Foreclosure and Loan Modification Blog

Who Is The Plaintiff In The Foreclosure Lawsuit Against You?

If you live in a judicial foreclosure state and stop paying your mortgage, you will eventually become the defendant in a civil lawsuit.

The plaintiff, which is the party suing you, must go through the court system in order to foreclose on your house. But who will the plaintiff be?

It could be one of a few different parties or some combination of them. It could be the investor in your loan, your loan servicer, or a trustee that represents the parties with an interest in your mortgage.

Let's examine who those parties are, and what it means for you when fall behind on your mortgage.

[fa icon="clock-o"] Friday, February 17, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, foreclosure lawsuit

If you fall behind on your FHA-insured mortgage loan, you might be able to get help from something called a partial claim payment, which is a loan from HUD paid to your lender to avoid foreclosure.

To be eligible for a HUD partial claim you must have missed at least four payments, but no more than 12. And you have to show that you'll be able to pay your mortgage after the claim is paid, and that you will use the property as your primary residence.

[fa icon="clock-o"] Wednesday, February 8, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure, HUD, partial claim

When you're at risk of foreclosure, you can't make good decisions about what to do without good information. And sometimes the people you trust most to give you accurate information can't be counted on to provide it.

It's unfortunate, but the banks and companies offering to help homeowners with foreclosure defense and loan modifications have been known to lie and/or omit important facts in a way that benefits them and harms the homeowner.

The consequences of acting on bad advice related to your mortgage can have a huge impact on your financial well-being. It can harm your credit and cause you to unnecessarily lose your home to foreclosure. Foreclosure has even been shown to cause health problems. It's a big deal.

[fa icon="clock-o"] Tuesday, January 31, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, loan modification fraud, foreclosure fraud

Dealing with your lender on your own when you're behind on your mortgage payments is like going to war against an opponent who has nuclear weapons and all you've got is a rusty pocket knife. Things aren't likely to go well for you.

Why is that? Your lender has a lot of resources, including loads of money and experienced attorneys working for them. But beyond that, some mortgage lenders and servicers have repeatedly shown a willingness to bend or break rules, laws, and standards of ethics in order to foreclose.

[fa icon="clock-o"] Thursday, January 26, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, loan modification fraud, foreclosure fraud, free house, mortgage abuse

Foreclosure filings in 2016 were at their lowest level in ten years according to ATTOM Data Solutions Year-End 2016 U.S. Foreclosure Market Report.

The report shows 933,045 default notices, scheduled auctions, and bank repossessions for 2016, which is a 14% drop from 2015 and the lowest number of foreclosure filings since 2006, which had 717,522 foreclosure filings.

This is a continuation of a positive trend. Since 2014 the rate of foreclosure has been in an “historically normal range.”

[fa icon="clock-o"] Tuesday, January 24, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, foreclosure crisis

Divorce stinks. And the emotional cost is only part of the reason why. It also affects the finances of the people involved, usually for the worse. Loans that were taken out as a couple become unaffordable after the split when one person is trying to make the payments on their own.

That's the case for a Florida couple that retained our law firm to help them avoid foreclosure. I'll call them Mr. and Mrs. Kelly to protect their privacy. The Kellys divorced in 2009, but remained on good terms after separating.

Their home was awarded to Mrs. Kelly in the divorce. She tried to keep it, but couldn't afford the payments on her own, and Bank of America filed for foreclosure in 2011.

Mrs. Kelly wanted to find a solution to keep the property, but needed to reinstate the mortgage with a lower payment that was affordable with her income. A loan modification is the only way to achieve that.

[fa icon="clock-o"] Tuesday, January 17, 2017 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, bank of america foreclosure, foreclosure

A lot of things about 2016 were not so good. In fact, they stunk. We lost Prince, David Bowie, Harambe and George Michael. There was a contentious election, terrorism abroad, war in Syria, the Zika virus, and Brexit.

With all that and more, many people are glad to put 2016 behind them, and are hoping that 2017 turns out better.

It's important to point out that not everything was terrible in 2016. The stock market hit new highs, and housing continued to improve. Home prices went up, interest rates stayed low, and the number of foreclosures declined.

But will the positive trends in housing continue with everything that's changing, which includes a new president, new congress, and the expiration of some government programs?

[fa icon="clock-o"] Wednesday, December 28, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, foreclosure, housing, heloc

When you take out a mortgage to buy a home, your plan is to never miss a payment and live in the house until you pay off the mortgage or sell the property to buy another home. So what happens when the plan goes awry and you miss payments? You're at risk of losing your home to foreclosure, obviously.

However, foreclosure doesn't happen like flipping a light switch. In judicial foreclosure states the foreclosure process is long and filled with legal procedures that most homeowners aren't familiar with and don't understand.

It can be hard to tell when you're fighting for a lost cause, and when you should keep fighting, and how. Here's a look at some of the things that happen, and how to tell if you could still keep your home when they happen.

Mortgage Forgiveness Debt Relief Act Expiring January 1, 2017

From the point of view of the IRS, any of your debt that is forgiven is considered the same as income, and taxes must be paid on it as such. Forgiven debt has been called phantom income because it's not really income that's there. Despite that, it's still subject to taxation just like it was money you earned at your job.

But in 2007 the Mortgage Forgiveness Debt Relief Act became law, which exempts homeowners from having to pay taxes on forgiven mortgage debt. On January 1, 2017 the act will expire. When it does, forgiven mortgage debt will be taxable again.

Why the Mortgage Forgiveness Debt Relief Act Was Needed

The country has been experiencing a foreclosure crisis over the last decade. More than seven million homeowners have experienced foreclosure since the housing crisis began. As a result so many people had mortgage debt forgiven that the government stepped in to help them avoid even more financial damage with the Mortgage Forgiveness Debt Relief Act.

[fa icon="clock-o"] Monday, October 17, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HAMP, foreclosure, Mortgage Forgiveness Debt Relief Act

If you were eligible to receive money under the Independent Foreclosure Review Payment Agreement but didn't cash your check, it's too late. All the money that went unclaimed is now being redistributed to those who did cash their checks.

The Federal Reserve Board has announced that money leftover from the $3.9 billion Independent Foreclosure Review Agreement will be paid to the nearly 650,000 borrowers who already got their money. The borrowers who didn't cash their checks before the deadline are out of luck.

The Fed has given borrowers every chance to claim the money they were entitled to under the Independent Foreclosure Review Payment Agreement. Those who had not cashed their checks were given until December 31, 2015 to ask for a replacement check, and had to cash those checks by March 31, 2016.

[fa icon="clock-o"] Wednesday, August 17, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure

Foreclosure and Loan Modification Blog

Who Is The Plaintiff In The Foreclosure Lawsuit Against You?

Could A HUD Partial Claim Help You Avoid Foreclosure?

2 Ways Bad Information Can Drive You Into Foreclosure

4 Dirty Tricks Mortgage Lenders Use To Foreclose On Your Home

Foreclosures At 10-Year Low In 2016, But Crisis Still Not Over

Seeing Through Bank of America's BS & Unfair Foreclosure

Loan Modifications, Mortgage Interest Rates, and HELOCs In 2017

How To Tell If You Can Save Your Home From Foreclosure

Mortgage Forgiveness Debt Relief Act Expiring January 1, 2017

Why the Mortgage Forgiveness Debt Relief Act Was Needed

650,000 Borrowers to Receive (More) Money from Independent Foreclosure Review

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