Foreclosure and Loan Modification Blog

The Secrets to Effective Foreclosure Defense in Illinois

Illinois continues to have one of the highest foreclosure rates in the U.S. Homeowners fall behind on mortgage payments for a variety of reasons, and borrowers are unaware that even if they are unable to make their mortgage payments and falling to foreclosure, they may have an effective defense that can save their home from foreclosure, or, at minimum, buy more time by working with an experienced foreclosure attorney.

The Wells Fargo Grinch Who Wrongly Foreclosed at Christmas

If loan modifications were the holidays, then Wells Fargo would be the Grinch. While the other big banks have been known to make life difficult for homeowners who are facing foreclosure, Wells Fargo's loan modification unit is among the worst. How many American  homeowners have they spoiled Christmas for this year?

8 Ways a Homeowner Can Stop Foreclosure [Slideshare]

Learn 8 ways that homeowners can (or cannot) stop foreclosure. Does refinancing stop foreclosure? Does loan modification?

If you are facing foreclosure, it's important to learn about your situation and be prepared. 

Click through to see the slideshow.

 

What's the Best Kind of Bankruptcy to Avoid Foreclosure? Chapter 7 or Chapter 13 ?

When researching options for preventing foreclosure, expect to encounter conflicting opinions regarding the most effective strategy. That's to be expected, because personal finance is exactly that – personal. What makes sense for one person's financial situation may not be the right move for a person with slightly different circumstances. Some homeowners choose a strategy that includes filing bankruptcy to avoid foreclosure. Careful review may lead others to decide they're better served by combining a loan modification program with aggressive foreclosure defense.

Immediate Effect of Filing Bankruptcy

Filing bankruptcy holds a major appeal to stressed homeowners worried about foreclosure. It brings foreclosure proceedings to a temporary halt, offering the homeowner a bit of respite from the ticking foreclosure clock and buying some time to find a solution. That's because once bankruptcy is filed, no further action, including foreclosure, can be taken by the home loan lender without approval by the judge. Filing bankruptcy to avoid foreclosure has become an increasingly popular tactic.

Foreclosure Summary Judgment - Hearings and Motions and Sale Dates, Oh My!

Although foreclosure laws vary from state to state, most states require that the lender file a lawsuit with the circuit court in the county that the property is located. As a result, the homeowner will receive a notice of lawsuit. Once the homeowner receives this notice, it's imperative that he or she speak to legal foreclosure counsel, or else they are most likely already in over their heads. Even with this information, some homeowners choose to represent themselves and quickly discover their inability to navigate toward a favorable outcome in the legal process.

What Is a Deficiency Judgment, and How Can You Avoid One?

The unofficial definition of a deficiency judgment, sometimes called a mortgage deficiency judgment, could be something like: “…When your former mortgage lender won’t let you go.” Unfortunately, the real answer is a little more complicated.

If the unthinkable happens and you lose your home to foreclosure sale, there could be two outcomes. The first outcome is that the lender receives the amount of money you owe on the mortgage. In a perfect world, your house is worth $100,000 and it sells at foreclosure auction for at least $100,000, then your mortgage lender is just a bad memory (maybe).

Foreclosure Myth Busters: Debunking 6 Common Myths

If you were to believe everything you've ever heard, stepping on a crack would result in your mother's broken back, and you'd be more golden than King Midas based on all the pots you would have collected at the end of rainbows. However, these myths are just like many of the foreclosure myths, simply untrue. Recognizing some of the crazier myths has always been easy, but many of the foreclosure myths seemingly have merit. In the quest for the truth, some of the most common foreclosure myths are put to the test. In true myth buster fashion, the following information features foreclosure myths tested, tried, and ultimately debunked.

MYTH #1

My credit will be damaged forever.

Although a foreclosure will have a negative effect on your credit score, you can recover. Today's borrowers can be approved for FHA loans in as little as one year after a foreclosure. However, you can't have any other derogatory marks on your credit report at the time.

Florida's "Foreclosure King" Dethroned? Not Quite.

Here's something that probably didn't make your local news: David J. Stern, the so-called "Foreclosure King" will more than likely lose his law license and will have to pay a $50,000 fine to the Florida Bar. This follows an extensive investigation and civil suit from the Florida Bar Association. While the fact is that this is the only court decision against Stern himself thus far (his companies, however, have been sued several times, and one of his companies is in the process of suing Stern for $60,000,000) surely pleased Stern, the big banks, and their cronies, it's a slap in the face to every homeowner in the nation, not to mention the homeowners in the Sunshine State who were torched by his firms' actions. 

Who is David J. Stern?

If you're not familiar with David J. Stern and the impact he's had on the state of Florida, imagine if most of the court cases in one state (the nation's 4th most-populated state, at that) were controlled by a single law firm. Now imagine if this law firm was run in the most greedy and apathetic, but least efficient manner possible. Imagine that this law firm found several ways to make a mockery of everything the legal system stands for- from missing court appearances, to forging important documents, to blatantly disregarding the most basic laws that applied to its cases. Then imagine if these improprieties didn't only cost years worth of time and resources for the legal system and the taxpayers that finance it, but they also cost thousands and thousands of families their homes and livelihoods.

How Our Attorneys Beat U.S. Bank, A True Foreclosure Stooge

If an industry insider was asked to compare the way big banks have handled the foreclosure crisis to the movies, he would not think of the highly coordinated drama of a war epic, nor would he mention the selfless heroism shown in superhero movies. Instead, he would probably compare the banks' ways to the silent ineptitude of the Marx Brothers or Charlie Chaplin; or even the destructive buffoonery of the Three Stooges.

Your Mortgage Lender Loves Slapstick Comedy

Unfortunately, the way the banks have dealt with people's homes- and by extension, their very livelihoods- is no laughing matter. Hundreds of thousands of people have lost-and are still losing- their homes because they don't know how to fight against the banks, even when the banks themselves don't have a proper handle on the foreclosure cases they've been filing.

3 Things a Foreclosure Defense Attorney Should Cover in a Free Consultation

If you are going through the foreclosure process, or if you are in danger of foreclosure, this can be a very daunting time. The whole process can be confusing and a bit intimidating. It is times like these that you need someone on your side who will really fight for you. The current housing crisis has spawned a number of “foreclosure specialists” who will offer a free foreclosure consultation but little else. 

They have great sales pitches and promise to keep you in your home, but once you sign on the dotted line and hand over your hard-earned money, not much else happens. Most of these companies seem more adept at marketing their services than keeping people in their homes. 

About this Blog

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.

Click to Read Our Super Loan Mod Success Stories

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.

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