Foreclosure and Loan Modification Blog (58)

Expenses You Can Reduce to Help Afford a Loan Modification

Many homeowners are reducing their living expenses and applying those savings to their monthly mortgage payments. Others are seeking a mortgage loan modification, which can be a lifeline for any homeowner faced with foreclosure.

"It's critical that homeowners understand exactly what they can afford because a loan modification that is ultimately unaffordable hurts everyone," says Michelle Jones, Senior Vice President of Counseling for Consumer Credit Counseling Service (CCCS) of Greater Atlanta. "We help consumers create a lean, sustainable budget that will support the family's housing costs."

Here are some simple steps that many homeowners have taken to help qualify for a loan modification:

[fa icon="clock-o"] Wednesday, August 14, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification

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.

This client hired our law firm when her investment property was facing foreclosure. Her daughter and grandchildren were currently living in this house. The client had fallen six months behind on her Wachovia/Wells Fargo mortgage, but at the conclusion of our services, Wachovia had forgiven her mortgage completely. Here's her story:

[fa icon="clock-o"] Saturday, August 10, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] wells fargo loan modification, successful loan modifications, foreclosure defense

In Brief:

Hope Now Alliance was created by the Bush administration to save people from foreclosure.
Due to its ties with the big banks, Hope Now isn't the best foreclosure defense alternative.
Homeowners are better off using other methods of foreclosure defense.

In the wake of the foreclosure crisis, it's no surprise that there have been many "foreclosure rescue" schemes- some illegal and some legitamate- that have victimized homeowners in foreclosure, such as what that we've covered here and here. This has been especially true in states such as Illinois, Florida, and New Jersey, where the mortgage crisis was and is still at its worst. While the government has made an extensive effort to reign in illegal schemes, the government has never made a legitimate effort to change its own foreclosure recovery program for the better. Although Hope Now Alliance has assisted hundreds of thousands of homeowners, the question will always be "what if". What if it was more efficient? What if it offered homeowners better solutions? What if it wasn't bankrolled by the large banks? No one will ever know.

[fa icon="clock-o"] Friday, August 9, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification, loan modification help

We often receive questions from our readers about the Foreclosure Process in Illinois.

Below are 5 common questions about foreclosure in Illinois.

Remember, if you have a question you can leave it in the comments below, or contact our law firm at 877-882-5338 us for a more private matter.

1.) How Does the new Illinois Foreclosure Law Affect Me?

From a reader in Bloomington, Illinois

The new foreclosure law in Illinois affects you because it protects you from a wrongful foreclosure.

5 Bank of America Loan Modification Problems This Year

It's no surprise that Bank of America has been taking advantage of homeowners for years. Now that we past the halfway mark of 2013, let's look at a few Bank of America loan modification problems that have come to light this year.

Loan Modification Success: Wells Fargo Payment Reduction

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 Florida homeowner was facing a very difficult living and family situation, and was having trouble paying his $1,753.08 monthly mortgage payment to Wells Fargo. By the time he retained our law firm in the summer of 2011, he was years behind on his mortgage and over $40,000 past due, although a foreclosure lawsuit had not been initiated on his home. Our firm negotiated a trial loan modification within a few months. However, upon completion of his trial modification, Wells Fargo denied the homeowner a permanent loan modification, then filed for foreclosure on his home.

[fa icon="clock-o"] Saturday, August 3, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] wells fargo loan modification, successful loan modifications

Loan Modification Success: Ocwen Principal Reduction

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.

Happy Man A newly single Florida homeowner had endured a financial hardship for nearly half a decade, and by the time he was able to begin picking up the pieces, he was 5 years and over $156,000 behind on his mortgage payments to Ocwen Financial. This homeowner was locked into a monthly mortgage payment of $2,341.74 at an astronomically high 10.30% interest rate. He had already been offered a loan modification which he wasn't able to afford, and his home was about to be sold in foreclosure if he didn't do something quickly. However, this homeowner's situation changed completely in the months after he retained our firm this February 2013.

[fa icon="clock-o"] Saturday, July 27, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification attorney, loan modification, successful loan modifications

What is a Credit Profile?

Your credit profile is a history of your credit behavior. Your credit history is compiled by credit reporting agencies that receive your financial information from certain creditors. It is worth noting that not every creditor reports financial information to the credit reporting agencies, however, most major banks and companies that grant credit to consumers do report financial information regarding their customers to the credit reporting agencies. The credit reporting agencies use the financial information about a consumer to formulate a credit score. Many lenders and companies that grant credit to consumers utilize consumer credit scores to determine if they will grant credit and how much credit they are willing to grant. Sometimes interest rates on loans are determined by lenders based upon the borrower’s credit score.

[fa icon="clock-o"] Friday, July 26, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] understanding credit

Do you know what's the best thing to do after receiving a foreclosure notice?
Do you understand how long it takes to foreclose on a house in New York?
Are you prepared to deal with New York's foreclosure process?

New York State If you weren't sure how to answer any of these questions, then you should take half a minute to download the New York foreclosure timeline, especially if you're at risk for foreclosure or if you're already involved in the foreclosure process.