Foreclosure and Loan Modification Blog (18)

Successful Loan Modification Roundup Week of 7/28/17

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 Seterus, SLS, Nationstar, Caliber, and Carrington:

Caliber

Monthly mortgage payment reduced by 55% and 1.125% lower interest rate with a final loan modification for our Caliber client who was $45,779.44 past due on mortgage.

SPS Is Now the Biggest Mortgage Servicer, Getting Loan Modification a Challenge Without Help

Select Portfolio Servicing (SPS) is now the biggest servicer of non-agency residential mortgage-backed securities (RMBS) in the country, with 410,286 loans worth $80.03 billion in their portfolio. Previous number one Ocwen falls to second place, and Nationstar follows in the third spot.

Non-agency, or “private label,” backed mortgage securities are created by private entities. They're not guaranteed by the government and often contain higher risk subprime loans from borrowers who couldn't meet agency standards.

So SPS services a huge portfolio of mortgages that have a relatively higher risk of default. Even if only a small percentage of those loans default, there are many thousands of homeowners seeking to work with SPS for an alternative to foreclosure.

[fa icon="clock-o"] Thursday, July 27, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, sps loan modification

Falling behind on your mortgage doesn't mean losing your home to foreclosure is a foregone conclusion. What happens and when depends in large part on how you respond to your situation. You may be able to keep your home or at least exit it under the best circumstances. But to do that you have to act on good information and avoid the mistakes that are often made by homeowners in foreclosure, which include:

1. Assuming your lender is going to help you.

Though your lender has the power to help you, you should not assume that they will. You and your lender's goals don't always align. Following a default, you probably want to keep your home but with a lower payment. The bank simply wants to make as much money as possible from the loans in their portfolio. Sometimes helping you keep your home is also the best way for the bank to make the most money, sometimes not.

[fa icon="clock-o"] Tuesday, July 25, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification lawyer, foreclosure defense, loan modification help

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.

Ditech

Our Ditech client was $68,594+ and 22 months past due on mortgage, now has a three month trial modification plan with a fresh start!

Successful Loan Modification Roundup Week of 7/14/17

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.

Nationstar

Our Nationstar client was 14 months and over $36,978 past due on mortgage, but now has a 3 month Flex Modification trial plan with $359.66 lower monthly payment!

Can A Quitclaim Deed Save You From Foreclosure?

If you're behind on your mortgage and desperate to avoid foreclosure, you may find yourself searching for any and all ways, no matter how obscure, that you could improve your situation.

Could there be a way to get a free house through the statute of limitations or a quiet title action, or would suing your lender benefit you in some way? We've covered all of those topics on this blog before.

How about a quitclaim deed? Could that you could make your mortgage problems go away?

[fa icon="clock-o"] Tuesday, July 11, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, foreclosure, quitclaim deed

Dealing with the death of a family member is hard enough, but the administration of their estate can bring financial difficulties with it as well, including foreclosure.

People often don't talk about money with their family, so when a family member dies, heirs can have no clue how much debt they owe and to whom. It becomes their responsibility to figure all of that out.

[fa icon="clock-o"] Monday, July 3, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, probate

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.

Rushmore

Our Rushmore client was 28 months and $70,701 past due on her mortgage, but is now approved for a permanent loan modification with low interest rate and $433.11 monthly savings!

Divorce Causes Default On PNC Mortgage, Trial Loan Mod Approved

Divorce. It isn't just difficult emotionally, it's often also a financial hardship that can lead to foreclosure. Following a split, it's difficult for the partner who keeps the marital home to pay the mortgage with just one income instead of two. That was the case for a recent client of our firm, who I'll refer to as Ms. Hassan to protect her privacy.

Ms. Hassan wanted to keep the Illinois home she and her husband had shared following their separation, but with only her salary from her job as a high school science teacher, she defaulted.

By March 2017 she was 20 months past due, and she hired Amerihope Alliance Legal Services to help her avoid foreclosure and apply for a loan modification.

Successful Loan Modification Roundup Week of 6/23/17

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.

Foreclosure and Loan Modification Blog

Successful Loan Modification Roundup Week of 7/28/17

Caliber

SPS Is Now the Biggest Mortgage Servicer, Getting Loan Modification a Challenge Without Help

5 Things to Not Do When You're in Foreclosure

1. Assuming your lender is going to help you.

Successful Loan Modification Roundup Week of 7/21/17

Ditech

Successful Loan Modification Roundup Week of 7/14/17

Nationstar

Can A Quitclaim Deed Save You From Foreclosure?

Going Through Probate and Avoiding Foreclosure On An Inherited House

Successful Loan Modification Roundup Week of 6/30/17

Rushmore

Divorce Causes Default On PNC Mortgage, Trial Loan Mod Approved

Successful Loan Modification Roundup Week of 6/23/17

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