Foreclosure and Loan Modification Blog (24)

Seeing Through Bank of America's BS & Unfair Foreclosure

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.

[fa icon="clock-o"] Tuesday, January 17, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, bank of america foreclosure, foreclosure

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.

[fa icon="clock-o"] Saturday, January 14, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HAMP, in-house 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.

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:

US Bank

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!

Life After HAMP Part I: Flex Modification Replacing Some Mods

Fannie Mae and Freddie Mac have announced the creation of the Flex Modification foreclosure prevention program, which will assist struggling homeowners in keeping their homes by lowering their monthly mortgage payments.

Eligible borrowers are expected to receive a 20% reduction in their monthly payment when they participate in the program.

Fannie and Freddie have said that a “high percentage” of borrowers more than 60 days past due on their mortgage will be eligible for participation in the Flex Modification program as well as some less than 60 days delinquent and some who are current on their loan.

[fa icon="clock-o"] Saturday, January 7, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] stop foreclosure, loan modification, hamp loan modification, flex 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.

Nationstar

After not paying mortgage for five years, our Nationstar client has a fresh start with a final in-house loan modification with $30,653 principal forgiveness, 40 year term, and 1.25% lower interest rate!

Why Were You Denied A Loan Modification After Making Trial Payments?

Having your application for a mortgage loan modification accepted typically means being required to make a series of trial modification payments to prove you're able to pay your mortgage again. Passing that test means you're most of the way to your goal to a permanently modified loan.

But, even after making trial modification payments, some homeowners are still denied a permanently modified mortgage.

Here are some reasons that could happen:

[fa icon="clock-o"] Monday, January 2, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification denied, loan modification, hamp loan modification, trial 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.

Seterus

Seterus client was 16 months and $48,422 past due on mortgage, now they have a fresh start with a final in-house loan modification with lower fixed interest rate!

Loan Modifications, Mortgage Interest Rates, and HELOCs In 2017

A lot of things about 2016 were not so good. In fact, they stunk. We lost Prince, David Bowie, Harambe and George Michael. There was a contentious election, terrorism abroad, war in Syria, the Zika virus, and Brexit.

With all that and more, many people are glad to put 2016 behind them, and are hoping that 2017 turns out better.

It's important to point out that not everything was terrible in 2016. The stock market hit new highs, and housing continued to improve. Home prices went up, interest rates stayed low, and the number of foreclosures declined.

But will the positive trends in housing continue with everything that's changing, which includes a new president, new congress, and the expiration of some government programs?

[fa icon="clock-o"] Wednesday, December 28, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, housing, heloc

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

Yes! Our Ditech clients was $13,677 past due on their mortgage and in danger of losing their home. After making three trial modification payments they were approved for a final HAMP Tier II loan modification that dropped their payments from $1,730 to $1,043 a month for a $687 cheaper payment, and slashed their interest rate from 6.875% to 3% for the 33 year term of the loan.

Don't Miss Out! December 30 Last Chance For HAMP Loan Modification

HAMP, the federal government's mortgage loan modification program, is expiring. Your complete application must be submitted by December 30, 2016 in order to be eligible to participate in the program.

The Home Affordable Modification Program (HAMP) is designed to help homeowners who have experienced a financial hardship, such as loss of income or illness, to get their mortgage back to normal servicing with a lower monthly payment that they can afford long-term.

A lower payment can be achieved by changing the interest rate, extending the term of the loan to as many as 40 years, and/or forgiving or forbearing some of the money owed on the loan.

[fa icon="clock-o"] Wednesday, December 21, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HAMP, hamp loan modification

Foreclosure and Loan Modification Blog

Seeing Through Bank of America's BS & Unfair Foreclosure

Life After HAMP Part II: In-House Loan Modifications Still An Option

Successful Loan Modification Roundup Week of 1/13

US Bank

Life After HAMP Part I: Flex Modification Replacing Some Mods

Successful Loan Modification Roundup Week Of 1/6

Nationstar

Why Were You Denied A Loan Modification After Making Trial Payments?

Successful Loan Modification Roundup Week Of 12/30

Seterus

Loan Modifications, Mortgage Interest Rates, and HELOCs In 2017

Successful Loan Modification Roundup Week Of 12/23

Ditech

Don't Miss Out! December 30 Last Chance For HAMP Loan Modification

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