Foreclosure and Loan Modification Blog

COVID-19 Foreclosure and Eviction Procedures

Federal Foreclosure Moratoriums

Federal laws now state that Fannie Mae, Freddie Mac and FHA have been directed to suspend foreclosures and evictions due to the COVID-19 emergency. What does this mean? Any person with an Enterprise-backed single-family mortgage will not be evicted or foreclosed on before August 31st. This does not mean that your mortgage payments are forgiven for the next 2 months; you must still pay the money, the due dates have just been suspended. You will not be charged a fee for taking advantage of this forbearance. Also, as per the Federal CARES Act, your mortgage servicer is not allowed to ask you to pay a lump sum payment at the end of the forbearance period.

If you don’t know whether your loan is backed by Fannie Mae or Freddie Mac, you can verify it below.

[fa icon="clock-o"] Thursday, July 2, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] foreclosure defense, foreclosure moratorium, coronavirus, covid19

Mr. Cooper Loan Modification

We received a modification for our client's mortgage with Mr. Cooper. They were 10 months behind, and in an active foreclosure case. This new modification lowers their mortgage payments from $803.82 per month to $743.64.

Do you have a Mr. Cooper mortgage that's past due? See some of our other Mr. Cooper case results here.

A Letter to Our Clients Who Are Facing Extreme Cold Temperatures This Week

Dear Clients,

[fa icon="clock-o"] Wednesday, January 30, 2019 [fa icon="user"] Jake Sterling [fa icon="folder-open'] foreclosure defense

This holiday season, you may get the gift of delayed foreclosure because courts and banks will be closed some days around Christmas and New Year's.

Foreclosure sale dates often aren't scheduled by courts for the end December to account for the days they will be closed.

The closures will also temporarily disrupt progress on moving a foreclosure case toward a sale.

That's means that you may have slightly more time in your home than if your foreclosure case was moving forward at another time of the year.

Foreclosure Eviction Moratoriums

It's possible to have some delays in your foreclosure case just because of the courts being closed. But there are also some actions being taken specifically to help families stay in their homes during the holidays.

[fa icon="clock-o"] Thursday, December 13, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, foreclosure process in illinois

If you fall behind on your mortgage, and your home is in a judicial foreclosure state, you lender must sue you in a civil foreclosure lawsuit to take your home. While being sued may sound scary, it's actually better for your in nonjudicial foreclosure states because you have more opportunities to contest foreclosure. And you want as many opportunities as possible.

But opportunities must be seized! Whether you want to keep your home by getting a loan modification, or you just want to avoid foreclosure for as long as possible so you can save money before giving up your home, you should seize the opportunities available to you by contesting the foreclosure lawsuit against you.

[fa icon="clock-o"] Thursday, August 16, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, foreclosure, affirmative defense

Getting out of foreclosure is only half the battle. The other half is staying out.

After months or years of not making house payments and trying to avoid foreclosure, some homeowners have been able to reinstate their mortgage with a permanent loan modification that gives them the opportunity to keep their home and avoid foreclosure for good.

Unfortunately, some of these homeowners have stopped making mortgage payments again and ended up back in foreclosure.

That's called a repeat foreclosure, and it's been a big problem since the housing crisis began. ATTOM Data Solutions recently reported data on repeat foreclosures. The results show very high rates in some parts of the country.

[fa icon="clock-o"] Wednesday, August 16, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, loan modification help, personal finance

Falling behind on your mortgage doesn't mean losing your home to foreclosure is a foregone conclusion. What happens and when depends in large part on how you respond to your situation. You may be able to keep your home or at least exit it under the best circumstances. But to do that you have to act on good information and avoid the mistakes that are often made by homeowners in foreclosure, which include:

1. Assuming your lender is going to help you.

Though your lender has the power to help you, you should not assume that they will. You and your lender's goals don't always align. Following a default, you probably want to keep your home but with a lower payment. The bank simply wants to make as much money as possible from the loans in their portfolio. Sometimes helping you keep your home is also the best way for the bank to make the most money, sometimes not.

[fa icon="clock-o"] Tuesday, July 25, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification lawyer, foreclosure defense, loan modification help

If you're behind on your mortgage and desperate to avoid foreclosure, you may find yourself searching for any and all ways, no matter how obscure, that you could improve your situation.

Could there be a way to get a free house through the statute of limitations or a quiet title action, or would suing your lender benefit you in some way? We've covered all of those topics on this blog before.

How about a quitclaim deed? Could that you could make your mortgage problems go away?

[fa icon="clock-o"] Tuesday, July 11, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, foreclosure, quitclaim deed

Dealing with the death of a family member is hard enough, but the administration of their estate can bring financial difficulties with it as well, including foreclosure.

People often don't talk about money with their family, so when a family member dies, heirs can have no clue how much debt they owe and to whom. It becomes their responsibility to figure all of that out.

[fa icon="clock-o"] Monday, July 3, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense, probate

In late 2016 our firm was retained by a homeowner I'll call Juan Wilson to protect his privacy. Juan owned a home in Orange County, Florida. A truck driver, Juan encountered financial difficulties and prioritized payment on his truck over his home, defaulting on his mortgage in 2015.

There's a saying that goes “you can sleep in your car, but you can't drive your house to work.” That was doubly true of Juan since he made his living with his truck, and without it he wouldn't have the income to pay any bills.

Not paying his mortgage may have been the lesser of two evils, but it came with serious consequences. After not receiving their mortgage payments Juan's bank, Wells Fargo, started trying to foreclose. He was served with a summons and complaint in April of 2015 and made the mistake of not responding to it or raising any defenses.

Foreclosure and Loan Modification Blog

COVID-19 Foreclosure and Eviction Procedures

Federal Foreclosure Moratoriums

Successful Loan Modification Roundup Week of 5/15/20

Mr. Cooper Loan Modification

A Letter to Our Clients Who Are Facing Extreme Cold Temperatures This Week

Holiday Help Avoiding Foreclosure!

Foreclosure Eviction Moratoriums

How to Contest a Judicial Foreclosure Lawsuit

4 Ways to Avoid a Repeat Foreclosure After a Loan Modification

5 Things to Not Do When You're in Foreclosure

1. Assuming your lender is going to help you.

Can A Quitclaim Deed Save You From Foreclosure?

Going Through Probate and Avoiding Foreclosure On An Inherited House

Not Answering Summons and Complaint Made It Easier for Wells Fargo to Set Foreclosure Sale Date

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