Foreclosure and Loan Modification Blog (29)

Approval to Participate Required for FHA Short Sales

If you want to get out of your Federal Housing Administration (FHA) insured home loan through a short sale you should be aware of the differences between an FHA short sale and a regular short sale.

The Federal Housing Administration (FHA) is a government agency that insures loans. It is part of the Department of Housing and Urban Development (HUD). Their goals are to “improve housing standards and conditions, provide an adequate home financing system through insurance of mortgage loans, and stabilize the mortgage market.”

As a government agency, the FHA is subject to regulations that other mortgages (or investors) aren't.

[fa icon="clock-o"] Monday, August 15, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] short sale, fha

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 eight (8) of the results from this week, which include results from Caliber, SPS, Ocwen, and others:

Ocwen

Trial loan modification achieved for our client's non owner occupied property with Ocwen. Investment properties are often more difficult to modify.

CFPB On Loan Modifications, Loss Mitigation In Post-HAMP USA

The Home Affordable Modification Program (HAMP) is ending December 31, 2016.

It, along with the Home Affordable Refinance Program (HARP) and other programs, began in 2009 as part of the federal government's Making Home Affordable program (MHA), which was designed to help struggling homeowners avoid foreclosure after the housing and economic crisis that began in 2007.

HAMP is the principal component of MHA, and it sets guidelines and gives incentives to mortgage loan servicers to modify mortgages rather than foreclose. Sometimes known as 'the Obama Plan,' it's been a popular option for troubled homeowners.

[fa icon="clock-o"] Wednesday, August 10, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HAMP, hamp loan modification, CFPB

As a result of the ongoing housing crisis, mortgage loan modifications have become popular with distressed homeowners who need to reinstate their loan and get a more affordable payment. But not everyone who could benefit from modifying their mortgage understands what's actually involved and how to go about getting one. And some assume or have been told incorrect information.

What is a Loan Modification

A mortgage loan modification is a permanent change to one or more of the terms of your existing loan, such as the interest rate, term length, and principal balance. The purpose is to lower the monthly payment to an affordable portion of your income and allow you to avoid foreclosure. It is different from a refinance, which replaces your old loan with a completely new one.

Loan modifications are the only hope many people have for avoiding foreclosure and staying in their home. However, there are some common misconceptions, such as:

[fa icon="clock-o"] Monday, August 8, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, hamp loan modification, loan modification help, 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 the results from this week, which includes results from Caliber, SPS, and others:

Caliber

Dios mio! Our client was 10 months and $21K past due with Caliber, but we got him a loan modification with a gargantuan monthly savings of $859!

4 Ways To Deal With The Emotions Around Foreclosure

Money is a very personal issue. So much so that it's often considered in bad taste to talk about it in polite society. Especially when you're talking about problems with money. And foreclosure is the mother lode of money problems since most people's largest asset is their home.

But unfortunate events beyond the control of any homeowner have caused millions of people to have to reckon with foreclosure. The credit crisis, recession, and housing crisis have caused foreclosures on a scale that the country hasn't seen since the Great Depression.

If you're in danger of losing your home to foreclosure, you're likely experiencing some seriously negative emotions. Fear, uncertainty, shame, guilt, and anger are common. These emotions are completely understandable and just as useless. You have to get a handle on them to keep from going crazy and find the best resolution.

Here are some ways to do that:

[fa icon="clock-o"] Wednesday, August 3, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification help, foreclosure, foreclosure grief

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 the results from this week, which includes results from Caliber, SPS, and others:

21st Mortgage

Our client was in foreclosure and 14 months past due to 21st Mortgage. We got them a fresh start with a final loan modification and a low fixed interest rate!

Behind on Your Mortgage? How about Getting a Free House?

Many homeowners have lost wages or experienced some hardship or hardships that caused them to fall behind on their mortgage payments. They're in desperate need of a solution before they're foreclosed on. Searching for any hope in a sea of despondence, they wonder if there's a way they could get their house for free.

These homeowners want to know if there's any way their house could be given to them as a form of retributive justice for all the illegal and unethical things their bank has done. There certainly doesn't seem to be a shortage of that. We've all heard the stories about predatory lending, robo-signing, and fraudulent foreclosure. Could that somehow be cause for a free house?

No. You won't get your home for free because of any bad behavior by the bank.

However, there is a technicality that could allow a homeowner to get their home for free.

[fa icon="clock-o"] Wednesday, July 27, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, loan modification help

Even under the best circumstances, everyone needs a vacation to get away from the grind of regular life, recharge their batteries, and spend some quality time with their loved ones. If you're behind on your mortgage or in foreclosure, you could probably use a stress-relieving vacation even more.

But is it appropriate to go on a vacation when you aren't paying your mortgage?

It depends on your particular circumstances, and what kind of money you're going to spend on your trip.

People generally don't stop paying their mortgage unless something went seriously wrong with their finances and/or life. We hear their stories all the time, and they're often tragic. Loss of income, cancer, divorce, and enormous debt burdens are all common for people who default on their mortgage. Nothing good causes a person to stop paying their mortgage.

[fa icon="clock-o"] Monday, July 25, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, personal finance

In April of 2016 the FHFA (Federal Housing Finance Authority) announced that it would be offering a one-time principal reduction modification program for eligible borrowers with loans owned or guaranteed by Fannie Mae or Freddie Mac.

To be eligible for the program, FHFA said that the borrower must occupy the property and be 90 or more days delinquent as of March 1, 2016. The mark-to-market loan-to-value ratio must be 115% or greater, and the unpaid principal balance must be $250,000 or less.

[fa icon="clock-o"] Saturday, July 23, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, principal reduction, FHFA

Foreclosure and Loan Modification Blog

Approval to Participate Required for FHA Short Sales

Successful Loan Modification Roundup Week of 8/12

Ocwen

CFPB On Loan Modifications, Loss Mitigation In Post-HAMP USA

6 Common Misconceptions About Mortgage Loan Modifications

What is a Loan Modification

Successful Loan Modification Roundup Week of 8/5

Caliber

4 Ways To Deal With The Emotions Around Foreclosure

Successful Loan Modification Roundup Week of 7/28

21st Mortgage

Behind on Your Mortgage? How about Getting a Free House?

Can You Go on Vacation If You're in Foreclosure?

New FHFA Report Gives Details On Principal Reduction Modification Program

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