Shopping for a mortgage can be time-consuming and difficult for homebuyers, especially in today’s market where many buyers don’t know where to begin. The Federal Reserve Board has put together the following tips so that you can make sense of the mortgage market and be sure you are getting the mortgage that is right for you.
It’s not uncommon for home owners to become anxious and overwhelmed when they incur financial problems that can prevent them from making their monthly mortgage payments. This can happen for any number of reasons: a loss of income, divorce, medical problems or other personal circumstances.
If you are having problems here are some things you can do to avoid foreclosure proceedings in Pennsylvania. Start by clarifying the cause of your financial problems and why you are in foreclosure. Gather your documentation for your monthly income and expenses. You will need this information as you explore your options to try and find alternatives to foreclosure.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
Many of our clients come to us after struggling with paying their mortgage for several years. That was the case with this couple. Unlike most of our other clients, though, they were nearly 5 years behind on paying their $2,600 monthly mortgage payment. During this half-decade, they had somehow avoided foreclosure, but they knew it wouldn't be too long until their lender, Bank of America, served them foreclosure papers. This couple had already been offered a loan modification once, but could not complete the terms of the offer.
That's when they retained (hired) us in late 2012. We understood the couples' commitment to saving their home, and began to work with them to get a loan modification. In early December 2012, Bank of America denied our initial request for a loan modification, saying that they didn't believe that the couple suffered through enough hardship. By the time January arrived, we were already working to resubmit the couples' loan modification package with more updated information. While we were in the information-gathering process; the husband lost his job; we had to update the couples' information package, and then had to resubmit all their information several times thereafter.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
A married couple approached us for help with their Wells Fargo mortgage. They hadn't paid their mortgage for nearly a year, had been served foreclosure and were worried about the very real threat of potentially losing their home.
As soon as this couple retained (hired) us, we began working on their case and attacking every part of their foreclosure problem. On one hand, our lawyers began working to stop the foreclosure on their home. On the other hand, our team also began working with Wells Fargo to get a mortgage modification. Both efforts were extremely successful; all foreclosure proceedings were completely halted, and we were able to obtain a successful loan modification from Wells Fargo, who have a reputation as perhaps the most difficult bank to obtain a loan modification from.
The United States has sent a clear message to loan modification scammers and perpetrators of mortgage fraud: we're coming to get you.
In July, Florida recorded more foreclosure activity than any other state in the nation, according to the real estate data firm RealtyTrac. Nine of the top 10 metropolitan areas with the highest rate of foreclosures were Florida cities. Florida has ranked number one in foreclosure-related activities for three consecutive months.
While many areas of the country have experienced a drop-off in foreclosures—initial filings, foreclosure auctions and bank owned properties, the state continues to sift through the backlog of foreclosure cases.
Most people know that mortgage lenders and local government can create liens that require foreclosure action, but many people don't know that condominium and homeowner's associations (HOAs) also can create liens that require them to avail themselves of foreclosure laws in Florida. HOAs have specific legal rights and powers over properties in the community.
This authority includes initiating the Florida foreclosure process for issues related to delinquent monthly fees, dues and special assessments.
Every day there seems to be another headline about foreclosures.
Foreclosures rising, foreclosures as a good investment-even foreclosure bus tours. But sometimes homeowners need a little advice from a trustworthy source.
From the Federal Reserve Board, here are five tips for avoiding foreclosure scams:
Since 2007, over 4 million Americans have lost their homes due to foreclosure. By early next year, that number is expected to reach 6 million. Historically, the legal procedure of foreclosure, in which a homeowner is required to relinquish his or her home to a lender upon mortgage default, generally favored banks and lenders who were well-versed in the practice.
However, recently this trend has reversed as many of today's homeowners who receive their notice of default are choosing to engage in an effective foreclosure defense process to stall, and often cease, the foreclosure proceedings filed against them. These recent successes can be attributed to the greater encouragement of mortgage modification and the piling evidence that, as a whole, the real estate industry has been largely perpetrators of fraudulent and predatory lending practices. The discovery of which has impacted judicial attitude and largely shifted court sympathies towards homeowners perceived as victims.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
Many homeowners would feel completely discouraged if they had problems affording their mortgage payment and were denied a loan modification by their lenders. Some homeowners would even throw in the towel and give up. A select few other homeowners would decide to dust themselves off and find a way to do it better, and that's just what this homeowner did on her way to getting a great loan modification.
We began working with this homeowner in Spring 2012. She was a single mother who held a mortgage with Ocwen financial. She could not afford to pay her $1400 mortgage payment and hadn't paid it for about two years. This homeowner turned to us for a better chance at a loan modification after being denied for a loan modification for being insufficiently prepared.
Florida has one of the highest rates of foreclosure in the country. The state has a foreclosure process that is judicial. The lender must file with the court to take possession of the property. If you're in foreclosure or in fear of foreclosure, there are several steps you can take to either prolong the process or stop foreclosure in Florida.
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.
