21st Mortgage
Our client was in foreclosure and 14 months past due to 21st Mortgage. We got them a fresh start with a final loan modification and a low fixed interest rate!
Many homeowners have lost wages or experienced some hardship or hardships that caused them to fall behind on their mortgage payments. They're in desperate need of a solution before they're foreclosed on. Searching for any hope in a sea of despondence, they wonder if there's a way they could get their house for free.
These homeowners want to know if there's any way their house could be given to them as a form of retributive justice for all the illegal and unethical things their bank has done. There certainly doesn't seem to be a shortage of that. We've all heard the stories about predatory lending, robo-signing, and fraudulent foreclosure. Could that somehow be cause for a free house?
No. You won't get your home for free because of any bad behavior by the bank.
However, there is a technicality that could allow a homeowner to get their home for free.
Even under the best circumstances, everyone needs a vacation to get away from the grind of regular life, recharge their batteries, and spend some quality time with their loved ones. If you're behind on your mortgage or in foreclosure, you could probably use a stress-relieving vacation even more.
But is it appropriate to go on a vacation when you aren't paying your mortgage?
It depends on your particular circumstances, and what kind of money you're going to spend on your trip.
People generally don't stop paying their mortgage unless something went seriously wrong with their finances and/or life. We hear their stories all the time, and they're often tragic. Loss of income, cancer, divorce, and enormous debt burdens are all common for people who default on their mortgage. Nothing good causes a person to stop paying their mortgage.
In April of 2016 the FHFA (Federal Housing Finance Authority) announced that it would be offering a one-time principal reduction modification program for eligible borrowers with loans owned or guaranteed by Fannie Mae or Freddie Mac.
To be eligible for the program, FHFA said that the borrower must occupy the property and be 90 or more days delinquent as of March 1, 2016. The mark-to-market loan-to-value ratio must be 115% or greater, and the unpaid principal balance must be $250,000 or less.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners, here are a few of their stories.
Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter or Facebook. Here are some of the results from this week, which includes results from Ocwen, Bank of America and others:
Carrington
Our client was in foreclosure, 11 months and $18K past due with Carrington, but we got them a trial modification with a $208 cheaper payment and a fresh start!
New York Governor Andrew Cuomo recently signed legislation intended to prevent foreclosures and reduce the harm done by zombie properties in the Empire State.
Homeowners in New York already have some advantages that people in some other states don't. New York is a judicial foreclosure state, which means the bank has to go through the courts to foreclose on your home. That takes longer and affords homeowners more time to find a resolution.
Also, settlement conferences, which are a mediation between you and your lender, are mandatory for most foreclosure cases in New York. The purpose of the conference is for you and your bank to meet in person and come to some agreement that doesn't involve foreclosure.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners, here are a few of their stories.
Ocwen
Our client was behind on their $1,654/month payment to Ocwen, we got them a HAMP II trial loan modification with a $732 cheaper payment!
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners, here is one of their stories.
In January of 2016 we were hired by a Florida homeowner to help him avoid becoming a former homeowner. Let's call him Mr. Cohen to protect his privacy. Mr. Cohen definitely needed the help of an experienced foreclosure defense attorney. After falling behind on his mortgage his home was scheduled to be sold at a foreclosure auction on April 13th, so we immediately got to work to stop the sale and find a permanent solution.
Applying For a Loan Modification
We rushed to submit a Request for Modification Assistance (RMA) to Rushmore Servicing, Mr. Cohen's loan servicer, that would permanently modify his mortgage loan and return it to normal servicing if accepted.
Canceling the Foreclosure Sale
As the April sale date approached the RMA had not been reviewed by the bank, so we filed a motion with the court to cancel the foreclosure sale. The motion was granted and the April sale date was canceled and rescheduled for June 14.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners.
Wells Fargo Loan Modification Success
Many homeowners find that something strange happens when they stop paying their mortgage: nothing much. After missing payments they get letters from their bank telling them that they have to pay up or else lose their home. They don't pay because they can't, but still nothing happens for a long time.
Some homeowners go many years without making a payment, falling behind by tens or hundreds of thousands of dollars, and yet their house isn't sold at a foreclosure auction, the sheriff doesn't tell them to vacate the premises, and they're not thrown to the curb. Sometimes the collections calls even stop!
However, just because nothing seems to happen doesn't mean that the gears of foreclosure aren't turning or that the bank forgot that your loan isn't performing for them. Rest assured that they haven't forgotten about you and the money you owe them.
