Foreclosure and Loan Modification Blog (32)

With a Trial Modification, You're Almost to Your Goal

If you're at the point in the loan modification process where your loan servicer is asking you to make trial modification payments, then you've almost reached your goal. But this is no time to take your foot off the gas. You still have a little ways to go before your loan is permanently modified.

Being asked to make trial modification payments is a good thing. It means that your request for modification assistance has been accepted. You're on your way to achieving your objective.

But banks don't just approve an application and return your loan to normal servicing like nothing ever happened. You have to prove that you're able to make the payments, and then you'll be offered a permanent modification.

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

Homeowners across the country are trying to get mortgage loan modifications that will allow them to avoid foreclosure. They're behind on their house payments, and a permanent change to the terms of their loan that reinstates it with a lower payment is their only hope of keeping their home.

But, for many people, working with their bank on their own simply isn't getting them the results they need. So they're wondering if they should continue to go it alone or get professional help. If you're trying to decide, here are some things to take into consideration.

First, it is possible to get a loan modification on your own. You don't have to pay anyone to assist you. And considering that it also doesn't cost anything to apply for or get approval for a loan mod, trying for yourself can seem like an attractive option.

[fa icon="clock-o"] Thursday, May 26, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure defense attorney

On Tuesday, May 2, 2016 a Manhattan federal court convicted Dionysius Fiumano of “orchestrating a massive mortgage modification scheme through which he and his conspirators defrauded more than 30,000 American homeowners out of a total of approximately $31 million,” according to Christy Goldsmith Romero, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

Dionysius Fiumano, aka “D”, and his co-conspirators oversaw a sales staff of 65 telemarketers and managers from 2011 to 2014. Fiumano was the general manager of sales at Vortex Financial Management, Inc, which was also known as Professional Marketing Group (PMG), and Professional Legal Network. The company was based in Irvine, California and claimed to offer mortgage modification services.

PMG operated somewhat like a legitimate company, buying leads that gave them the contact information of homeowners who were behind on their mortgage payments and in danger of foreclosure and trying to get them to buy their "services."

[fa icon="clock-o"] Monday, May 23, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, loan modification help, foreclosure, loan modification fraud

Yes, it is too late to save your home when you've received a writ of possession. To learn why, let's look at what it is.

A writ of possession is a court order that the sheriff will place on your door notifying you that you have to get yourself, your family, and all of your belongings out of your home after it is sold at a foreclosure auction or repossessed by the bank. The sheriff will come back 24/48/72 hours after posting the writ of possession to execute the writ, which is code for kicking you out.

It doesn't matter if you have nowhere else to go. At this point it's too late to do much.

[fa icon="clock-o"] Friday, May 20, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, life after foreclosure, foreclosure, writ of possession

Real estate information company RealtyTrac recently released its Foreclosure Market Report for the first quarter of 2016, and the news is mostly good. But some areas, including three metropolitan areas in New York, reached new foreclosure activity peak levels.

In the first quarter of 2016 the U.S. saw less foreclosure activity than in any quarter since the fourth of 2006, with one in every 459 homes in the country having a foreclosure filing. That means there was a default notice, scheduled auction, or bank repossession on 289,116 properties.

[fa icon="clock-o"] Wednesday, May 18, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] new york foreclosure attorney, news

So you're experiencing every homeowner's worst nightmare: the 'f' word. Foreclosure. The stress it causes is a serious threat to your health. People in foreclosure are at an increased risk of suicide and mental and physical health problems. And, of course, you will eventually lose your house if you don't resolve the situation.

You're far from the only one in foreclosure and in desperate need of a home-saving resolution. Fortunately, there happens to be a great one out there called a loan modification.

Modifying your mortgage loan involves making a permanent change to one or more of its terms so the monthly payment is lowered to a level you can afford. The interest rate can be moved to as low as 2% and the term can be lengthened to as much as 40 years.

Loan modifications can be granted through the federal government's Home Affordable Modification Program (HAMP) and through a lender's in-house modification programs.

[fa icon="clock-o"] Monday, May 16, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, loan modification cost

Warren Buffet is the most successful investor in the world and one of the richest people alive. As the chairman and CEO of Berkshire Hathaway, a holding company with more than half a trillion dollars in assets, people listen when he talks.

[fa icon="clock-o"] Friday, May 13, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure crisis, housing bubble

When you have a problem with your mortgage, it can be very challenging to get your loan servicer to work with you to fix it. Applying for a loan modification, many homeowners feel like their bank actually wants them to fail so they can foreclose on their home.

To state the obvious, when you're contacting your bank it's because something's gone wrong, such as divorce, illness, or loss of income. Maybe all three at once. Something's caused you to be unable to pay your mortgage and be at risk of losing your home to foreclosure. It's an awful situation to be in.

Fortunately for you, there's this amazing thing that could permanently lower your monthly payment to an affordable portion of your income and enable you to keep your home. It's called a loan modification, and it works by changing the length of your loan term, interest rate, and/or reducing principal. It costs nothing to apply and there are no closing costs.

[fa icon="clock-o"] Wednesday, May 11, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, loan modification help, mortgage servicers

In the first quarter of 2016 the U.S. saw less foreclosure activity than in any quarter since the fourth of 2006. But New Jersey continues to struggle with a foreclosure rate that's much worse than the national average.

Nationwide, one in every 459 homes in the country had a foreclosure filing in the first quarter of 2016. But in the garden state it's one in 216.

According to RealtyTrac's Foreclosure Market Report the only state with more is Maryland with one in every 194 housing units having a default notice, scheduled foreclosure auction, or bank repossession.

Southern Jersey and Atlantic County are struggling particularly hard.

Are You a Victim of Predatory Lending?

What Exactly Is Predatory Lending?

[fa icon="clock-o"] Monday, May 2, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, predatory lending

Foreclosure and Loan Modification Blog

With a Trial Modification, You're Almost to Your Goal

Still Trying to Work with Your Mortgage Lender for a Loan Modification?

Largest Loan Modification Scammer Ever Found Guilty in Federal Court

Is It Too Late to Save Your Home When You've Received a Writ of Possession?

Areas Of New York Experiencing Worse Than Average Foreclosure Rates

What Is the Real Cost of a Mortgage Loan Modification?

Warren Buffet Doesn't Think There's A Housing Bubble

Don't Put up with Your Mortgage Servicer Giving You the Runaround

New Jersey Number Two in Country for Foreclosures

Are You a Victim of Predatory Lending?

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