up and he was able to make payments again, but by then, his mortgage servicer, Ditech, wouldn't let him make payments. They wanted him to pay all of the missed payments plus fees, which ended up being an astounding $191,140.06. He didn't have that much cash, so he stayed in default.

[fa icon="clock-o"] Friday, December 8, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, ditech 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.

Freedom Mortgage

Our Freedom Mortgage client was 8 months and $15,334 past due on his mortgage, but we helped him get a three month FHA-HAMP trial loan modification with cheaper monthly payment!

Avoid Judicial Default By Answering Foreclosure Complaint

If you miss mortgage payments, or pay less than what is required, then you're in default on your mortgage loan. Your lender will at some point send you a notice of default letter notifying you that by not paying your mortgage, you're in violation of the terms of the promissory note that you signed and are at risk of losing your home to foreclosure.

If you don't work things out by reinstating your loan (paying the entire amount you're behind), agreeing to a repayment plan, or getting a loan modification, then the foreclosure process will continue.

Further along in the foreclosure process there's another type of default that can happen called a judicial default or clerk's default. A judicial default is a “binding judgment in favor of either party based on some failure to take action by the other party.”

[fa icon="clock-o"] Tuesday, November 28, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, judicial default judgment, summons and complaint

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

Our Wells Fargo client was $31,920 past due with summary judgment entered and a foreclosure sale date set, but now has a final loan modification and has avoided foreclosure!

Are You Sending The Same Documents For Your Loan Modification?!

One of the most common complaints from homeowners trying to get a loan modification is that they have to keep sending documents that they've already submitted to their loan servicer.

In desperate need of a loan modification to save their home and avoid foreclosure, they are stuck in a sea of paperwork, bureaucracy, and uncertainty that seems like it will never end.

Why does this happen?

Borrowers who want a loan modification are required to submit an application to their loan servicer, called a request for mortgage assistance (RMA), that includes many financial documents.

[fa icon="clock-o"] Monday, November 20, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, loan modification application

Normally people fall into foreclosure because they don't have enough money to pay their mortgage. But sometimes it's a mistake from the mortgage servicer, not any fault of the borrower, that puts someone into foreclosure. That's the case for a recent client of our firm, who I'll call Ms. Craig to protect her privacy.

Ms. Craig is a school teacher who has owned a home near Chicago, Illinois since 2002. For nearly a decade and a half things went pretty smoothly with her home and finances.

Then in 2016, Ms. Craig filed for Chapter 7 bankruptcy to deal with some debt that was not related to her mortgage. Her home was not included in the bankruptcy and she continued to make her mortgage payments during bankruptcy.

Mortgage Servicer Changed

Also in 2016, the servicing rights to Ms. Craig's mortgage were transferred from Loan Care to Freedom Mortgage. It's a servicer's right to sell the servicing rights to another company if they wish, and the borrower has no say in it.

Servicing is supposed to continue as normal during and after the transfer, but that's not what happened in Ms. Craig's case.

[fa icon="clock-o"] Saturday, November 18, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, freedom mortgage 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 Ocwen, Nationstar, SunTrust, Flagstar, Carrington, and Roundpoint:

Ocwen

Our Ocwen client was an incredible 87 months and $168,320 past due on his mortgage with a foreclosure sale date set. Now he has a permanent loan modification with interest rate slashed nearly in half, $202.63 lower monthly payment, $100,756.60 principal forgiveness, and $188,317.97 deferred balloon payment!

Successful Loan Modification Roundup Week of 11/10/17

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 Seterus clients were a whopping 91 months and $265,701 past due on their mortgage, now they have a 3-month trial loan modification with $471.89 monthly savings!

Foreclosure and Loan Modification Blog

Successful Loan Modification Roundup Week of 12/22/17

Nationstar

Successful Loan Modification Roundup Week of 12/15/17

Bank of America

Our Client Was 98 Months Past Due with Ditech and We Still Got Him a Loan Modification!

Successful Loan Modification Roundup Week of 12/1/17

Freedom Mortgage

Avoid Judicial Default By Answering Foreclosure Complaint

Successful Loan Modification Roundup Week of 11/24/17

Wells Fargo

Are You Sending The Same Documents For Your Loan Modification?!

Why does this happen?

Mistake By Loan Servicer Drives IL Homeowner Into Foreclosure

Mortgage Servicer Changed

Successful Loan Modification Roundup Week of 11/17/17

Ocwen

Successful Loan Modification Roundup Week of 11/10/17

Seterus

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