Foreclosure and Loan Modification Blog (15)

Successful Loan Modification Roundup Week of 12/1/17

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 SLS and Freedom Mortgage:

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.

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!

Why Haven't You Gotten a Loan Modification Yet?

You desperately need a loan modification to avoid foreclosure and keep your home, but you haven't gotten one yet. Why?

There are two big reasons people don't get a loan modification when they need one. One is that they mistakenly think that they can't qualify. The other is that they try to apply, but the process is frustrating and they give up or fail.

What you don't know can hurt you, and some homeowners simply don't know what they need to about loan modifications or they believe things that are incorrect.

Let's take a closer look at how this happens, what the real facts are, and what you can learn from other people's mistakes to get the results you want.

[fa icon="clock-o"] Saturday, November 4, 2017 [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 a few of their stories.

Shellpoint

Our Shellpoint client was an unbelievable 100 months and $110,995+ past due on her mortgage with 9% interest rate, now she has a 3 month in-house trial loan modification plan with a fresh start!

Retired Couple Avoids Foreclosure With Loan Modification of 2nd Mortgage

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.

A retired couple, who I'll call the Schmidts to protect their privacy, recently hired Amerihope Alliance Legal Services to help them save their Florida home from foreclosure. The Schmidts were current on their first mortgage, but had defaulted on their second.

Their second mortgage lender, Liberty Savings Bank, was trying to foreclose on the Schmidt's home to satisfy the debt.

The loan was structured so that the Schmidt's made monthly payments plus interest for a few years, then the loan matured and the balance was accelerated and due as one big balloon payment.

[fa icon="clock-o"] Saturday, October 28, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification

Foreclosure and Loan Modification Blog

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

Why Haven't You Gotten a Loan Modification Yet?

Successful Loan Modification Roundup Week of 11/3/17

Shellpoint

Retired Couple Avoids Foreclosure With Loan Modification of 2nd Mortgage

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