Category: Foreclosure Defense

Why You May Need an Experienced Lawyer During Foreclosure

Posted on by Jonathan Smith

Why You May Need an Experienced Lawyer During ForeclosureWhy You May Need an Experienced Lawyer During Foreclosure

Life, unfortunately, isn’t always full of brightly colored rainbows and delicate butterflies and we might end up finding ourselves in a position where we are unable to pay our mortgage and fear the potential of facing the Foreclosure process. While it is believed that this process comes and goes with no possible way out you often don’t think that you will need any legal help, however, that isn’t necessarily the case. By using an experienced team of lawyers you will be able to look into multiple different options that are available to you as well as discuss in detail and ultimately decide which option is the best fit for you and your family. Mortgage Mediation, Mortgage Modification, Short Sales and even Bankruptcy are all options when you are facing a Foreclosure.

Fighting battles alone can often lead to success, although the changes may be slim, but when you have people fighting along side you, you have a better chance of winning. The main thing to understand is that your options are not limited. As individuals, we are scared of the notices we may see being plastered to the front door of our home, however, one thing to cling to is that many of these notices are simply scare tactics and aren’t legally able to advance the process whatsoever. By hiring the right team to support you, you will be able to fully understand what notices to look for, what notices are just scaring tactics, and what each notice means and how to proceed. Don’t let the multiple notices on your door fool you and discuss each notice with a professional so you are fully knowledgeable and aware of how the processing is accelerating and at what speed.

There are three different notices that will be posted that you will need to keep an eye out for:

Notice of Pre-Foreclosure Options, Notice of Default, and finally, Notice of Trustee Sale. Notices with any other titles will not hold a legal merit and will likely be there as an attempt to make the process go faster by your foreseeable forfeit of your home. To ensure you stay ahead of the game, contact legal professionals before these notices are posted when and if at all possible. You will be aware if your mortgage payments haven’t been made so contacting a legal team before the process starts will allow you to have more time to discuss the processes and ask questions so that you don’t feel rushed once the ball starts to roll.

[Related Post:  The Difference Between Selling to an Investor VS. with an Agent]

Not only will you be able to ask questions, get answers and have a team fighting for you but you will also get the best representation during your Foreclosure. Stay on top of the game and be ready to catch the curve balls that are thrown your way. Facing Foreclosure is not the end and it is most certainly not the only way to resolve the problems you are facing. If you are in Seattle, Bellevue, Tacoma, Everett, King County, Snohomish County or Western Washington, click here to get in contact with the lawyers that are standing by to assist you.

Having a great team behind you is important if you are planning on avoiding a foreclosure but there may be other options. Having an investor buy your home outright may also be a viable option.  – Thank you to Peter Westbrook REI for our guest post this week. Peter buys properties as-is in any condition throughout northern California.

Why Do Mortgage Investors Deny Loan Modifications

Posted on by Jonathan Smith

Why Do Mortgage Investors Deny Loan ModificationsWhy Do Mortgage Investors Deny Loan Modifications

The care of your loan is much more complicated than it appears. To some, this may sound funny because many of us do not think of a mortgage as simple on any level. Usually, when making your monthly payments you only deal with the servicer. They are responsible for taking payments, crediting the accounts, and taking the steps for foreclosure if the loan is in default. There is another party involved in your loan you may not be aware of.

This other party is generally invisible to loan holders because they do not communicate with you. This silent party has the biggest stake in what happens in your mortgage and that is the investor. They own the mortgage and earn a profit on the interest paid. Many homeowners don’t realize there is another party involved with the mortgage until there is a financial hardship and payments have not been made when the servicer relays information that the investor will not allow modification.

So why would an investor deny an attempt to make a new payment agreement through modification?

The modification of a loan requires the permanent change of one or more of the loan terms. Some of those changes may come in the form of lowered interest rates, longer loan terms, principal reduced, and lowered monthly payments. All of these things can mean less money for the investor.

Usually, when an investor denies the request for modification it is because they believe they can make more money if they foreclose on the loan instead of modifying. Making money is the reason the investor owns the loan and it is strictly business so they are going to look for the option to make more money.

If you have a Fannie Mae or Freddie Mac loan or your lender is another GSE they are required to let the servicer consider you for the government’s Home Affordable Modification Program more popularly referred to as HAMP. Other big banks that received government funds in the big bailout are also required to consider homeowners for HAMP.

Private investors, however, can play by a different set of rules and it can be more difficult to get a modification from them. They are not bound to the government requirements so when and if they give a modification it can be less helpful.

What can you do if your mortgage investor has denied your loan modification?

Get the help of an experienced attorney that deals in loan modifications. Usually, when you speak with the servicer you may be speaking with someone that does not know all the programs available out there or your rights as a homeowner. There is so much information to know about the modification process and the best thing you can do is to have an experienced loan modification attorney on your side who knows all the information and can help you get the best results.

Being denied a modification does not have to be the end of your attempt to stay in your home. You can reapply after rejection. For more information on how legal representation can help with your modification please contact the team at Advantage Legal Group.

Check out this week’s video blog:

What If I’m a Year Behind in My Mortgage Payments?

Posted on by Jonathan Smith

What If I'm a Year Behind in My Mortgage Payments?

What If I’m a Year Behind in My Mortgage Payments?

You may be behind only two months in your mortgage payments or up to two years behind! Wherever you may find yourself on that scale, the question is, what do you do and what’s going to happen? First and foremost, let’s be clear that it is vitally important that you keep in good communication from the get-go or as soon as possible. The longer you avoid notices due to embarrassment or denial, the worse things can get.

Lenders are usually very willing to work with you UNTIL a Notice of Default is filed. Once one of these is filed, it is very hard to work with your lender as they are looking out to protect their interest. So, be sure to communicate early and often. Also, keep a clear record of every time you communicate with your lender: the day you called, the name of the person you talked to and what you talked about. This can only help you later down the road. Remember, lenders do not want to foreclose, so if you’re unable to fulfill your mortgage obligation, contact your lender immediately so they can give you options to help you.

Options may include:

  • –time to make up your payments. You may be granted something called forbearance, an agreement from the lenders to not take action against you while you work out a repayment plan that is affordable for you.
  • -forgiving a payment. The lender may grant you debt forgiveness, which means they may let you skip a payment or two if you can prove that you will be able to pay thereafter. However, this rarely happens.
  • –repayment plan. Sometimes you can spread the missed payments out over a longer-term. For example, if your mortgage is $900, you may pay $200 more a month until you’re caught up, temporarily making your payments $1100.
  • -change the terms of your loan. Maybe your interest rate can be adjusted or maybe your amortization period can be extended.
  • –refinance. You may be able to add the back payments to the balance of your loan if you have sufficient equity.
  • -partial claim. Some government loans have provisions that allow the borrower to apply for another loan to pay back the missed payments if they meet certain criteria.

The above are routes of action if a Notice of Default has not yet been filed. if one has been filed, your remaining options are to reinstate your loan, sell your home, consider a short sale or sign a deed in lieu of foreclosure.

To learn more, contact Advantage Legal Group.

Ready to schedule a consultation?  425-452-9797
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Mortgage Modification Lawyer in Bellevue and Seattle

Posted on by Jonathan Smith


Advantage Legal Group is that helping people for four years with the Washington State Foreclosure Fairness Act. It is helped many homeowners stay in their home and avoid foreclosure by forcing these banks to have face-to-face communication with the homeowners.  These meetings are mediated and overseen by someone that is qualified with the Washington state Foreclosure Fairness act to make sure that the banks are doing what they should be doing in order to to help homeowners. This helps them modify their existing mortgage into a payment they can actually afford.

Homeowners need an attorney or housing counselor to actually ask for the meeting, which is something a lot of homeowners don’t realize. Many people feel that they can simply call up the lenders and ask for this meeting directly but that’s not the case. The meeting will happen in the county in which the homeowner resides. The housing counselor or your attorney will set up the meeting in a unbiased and neutral location. If you’re being called into the lender’s attorney’s office or the lender is setting up this meeting, this may not be the mediation meeting that you want.

Advantage Legal Group has completed many of these mediations by helping homeowners lower their monthly mortgage payments and keep them in their homes. Lenders such as Nationstar met with the attorneys at Advantage Legal Group and moved to their old payment of $3907 with an interest of 2.75% to a new interest of 2% lowering their payment to $2564. This was a savings of over $1342 every month.

 

We Are Mortgage Modification Lawyer in Bellevue and SeattleMortgage Modification Lawyer in Bellevue and Seattle

Advantage Legal Group states that one of the lenders that is difficult to deal with is Wells Fargo however, they were able to moderate and mediate a mortgage payment of $1609 down to $1411 with a reduction of nearly $200 and interest reduction from 3.5% to 2.75%. The couple in this scenario was actually 19 months behind in their mortgage payment so it really doesn’t matter how far behind you are, Advantage Legal Group can get the job done.

Another scenario showed an adjustable-rate mortgage of 9.1% and a payment of over $3100 down to a fixed interest rate of just 2% with a new payment of $1732. These are the type of stories that really makes sense to struggling homeowners that may risk foreclosure if they don’t do what they need to do in contact a lawyer or housing counselor immediately.

Mortgage Modification Lawyer in Bellevue and Seattle

Jonathan Smith of Advantage does more people that you don’t want to wait too long. The longer you wait the higher the interest rate you might end up getting. Jonathan mentions that people can have a free consultation to figure out if this Washington State Foreclosure Fairness Act actually will work for their situation so don’t wait; give them a call today and find out if this mortgage modification can work for you. 425-452-9797

Foreclosure Defense Seminar in Seattle

Posted on by Jonathan Smith

Sign Up for our FREE Seattle Area Foreclosure Defense Seminars:

Advantage Legal Group is offering three free Foreclosure Defense seminars in the Greater Seattle area:

  • Tacoma:  Wednesday June 19th from 7:00 PM to 9:00 PM – Greater Tacoma Convention and Trade Center – 1500 Broadway, Tacoma, WA. 98402
  • Lynnwood:  Thursday June 20th from 7:00 PM to 9:00 PM – Lynnwood Convention Center 3711 196th St. SW Lynnwood, WA. 98036
  • Bellevue:  Saturday June 22nd from 10:00 AM to Noon – Bellevue Hyatt Regency –
    900 Bellevue Way NE, Bellevue, WA 98004

Space is limited –  click here for details and to Register Online Now!

The seminar will cover:

Foreclosure Defense Strategies
Mortgage Mediation
Deed in lieu of Forclosure
Mortgage Modification
Short Sales
Washington State Foreclosure Fairness Act (FFA)

Sponsored by Advantage Legal Group

Bellevue Foreclosure Defense

Posted on by Jonathan Smith

Bellevue Foreclosure Defense

Hi, my name is Jonathan Smith and I am an attorney servicing Western Washington. My law firm does mortgage mediation, mortgage modifications, bankruptcies and short sales.

Updated: 5/18/2020

Right now with the current pandemic, homeowners may be fearful of losing their homes due to foreclosure. If you’ve been out of work and unable to either get employment or just not enough to make your mortgage payment, foreclosure may be on the horizon. It’s extremely important to act now and as quickly as possible to avoid foreclosure.

Foreclosure defense is the legal strategy initiated by a homeowner to avoid foreclosure. The simplest way is to simply modify the mortgage but the homeowner may not be able to do this alone with their lender. They may need a foreclosure defense attorney to renegotiate the terms of the mortgage in order to make the payments more affordable or put off the payments for a couple of months.

In several cases, homeowners can successfully contest foreclosure proceedings with the help of a foreclosure defense attorney. We help homeowners find legal grounds on which the proceedings can be challenged. In rare cases, mortgage companies have filed foreclosure proceedings illegally.

We are offering foreclosure defense services, which use all of the above to attempt to avoid foreclosure, if at all possible. The single worst impact on your credit is a foreclosure. It’s far better to have either a short sale or some other disposition of the property, or a mortgage modification or a mediation – than it is to have a foreclosure.

We are offering services to help you work out the best methodology for dealing with your current situation. If that’s something that interests you, check out my website at AdvantageLegalGroup.com Again, AdvantageLegalGroup.com. And I look forward to meeting you.

Foreclosure Defense options may include Mortgage Mediation, Mortgage Modification, Short Sale or Bankruptcy.

Contact Us Today at 425-452-9797 or Below

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