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?
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.
Even Dracula would be embarrassed by the bloodthirst of some attorneys for people's money. Oftentimes these lawyers put money before people, and lives can be destroyed or seriously altered in this process. There are ways to avoid becoming a victim of their thirst, and to make sure that the foreclosure defense attorney of your choice is out for the bank's blood, not yours.
Hire the Right Person for the Job
If your house was flooded, you wouldn't call an electrician. If you had cataracts, you wouldn't call your general practitioner. It's a mystery why so many people hire lawyers who don't specialize in foreclosure defense to defend their homes from foreclosure. While many bloodthirsty "general practitioner" attorneys would have you believe that they have what it takes to save your home from foreclosure, foreclosure defense takes a specialist who is not only experienced in the art of foreclosure defense, but is actively working on current foreclosure defense cases. Don't worry, although the word "specialist" usually brings to mind expensive costs, that is not necessarily the case with these attorneys. Many foreclosure defense attorneys are sensitive to the needs of people in foreclosure, and have alternative fee structures that are designed to help those who are in financial trouble. Some foreclosure defense attorneys even offer loan modification as an ancillary service, which will help concerned homeowners kill two birds with one stone.
No Outcome Is Guaranteed
If a lawyer guarantees a "win" or a certain result on a case, then RUN! Bloodthirsty attorneys will often do this to goad unsuspecting people into signing up. The truth is that foreclosure defense is an involved process that involves plenty of negotiation with the bank's lawyers; no result is guaranteed. The only thing an attorney should guarantee is that they will do their utmost to save you and your home from the ravages of foreclosure.
The big banks have done a lot of wrong, but one of the most shameful things that they've done is deny deserving homeowners loan modifications. Many homeowners have lost their homes because of this. It would be one thing if banks simply denied these loan mods on the spot after accepting the modification applications, but instead, they usually lead homeowners on wild goose chases for months- or years- before denying their loan modification, or will often offer homeowners a loan modification, but with terms that are much worse than what homeowners deserve.
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.
For Immediate Release - Plantation, FL - June 18, 2013
Law firm Amerihope Alliance Legal Services masters the art of foreclosure defense, helping over 5,000 homeowners expands its reach to helping homeowners in five judicial states.
Amerihope Alliance Legal Services, located in Plantation, Florida, started out as a law firm dedicated to helping Florida's homeowners fight foreclosure against the banks. During the last several years due to their vast experience in the judicial foreclosure process they have added four additional judicial states: New York, New Jersey, Pennsylvania and Illinois.
As of June 2013, over 5,000 (five thousand) loan modifications have been completed by Amerihope Alliance Legal Services. 5,000? What is their secret?
The loan modification process in Florida may be the answer for you if you purchased a home in Florida near the peak of the real estate market about six years ago. You, like many other borrowers, may have experienced problems building home equity over the past several years. You either have no equity in your property or an “underwater mortgage.”
An underwater or “upside-down” mortgage refers to a situation when the homeowner has negative equity in the home—the person owes more on the loan than the market value of the home.
A number of mortgage lenders in the US were not loyal to their word and this led to many homeowners losing their houses through foreclosure. Many homeowners in the US want to know if there is anything that can prevent foreclosure. Foreclosure rates are highest in New York, New Jersey, Florida and Pennsylvania and homeowners there may want to know if there is anything they can do anything to remedy the situation.
Is your financial situation too bad to enable you pay back your mortgage? Are you about to face or facing a foreclosure? Instead of getting depressed, look for ways to stop the foreclosure. If you already know the date of the sale, contact your bank or mortgage lender to see if you qualify for a loan modification. A loan modification can significantly reduce your payment and get rid of any debts you may have.