If you fall behind on your FHA-insured mortgage loan, you might be able to get help from something called a partial claim payment, which is a loan from HUD paid to your lender to avoid foreclosure.
To be eligible for a HUD partial claim you must have missed at least four payments, but no more than 12. And you have to show that you'll be able to pay your mortgage after the claim is paid, and that you will use the property as your primary residence.
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 PHH, Seterus, and Citi:
Our Seterus client was $65,635.71 past due on mortgage with $970.91 monthly payment and high 8.25% interest rate. Now they have a final loan modification with $783.70 payment and low 3.5% interest rate for $187.25 savings!
When you're at risk of foreclosure, you can't make good decisions about what to do without good information. And sometimes the people you trust most to give you accurate information can't be counted on to provide it.
It's unfortunate, but the banks and companies offering to help homeowners with foreclosure defense and loan modifications have been known to lie and/or omit important facts in a way that benefits them and harms the homeowner.
The consequences of acting on bad advice related to your mortgage can have a huge impact on your financial well-being. It can harm your credit and cause you to unnecessarily lose your home to foreclosure. Foreclosure has even been shown to cause health problems. It's a big deal.
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 & Ocwen:
18 months and $24,516 past due on mortgage with SLS, our client has a HAMP II loan modification with $508 cheaper monthly payment and an interest rate that dropped from 7% to 3%!
Dealing with your lender on your own when you're behind on your mortgage payments is like going to war against an opponent who has nuclear weapons and all you've got is a rusty pocket knife. Things aren't likely to go well for you.
Why is that? Your lender has a lot of resources, including loads of money and experienced attorneys working for them. But beyond that, some mortgage lenders and servicers have repeatedly shown a willingness to bend or break rules, laws, and standards of ethics in order to foreclose.
Foreclosure filings in 2016 were at their lowest level in ten years according to ATTOM Data Solutions Year-End 2016 U.S. Foreclosure Market Report.
The report shows 933,045 default notices, scheduled auctions, and bank repossessions for 2016, which is a 14% drop from 2015 and the lowest number of foreclosure filings since 2006, which had 717,522 foreclosure filings.
This is a continuation of a positive trend. Since 2014 the rate of foreclosure has been in an “historically normal range.”
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 :
Our SPS client has a streamline HAMP loan modification (their second HAMP mod) with $520 lower monthly payment and 5.075% lower interest rate!
Divorce stinks. And the emotional cost is only part of the reason why. It also affects the finances of the people involved, usually for the worse. Loans that were taken out as a couple become unaffordable after the split when one person is trying to make the payments on their own.
That's the case for a Florida couple that retained our law firm to help them avoid foreclosure. I'll call them Mr. and Mrs. Kelly to protect their privacy. The Kellys divorced in 2009, but remained on good terms after separating.
Their home was awarded to Mrs. Kelly in the divorce. She tried to keep it, but couldn't afford the payments on her own, and Bank of America filed for foreclosure in 2011.
Mrs. Kelly wanted to find a solution to keep the property, but needed to reinstate the mortgage with a lower payment that was affordable with her income. A loan modification is the only way to achieve that.
HAMP (the Home Affordable Modification Program), the government's loan modification program, expired December 30, 2016. Unless your application was accepted before then, HAMP is not an option for you.
But it's still possible to avoid foreclosure by getting an in-house loan modification.
In-house modifications are also called traditional or proprietary modifications, because they existed before HAMP was created and are given according to each lender's standards.
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 US Bank, PNC Bank, and SLS:
71 months and $161,156.52 past due on mortgage with US Bank and in foreclosure, our client now has a HAMP II final loan modification with $815.68 cheaper monthly payment!
Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.
Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.
