Foreclosure and Loan Modification Blog (33)

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

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

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

Texas police are accusing Christopher Brian Colbert of murdering Robert Shumway then pretending to be him to sell his house.

[fa icon="clock-o"] Friday, April 29, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, foreclosure grief, news

“Abandon ship!”

That's the thought some homeowners have when they miss a few mortgage payments and realize they will not be able to keep their home. If the ship's going down, it's better to get off sooner rather than later, they reason.

Just because you can't afford your mortgage payment doesn't mean you need to leave your home right away. You have the right to stay in your home until the foreclosure process is finished, which can take months or years.

A little knowledge of the process can help you to stay in your home as long as possible without making mortgage payments and land on your feet if and when you do leave.

[fa icon="clock-o"] Wednesday, April 27, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, life after foreclosure, foreclosure

Other than facing criminal charges that could cost you your freedom or a custody battle for your children, there are few legal fights that are more consequential than foreclosure. Your home is probably your largest investment and also has an emotional value that can't be measured in dollars. Accordingly, many people hire a foreclosure defense attorney to help them deal with it. But even the best attorney can't solve your foreclosure problem without your help. You have to do your part.

Doing everything you can to help your attorney isn't going to be worth a damn if you hire a flake attorney with no experience. So you need to do some homework to make sure you get a qualified professional.

[fa icon="clock-o"] Monday, April 25, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, foreclosure

Retirement is supposed to be the best time of your life, the reward for your decades of hard work. A time to not worry about the things you've been worrying about your whole life, especially money. Unfortunately, many seniors find themselves worrying not just about money but also about avoiding the foreclosure of their largest asset, their home, in their golden years.

While dealing with the prospect of foreclosure is never easy, it can be especially difficult for retired people, the elderly, and those on a fixed income. People plan so that the expenses for the rest of their life can be paid from their Social Security benefits, retirement plan, and savings before they retire. But sometimes there are unexpected expenses that throw everything out of balance and leave a retiree unable to pay their mortgage.

[fa icon="clock-o"] Friday, April 22, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, retirement

Foreclosure and Loan Modification Blog

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?

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?

Texas Man Kills Victim, Impersonates Him to Sell His House

How to Move out of Your Home When You're in Foreclosure

Your Foreclosure Lawyer Needs You to Help Them Help You

Dealing with Foreclosure in Retirement

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