Foreclosure and Loan Modification Blog (37)

Should You Sue Your Mortgage Lender?

If you're like many homeowners fighting foreclosure, you may have wondered if you can sue your mortgage lender. After all, it's been proven that the banks have lied, forged documents, deceived people in desperate need of help, and broken countless laws. It's happened with loan origination, servicing, and in the foreclosure process. If you can't sue for that, then what in the world can you sue for?

Technically speaking, you can sue. You can pretty much sue anyone for anything. All you need is the money to pay the attorney's fees. The question is whether you should. Is it worth the considerable time, effort, and expense? Every situation is different, so the answer will have to be decided on a case-by-case basis, but there are some things everyone should look into before they decide to file a lawsuit against their mortgage lender.

[fa icon="clock-o"] Wednesday, February 17, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure grief

If you've never heard of force-placed insurance, consider yourself lucky. If everything goes perfectly with your home and mortgage, there's a lot you'll never hear much about, like default, deficiency judgment, request for modification assistance, or deed in lieu of foreclosure. But things don't always go perfectly, and a lot of things that used to be rare are more common now because of the housing market crash and recession.

What Is Force-Placed Insurance?

Force-placed insurance (also called creditor-placed or lender placed) is an insurance policy a lender or loan servicer places on a property when the owners' insurance is insufficient or nonexistent. The lender does this not to protect your investment, but theirs. Without insurance, a fire, flood, or accident could cause damage to or destroy the property, and it wouldn't be covered. A home is worth too much, and insurance is required, so the lender will get coverage if you don't.

[fa icon="clock-o"] Tuesday, February 9, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, force-placed insurance

Why Fed Interest Rate Hike Doesn't Matter To Your Mortgage

You've probably heard that the Federal Reserve Bank announced plans to raise interest rates in December 2015 for the first time in nearly a decade. But that doesn't mean mortgage interest rates will be high anytime in the near future. Not by any stretch of the imagination.

The two words that have most commonly, and most appropriately, been used to describe mortgage rates in recent years are historically low. How low is historically low? They're currently at about 4%. The lowest they've ever been is about 3%, and they couldn't realistically go much lower. So, yes, very low.

[fa icon="clock-o"] Thursday, February 4, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, refinance, mortgage rates

The movie “The Big Short” was released over the holiday season to large audiences and critical acclaim. It tells the true story of some colorful traders and hedge fund managers who believed that the market in mortgage debt was set to collapse and of their quest to profit from it.

[fa icon="clock-o"] Tuesday, February 2, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, mortgage, the big short

Millions of Americans have experienced hardships that have caused them to fall behind on their mortgage payments for a variety of reasons. Events like loss of employment, getting divorced and trying to maintain the entire household without the former spouses income, or a medical problem that prevents the homeowner from earning the living they're accustomed to, are common.

[fa icon="clock-o"] Friday, January 29, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification lawyer, loan modification, loan modification help

On November 6, 2015, a Texas jury awarded Mary Ellen and David Wolf $5.38 million because Wells Fargo Bank and Carrington Mortgage services submitted forged documents to foreclose on the couple's home. You read that right, a $5.38 million settlement for one home! Journalist David Dayen points out that if you multiply that amount by the roughly six million homes that have been foreclosed since the financial crisis began in 2008, you get $32 trillion. Compared to the $25 billion the banks paid as part of the National Mortgage Settlement, and the continuing foreclosure fraud, it sure seems like the banks got off easy.

[fa icon="clock-o"] Wednesday, January 27, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] mortgage fraud, foreclosure

The rate of American homeowners with negative equity fell to 13.4% in the third quarter of 2015, according to real estate company Zillow. That's down one percentage point from the second quarter of 2015 and represents the 14th consecutive quarter of falling negative equity rates.

It's good news that the positive trend continues, but millions of homeowners remain in negative equity and in need of a solution.

Negative equity is also called being underwater or upside down, and it means that the market value of your home is less than the amount you owe on the loan. That means the home can't be sold unless you pay the difference between the home's sale price and what you owe on the loan. If you don't have that much cash, you're stuck in the home.

[fa icon="clock-o"] Tuesday, January 26, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] negative equity, underwater

Foreclosure is so stressful that you'll find yourself experiencing powerful emotions when you are faced with it. Your home is the most expensive, and most important purchase you will ever make, so the possibility of losing it is tough to reckon with. How do people do it?

Should You Pay Off Your Mortgage Early?

If you can afford to pay off your mortgage early, should you?

[fa icon="clock-o"] Friday, January 15, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, mortgage

So your mortgage payment has become more expensive than you would like it to be, and the house isn't worth what it used to be.

What are your options to improve things?

It depends on the specifics of your situation and what your goals are. If you want to keep your home, you can try to get the monthly payment lowered to a more affordable level. There are a couple ways to do that. Two of the most common are refinancing and loan modification. But which is right for your situation?

[fa icon="clock-o"] Wednesday, January 13, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification denied, loan modification, refinance

Foreclosure and Loan Modification Blog

Should You Sue Your Mortgage Lender?

Force-Placed Insurance: What It Is And What You Need To Know

What Is Force-Placed Insurance?

Why Fed Interest Rate Hike Doesn't Matter To Your Mortgage

“The Big Short” Explains Foreclosure Crisis With Humor

How You Can Unlock and Create Income to Get a Loan Modification

Family Gets $5M From Wells Fargo For Robosigned Foreclosure Docs

Your Home Is Underwater, What Can You Do About It?

The 5 Stages Of Foreclosure Grief

Should You Pay Off Your Mortgage Early?

Loan Modification vs. Refinance, What's the Difference?

About this Blog

Subscribe to Email Updates

Lists by Topic

Foreclosure Process Handbook

Sitemap

Subscribe

Recent Posts

Contact Us

Call (877) 882-5338

Fax: (954) 919-6337

View our Office Locations