According to reports from the United States Department of the Treasury, about 63,000 homeowners received loan modifications during July 2013 (which is the last month statistics are available). This brings the total for 2013 to 519,000 loan modifications, a number which dwarfs the number of foreclosure sales (378,000) that were reported up to the same point. All in all, this totals 6.6 million permanent loan modifications since 2008. According to analysis from financial firm Keefe, Bruyette, and Woods, loan modifications are playing a large part in strengthening today's housing market.
It's clear that loan modifications have done plenty to improve housing statistics, but these numbers conceal serious issues that are often glossed over by pundits and the national media.
On the morning of this client's Summary Judgment Hearing early in 2013, our client and his son followed the wrong signs in the courthouse and sat outside the court room for 2 hours before someone told them that the cases had been moved to a different location. By this time they figured out what was wrong, it was two hours later and the Judge had already granted Wells Fargo a Summary Judgment and allowed them to schedule a foreclosure sale date. Here is what happened after they found Amerihope Alliance Legal Services.
On August 14, 2013, our firm was retained by a family who was deep in the foreclosure process. As a matter of fact, Wells Fargo had already scheduled a foreclosure sale date of September 24, 2013 on their home. Despite the fact that there were only a few weeks before the house was to be sold via foreclosure auction, our foreclosure defense attorney reviewed and accepted their case, and were ready to defend our client against Wells Fargo's foreclosure action in court.
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.
The recession hit all of America hard, but many self-employed people felt the worst part of the recession. As soon as business dried up, not only was it hard to recover lost business, but it was also hard to re-enter the traditional workforce, since many self-employed people had not worked a corporate job for years.
That is exactly what happened to one homeowner who needed our help. He had been self-employed for quite some time, and was able to make it through the worst of the recession. However, business slowed and the homeowner ended up needing to seek out work to help support his growing family. He had just managed to secure a job when he came to us for help in late December 2012, but was already over 9 months behind on his Chase mortgage, and had been served foreclosure just a few weeks before.
We Saved This Homeowner From Green Tree Mortgage Servicing
The arms of the banks have no idea what the legs are doing, and it's turning into one disastrous dance for American homeowners.
Thousands of homeowners have lost their homes, and many others are still struggling with their mortgages today because of this disconnect; a disconnect that causes many homeowners to lose their homes. Homeowners are being held back the most by the extreme lack of communication between various departments of mortgage lenders. For example, many people who had successfully received loan modifications from their lenders were illegally confronted with foreclosure after cementing the terms of their loan modifications.
One of our clients faced three foreclosure sale dates due to Green Tree Mortgage Servicing's disorganization, but our foreclosure defense lawyers intervened to force Green Tree mortgage to play by the rules. We enabled him to keep his home.
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.
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.
Florida may be in the Southernmost part of the United States, but it was and still is the center of the foreclosure crisis. Even today, thousands of Floridians are served with foreclosure papers every month. Florida is a judicial foreclosure state, meaning that foreclosures have to proceed through through the court system in order to be completed. This combination of judicial foreclosure and the severity of the foreclosure crisis has created what is consistently the nation's largest backlog of foreclosure cases; a problem which Florida's government had not addressed until recently.
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.
What would you do if you were emerging from the shadows of bankruptcy, had already lost one of your cars to repossession, and your house was now in danger of being foreclosed? If you're like this couple, then you fight back.
Emerging From The Shadows
We met this married couple when they retained (hired) us in late 2011. They couldn't afford to pay their $2,600 mortgage payment and were several months behind.
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:
