Foreclosure and Loan Modification Blog (23)

Distressed Home Sales In 2016 At A Nine-Year Low

Distressed home sales made up 16.2% of all homes sold in 2016, which is a drop of more than two and a half points from 2015, and a smaller percentage of home sales than in any year since 2007, according to ATTOM Data Solutions Year-End 2016 U.S. Home Sales Report.

A distressed sale is a bank-owned sale, short sale, or foreclosure auction sold to a third party buyer. Basically anything other than a regular sale of a home in which the seller has equity is considered a distressed sale. It's a good thing the number of distressed sales are down.

The distressed sales numbers breakdown as follows. REO (Real Estate Owned) sales, also called bank-owned sales, were 8% of all sales in 2016, which is down two points from 2015 and the lowest level in 10 years.

[fa icon="clock-o"] Tuesday, February 21, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] short sale, housing market, deed in lieu of 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.

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 Chase, Wells Fargo, SPS, Bank of America, Ocwen, Citi, and Caliber:

Chase

Our Chase client was 19 months and $30,463 past due, but now has a permanent FHA-HAMP loan modification with lower interest rate and $59.55 cheaper payment!

Who Is The Plaintiff In The Foreclosure Lawsuit Against You?

If you live in a judicial foreclosure state and stop paying your mortgage, you will eventually become the defendant in a civil lawsuit.

The plaintiff, which is the party suing you, must go through the court system in order to foreclose on your house. But who will the plaintiff be?

It could be one of a few different parties or some combination of them. It could be the investor in your loan, your loan servicer, or a trustee that represents the parties with an interest in your mortgage.

Let's examine who those parties are, and what it means for you when fall behind on your mortgage.

[fa icon="clock-o"] Friday, February 17, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, foreclosure lawsuit

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

$234,020 past due on mortgage with SLS, our client was in active foreclosure and had three sale dates canceled, now has a permanent HAMP II loan modification with $735 lower monthly payment and 5% lower interest rate!

Could A HUD Partial Claim Help You Avoid Foreclosure?

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.

[fa icon="clock-o"] Wednesday, February 8, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, HUD, partial claim

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 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!

2 Ways Bad Information Can Drive You Into Foreclosure

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.

[fa icon="clock-o"] Tuesday, January 31, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, loan modification fraud, 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.

SLS

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%!

4 Dirty Tricks Mortgage Lenders Use To Foreclose On Your Home

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.

[fa icon="clock-o"] Thursday, January 26, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, loan modification fraud, foreclosure fraud, free house, mortgage abuse

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.”

[fa icon="clock-o"] Tuesday, January 24, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, foreclosure crisis

Foreclosure and Loan Modification Blog

Distressed Home Sales In 2016 At A Nine-Year Low

Successful Loan Modification Roundup Week Of 2/17/17

Chase

Who Is The Plaintiff In The Foreclosure Lawsuit Against You?

Successful Loan Modification Roundup Week Of 2/10/17

SLS

Could A HUD Partial Claim Help You Avoid Foreclosure?

Successful Loan Modification Roundup Week of 2/3/17

Seterus

2 Ways Bad Information Can Drive You Into Foreclosure

Successful Loan Modification Roundup Week Of 1/27/17

SLS

4 Dirty Tricks Mortgage Lenders Use To Foreclose On Your Home

Foreclosures At 10-Year Low In 2016, But Crisis Still Not Over

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