Foreclosure and Loan Modification Blog (20)

Foreclosures Lowest Since 2005, Repeats High In New York City And Miami

ATTOM Data Solutions has released its April 2017 U.S. Foreclosure Market Data report, which shows that April's foreclosure activity is the lowest since November 2005.

In April 2017 there were 77,049 foreclosure filings, which is a drop of 7% from the month before and a decline of 23% from a year ago. A foreclosure filing includes default notices, scheduled auctions, and bank repossessions.

The good performance of mortgages originated over the last seven years is a big part of the reason for foreclosure filings continuing to drop, ATTOM says. They do, however point to an issue with repeat foreclosures “on homeowners who often fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery.”

[fa icon="clock-o"] Wednesday, May 17, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, florida foreclosure attorney, foreclosure, housing market

If you've fallen behind on your mortgage, it's a good idea to save some extra money to help you get through whatever solution you eventually reach and your life afterward.

No matter what happens, whether it's the best case scenario, like a loan modification with a big principal reduction and low monthly payment and interest rate, or the worst, like losing your home to foreclosure, having a bigger financial cushion is always a good thing.

You can never have too much money. (If you can, that's the kind of problem we'd all like to have.)

Americans aren't the best savers in the world. 1 in 3 Americans has no retirement savings, and many households don't have enough cash savings to survive a $500 emergency, much less a mortgage crisis that costs tens or hundreds of thousands of dollars. The good news is that just about anybody can save some money with a little bit of effort. Here are a few suggestions on how to do that.

[fa icon="clock-o"] Saturday, May 13, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, personal finance, loan modification cost

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:

Ocwen Trial Loan Modification

4 months and $15,321 past due on mortgage, our Ocwen client is now approved for a 3-month in-house trial loan modification with massive monthly savings of $655.73!

[fa icon="clock-o"] Friday, May 12, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, ocwen 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.

Bayview Loan Modification

Our Bayview Loan Servicing client was $12,123.66 past due on their mortgage, but now has a trial loan mod with $56.85 cheaper payment! The first of three payments is due June 1, and we anticipate a final loan modification to be in writing by September.

Citi Denied a Loan Modification for Years until We Demanded Fair Treatment

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.

In March 2014 we were hired by a homeowner in Trenton NJ, whom I'll call Ramon Delgado to protect his privacy, who needed help saving his home from foreclosure.

Mr. Delgado, like most homeowners, didn't want to default on his mortgage with Citi, but a significant loss of income forced him into a situation where he couldn't make his house payments.

He was able to recover from his hardship and regain the ability to pay his mortgage. However, after falling so far behind, Citi didn't want him to resume making regular mortgage payments. They wanted a big check for all the missed payments plus fees, which he didn't have the cash to do. So he remained in default even though he could have made payments. This is a common scenario.

Ocwen Being Sued By CFPB For Mortgage Servicing Failures... Again

You had one job, Ocwen, and you couldn't even do that!

Mortgage servicer Ocwen is being sued by the Consumer Financial Protection Bureau (CFPB) for “failing borrowers at every stage of the mortgage servicing process.”

The lawsuit alleges that Ocwen's “widespread errors, shortcuts, and runarounds cost some borrowers money and others their home.”

According to the CFPB, for years Ocwen has consistently demonstrated an inability to perform the most fundamental duties required of a mortgage servicer, such as sending accurate monthly statements to borrowers, crediting their account for payment, and correctly handling tax and insurance payments.

[fa icon="clock-o"] Saturday, April 29, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] ocwen loan modification, CFPB, Ocwen, mortgage servicing, ocwen 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 a few of their stories.

Nationstar

104 months (8 years) and $235,000 past due on their mortgage, our Nationstar client is happy as you please to have a 3 month trial loan modification plan and opportunity to keep their home!

Loan modification denied because of “complete” application scam?

Loan modifications, which involve a permanent change to one or more of the terms of a mortgage, are often the only means homeowners who've fallen behind on their mortgage have to save their home. But they are quite difficult to get, and sometimes the bank denies that they've received a complete loan modification application, depriving the homeowner of vital protections against foreclosure.

To be eligible for a loan modification, a package called a Request for Mortgage Assistance, or RMA, must be submitted to the mortgage servicer. The RMA includes tax and income documents as well as an affidavit explaining the hardship that caused the default.

Your mortgage company is not supposed to move forward with foreclosure when you have a complete loan modification application accepted and under review. Doing so would be engaging in something called dual-tracking, which is prohibited by mortgage servicing rules from the Consumer Financial Protection Bureau (CFPB).

[fa icon="clock-o"] Tuesday, April 25, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, Scam Alert, foreclosure, foreclosure fraud

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.

PNC

Our PNC Bank client was 32 months and $28,246.81 past due on adjustable rate mortgage with a sale date set, now she has a permanent loan modification with low 2% fixed interest rate and $185.36 cheaper monthly payment!

Successful Loan Modification Roundup Week of 4/14/17

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.

SLS

15 months and $39,752 past due on mortgage payments to SLS, our client now has a 3 month in-house trial loan modification plan with $540.82 monthly savings!

Foreclosure and Loan Modification Blog

Foreclosures Lowest Since 2005, Repeats High In New York City And Miami

6 Ways to save Money When You're Behind on Your Mortgage

Successful Loan Modification Roundup Week Of 5/12/17

Ocwen Trial Loan Modification

Successful Loan Modification Roundup Week Of 5/5/17

Bayview Loan Modification

Citi Denied a Loan Modification for Years until We Demanded Fair Treatment

Ocwen Being Sued By CFPB For Mortgage Servicing Failures... Again

Successful Loan Modification Roundup Week Of 4/28/17

Nationstar

Loan modification denied because of “complete” application scam?

Successful Loan Modification Roundup Week of 4/21/17

PNC

Successful Loan Modification Roundup Week of 4/14/17

SLS

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