Foreclosure and Loan Modification Blog

5 Year Anniversary: Employee Submissions!

To celebrate our 5 year anniversary, we ran a contest in the office. Employees were invited to submit a poem, story, song or picture. Here are our winners!

Winner: Ruth Gross

There was a nice woman
Who lived in a shoe,
She had so many bills,
She didn't know what to do.

She went to Amerihope
With her fears and her dreams,
And with a smile and some work,
They saved her home that sat by a stream.

Her family is now happy
And is able to cope.
She said, "Thank you Lord,
For sending me to Amerihope"

She then kissed all her children
And made sure they were fed
And when they were done,
She tucked them all in bed.

Runner Up: Joe Mizzell

Amerihope Mod Song

Homeowner Bill of Rights: a Win/Win for Homeowners

Every Homeowner In Your State Deserves a Homeowner Bill of Rights. Here's Why.

Banks Should Have To Fight Fair Against HomeownersCalifornia was once one of the worst places to experience foreclosure, but now it is a model state for giving homeowners a a fair shake against their mortgage lenders. One single piece of legislation is responsible for this change; that legislation is the Homeowner Bill of Rights. California's Homeowner Bill of Rights formally took effect at the beginning of 2013. According to the California Attorney General's Office, the Bill of Rights "ensures fair lending and borrowing practices for California homeowners... these laws are designed to guarantee fairness and transparency for homeowners within the foreclosure process."

6 Myths About HAMP Loan Modifications

Editor's note: This article was originally published June 2013, and has been updated in November 2015. Some reported facts are from 2012 and 2013, but HAMP information is current as of this date. 

In May 2013, the credit reporting agency TransUnion reported that the percentage of mortgage holders with mortgages 60 days or more delinquent decreased 12% from the fourth quarter (Q4) of 2012 to 4.36% and a 21% drop from Q1 2013.  Both numbers represent the biggest declines since TransUnion started tracking mortgage delinquency data.

Nonetheless, too many homeowners continue to have difficulties making their mortgage payments each month and suffer financial hardship. Due to a lack of accurate information, a large number of these borrowers do not realize that they may be eligible for financial relief under the federal government’s Making Home Affordable loan modification program.

Here are six of the most misunderstood aspects about the Making Home Affordable Program.

Loan Modification Scams in Florida

The state of Florida had been recognized as a leader in real estate and mortgage fraud long before the mortgage crisis took hold of U.S. real estate markets. The combination of easy profits available from inflated formulas for calculating property valuation and appreciation and the relatively lax requirements necessary to qualify for a mortgage broker's license made Florida an attractive market for unscrupulous individuals at every level of the real estate financing process. Unfortunately, many Floridians fell victims to scams which made others rich and left homeowners holding the bag. To add insult to injury, loan modification scams in Florida are taking further advantage of desperate homeowners.

Lender Refused Bailout, Gave Customers Loan Modifications Instead

Many Americans have heard their fill of stories about big banks and corporations that took  hundreds of billions in funds from the Troubled Asset Relief Program or TARP, which became law in October 2008.

TARP was billed as a critical component desperately needed to stabilize the U.S. economy in the aftermath of the subprime mortgage crisis. The program allowed the U.S. government to strengthen the financial sector by purchasing assets and equity from banks and other financial companies.

Not All Institutions Took The Money

Unlike many banks and mortgage lenders, Impac Mortgage Holdings, Inc. and its founder and CEO Joe Tomkinson refused to take TARP monies or any funds from American taxpayers.

What You Need to Know about Loan Modification Packages

Loan Modification and the Homeowner: What You Need to Know About Loan Modification Packages

Lego HomesIf you have received a a foreclosure notice or missed a few mortgage payments, know that you are not alone. In 2012, an estimated 2.1 million foreclosure filings were made in the United States. More than ever, Americans are finding themselves facing the repossession of their homes due to any number of reasons, including a sudden fall in property value paired with increased interest rates and unanticipated hardships including a loss or decrease in wages, debilitating illnesses, death in the family, or adjustable rate increases. If you have received a home foreclosure notice, or are about to miss a mortgage payment, don’t panic just yet. Contacting your mortgage lender and seeking professional counsel regarding a loan modification package can significantly improve your chances of escaping foreclosure and creating a sustainable payment plan.

Force-Placed Insurance: What To Look Out For And What To Do Next

What Is Force-Placed Insurance?

For home and condominium owners, the housing crisis brought a host of financial challenges, forcing many into or on the brink of foreclosure. Now, in addition to struggling with bank notices and loan modifications, the financial industry has added another compounding hardship for property owners: force-placed property insurance.

Force-placed property insurance has become something of a recent development arising out of the financial crisis. This is a mortgage or loan lender practice implemented mostly in states like Florida, New York, Pennsylvania, and New Jersey that were hit hardest by the housing crisis and were victims of recent natural disasters, like Hurricane Sandy. The property insurance required by the lender insures against natural disaster and human-inflicted damages.

Do I need a Forensic Loan Audit?

A few years ago a forensic loan audit was a common tool for "mortgage rescue" companies if you suspected your bank of unfair practices and wished to pursue a lawsuit against your lender. However forensic loan audits are unnecessary in relation to the numerous other ways a foreclosure attorney can fight for your home.

The FTC warns consumers against companies using Forensic Loan Audits to lure in clients as a mortgage loan audit is expensive and offers no significant benefit to the homeowner.

A good foreclosure lawyer will make sure all of your loan paperwork is compliant, if necessary, as a tactic in your foreclosure defense case.

How to Write a Hardship Letter for your Mortgage Company

If you're faced with foreclosure, writing a hardship letter for your mortgage company will be required if you are seeking a loan modification. Remember that every bank is different and what one might consider a great hardship letter, another might throw aside and not consider. The best way to get a well written hardship letter that will grant you the loan modification you're looking for is to hire a licensed foreclosure defense attorney and determine exactly what you should and shouldn't put in your hardship letter.

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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