Floods, earthquakes, hurricanes, tornadoes, etc. During natural disaster, people will skedaddle from their homes and sometimes they never return.
Violence, anarchy, etc. In times of war and civil conflict there are lots of people who will just abandon their homes and never ever come back.
When it comes to applying for a loan modification, your debt-to-income ratio is really very important. Having the right or wrong DTI ratio can make or break your loan modification. But what is debt to income ratio? Let's dive right in. President Obama's foreclosure prevention plan has it set up so that for your first mortgage, your Front-end debt-to-income ratio can be no more than 31 percent. This basically means that your house payment cannot exceed 31 percent of your gross monthly income. So if for example your monthly mortgage is $1,000, your gross monthly income should be at around $3,230 or more.
If your loan modification was denied, don't worry: you're not alone. Loan modifications may be one of the hardest things to get approved without the assistance of an experienced attorney. After denial, your next step will depend on the reason why you were denied and where your home is in the foreclosure process.
As the second largest bank in the United States based on total assets, Bank of America has become a staple in nearly every home. More so, Bank of America has been an integral factor in the financing of millions of mortgages across the U.S. With such a considerable level of relevance in home mortgages, it's easy to assume that BOA is the shining symbol of excellence. However, Bank of America has consistently been amid a whirlwind of mortgage lawsuits and shady practices over the last few years.
Amerihope Alliance Legal Services managing attorney Gregory Nordt congratulates Florida Attorney General Pam Bondi who was re-elected to serve a second year term as Florida’s Chief Legal Officer. Attorney General Pam Bondi secured 55% of the vote with more than 5.6 million votes cast in the cabinet race.
Although the number of Americans behind two or more months on their mortgage payments have fallen below the 2 million mark for six consecutive months, an estimated 1.89 million borrowers had serious delinquencies of 60-days+ in August 2014, according to HOPE. It does not matter why you fell behind on your mortgage payments. Unless you negotiate otherwise, you will fall into default on your mortgage loan, which triggers the foreclosure process.
Massachusetts is a non judicial (technically, “nonjudicial under power of sale in deed of trust") foreclosure state... Uhm, what the heck is that you ask? Oh, just that lenders can take your home without going through court, or any sort of judicial proceeding. Okay and?! AND, say good bye to any extra time you thought you had in your home, because clearly there will be no pending judicial process delaying your foreclosure... I don't mean to a big ole' foreclosure ogre or anything but that's reality peeps, time to embrace the “it is what it is.”
Otherwise know as, “foreclosure under a deed of trust.” which just so happens to let the lenders sell your precious property through a power of sale (unfair much? after all you two have been through, haha they got you! If you didn't already know, lenders have 0 remorse..). Now I'm sure you want an explanation of how this power of sale BS works. Here it goes.....
A few years ago, you bought a terribly overpriced home. To you $375,000 or more for that Spanish-style with a pool seemed totally reasonable at the time (won't blame you, so many others did too!!!).
Now, fast forward a couple/few years, the economy tanked, your positive cash flow probably started to become negative, and then, you realized, “Darn this house is flipping expensive, I can barely keep up.” Until you could really no longer keep up and, bye bye went the house.
You walked away, let the house go into foreclosure, and thought you were wiping your hands clean. I don't need to spell the details out for you, since you probably took a front seat on that ride....
Your bank took back your house, and you thought that's enough, the money left unpaid has been forgiven, (I mean, after everything you just went through? Right?) clean slate, fresh start for you... Well now, that's just a big fat misunderstanding on your part. There is no way that banks will let this one slide. No, they want what they bargained for, which is the $375,000 you signed that dang mortgage for.
How is the lender going to get back the $150,000 (could be more, could be less) that the foreclosure sale couldn't pay off?
They are going to take you to court for it, lawsuit style!
On July 5th 2014, we celebrated the 6th anniversary of Amerihope Alliance Legal Services. That meant celebrating six years of hard work from our team, six years of innovative practices and techniques, and six years of helping homeowner's dreams come true by annihilating the threat of foreclosure.
Although many say foreclosure is on a downward trend/ decline, there are still 794,000 homes nationwide in some state of foreclosure. States including Florida, New Jersey and New York are struggling with the highest foreclosure inventory in the nation. Furthermore, Florida has 116,000 completed foreclosures within the last 12 months. Here at Amerihope Alliance Legal Services we know these numbers are not just two-dimensional statistics, they reflect real people on the track to losing their homes.
There's some “good-ish” news for New Yorkers because early last week, NY Attorney General Eric T. Schneiderman announced the launch of a new New York State Mortgage Assistance Program (“NYS MAP”). This program will create loans of up to $40,000 (not more than) available to homeowners that are hanging on their last thread before foreclosure. The “good-ish” aspect stems from the ability to secure another loan to save your house, which is great don't get me wrong, however, you will be getting ANOTHER LOAN (uhm, even more debt). But then again, I guess incurring more debt is better than losing your house, am I right? Since massive debt has become a concept that's even more commercialized than McDonalds (don't you love them McMuffins?)
Atty General Schneiderman says,
Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.
Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.
