Loan Modification Attorney North Carolina: Bank of America

Posted on July 11, 2011 by admin

Loan Modification Attorney Charlotte NC: Bank of America Being Sued after refusing to convert Trial Payments to Permanent Modifications

Call For Help 877-845-4848

Bank of America Corp (BAC) Multiple homeowners from 19 states accuse the biggest U.S. bank of failing to honor agreements for modifying their mortgage loans, has been transferred to Federal Court in Boston, Massachusetts.

Homeowners were seeking relief via a loan modification from Bank of America under the federal government’s “Home Affordable Modification Program”, this program along with the banks cooperation is suppose to lower your monthly mortgage payments and avoid a foreclosure sale of the home.

Of the all 26 cases from 19 different states were consolidated into this complaint where it is being transferred to federal court after U.S. District Judge Rya Zobel decision was made.

The complaint stated that “Bank of America had no intentions on providing actual and permanent modifications.”

Future Opportunity for Distressed Homeowners

Case 1:10-md-02193-RWZ

This decision can provide many homeowners a second opportunity to permanently lower their monthly mortgage payments, based on this recent complaint.

The Judge Zobel did dismiss the homeowners in the complaint who had applied for relief but never received a trial modification, stating they lacked standing.

The other group covers homeowners who obtained trial plans and were entitled to permanent modifications at the end of 3 to 4 month period, Attorney for the homeowners Gary Klein said. Under the trial agreements, Bank of America is required to offer permanent modifications to borrowers who adhere to the terms, according to the complaint.

If you are a North Carolina homeowner that has fallen behind on your mortgage or feel you may become late in the future, contact our office today! 877-845-4848

LEGAL DISCLAIMER

This blog is a simplistic overview of some of what attorneys do to help with homes attempting to avoid foreclosure and procure mortgage loan modifications in North Carolina. Mr. Chadrick Porter is a Mortgage Modification Attorney who practices in NC and WV. This blog entry is not legal advice and does not create an attorney/client relationship; it is merely some legal education and is intended to provide general information. Each case is fact specific which requires its own unique solution. It is strongly suggested that you seek the advice of a qualified attorney to help you with your legal questions.

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Raleigh NC Loan Modification Attorney: Help Avoid Foreclosure

Posted on July 8, 2011 by admin

Raleigh North Carolina Loan Modification Attorney Help!

loanmodificationraleigh.com

Call Now: 877-845-4848

Raleigh, North Carolina like many cities has been impacted by the economy over the past few years. This has created hardships such as loss of jobs, reduction of income, mortgage payment increase, relocation and foreclosure.

At The Porter Law Firm, we can help you level the playing field through a home loan modification. By negotiating with your lender to come up with a restructured loan, if reduced this will provide you the financial relief to pay your debts at a rate you can afford and avoid bankruptcy and or foreclosure.

Many people believe that they have no options left when faced with a mortgage they cannot afford. If you have taken out multiple mortgages on your house or you are afraid that bankruptcy is your only option, The Porter Law Firm can help you find a solution. This might be an interest rate reduction, principal reduction or even both along with the recapitalization of the loan so you are immediately current with your lender and removed from a foreclosure status.

Legal representation gives you leverage. The Porter Law Firm has negotiated various mortgage loan modification cases with the majority of lenders in existence today. When restructuring a mortgage, we have to pay close attention to numerous parameters and various areas of adjustability the lender has at their dispose. We review all modifications and trial periods before advising the client to accept or deny an offer. This experience we have gained over the years has provided great insight on the constantly changing programs, limitations and guidelines being offered currently.

If you are a North Carolina homeowner that has fallen behind on your mortgage or feel you may become late in the future, contact our office today! 877-845-4848

The Porter Law Firm represents clients for loan modification in Wake County,  Durham County the towns of Cary, Morrisville, Garner, Clayton, Wake Forest, Apex, Holly Springs, Fuquay-Varina, Knightdale, Wendell, Zebulon, and Rolesville and all other areas of North Carolina.

Charlotte,Raleigh,Greensboro,Winston-Salem,Durham,Fayetteville,Cary,High Point,Wilmington and all other areas of North Carolina

LEGAL DISCLAIMER

This blog is a simplistic overview of some of what attorneys do to help with homes attempting to avoid foreclosure and procure mortgage loan modifications in North Carolina. Mr. Chadrick Porter is a Mortgage Modification Attorney who practices in NC and WV. This blog entry is not legal advice and does not create an attorney/client relationship; it is merely some legal education and is intended to provide general information. Each case is fact specific which requires its own unique solution. It is strongly suggested that you seek the advice of a qualified attorney to help you with your legal questions.

Posted in North Carolina Foreclosure Help, North Carolina Loan Modification, Raleigh Loan Modification Help | Tagged , , | Leave a comment

Loan Modificaiton North Carolina Help: Lawyers Blog

Posted on July 7, 2011 by admin

 

 

North Carolina Loan Modification Help

 

Call Now: 877-845-4848

North Carolina like many states has been impacted by the economy over the past few years. This has created hardships such as loss of jobs, reduction of income, mortgage payment increase, relocation and foreclosure.

At The Porter Law Firm; we negotiate with lenders and banks to reduce your largest monthly obligation, your mortgage payment. With our experience negotiating mortgages with almost all lending institutions, we provide aggressive negotiations and strategies’s to reducing clients interest rates, or extend the loan term to create a payment that will be more affordable based on your current household income.

The lender is not obligated to modify your mortgage but if you present a documentable hardship the lender may be inclined to offer a modification in lieu of foreclosure.

If you are a North Carolina homeowner that has fallen behind on your mortgage or feel you may become late in the future, contact our office today! 877-845-4848

Charlotte,Raleigh,Greensboro,Winston-Salem,Durham,Fayetteville,Cary,High Point,Wilmington and all other areas of North Carolina

LEGAL DISCLAIMER

This blog is a simplistic overview of some of what attorneys do to help with homes attempting to avoid foreclosure and procure mortgage loan modifications in North Carolina. Mr. Chadrick Porter is a Mortgage Modification Attorney who practices in NC and WV. This blog entry is not legal advice and does not create an attorney/client relationship; it is merely some legal education and is intended to provide general information. Each case is fact specific which requires its own unique solution. It is strongly suggested that you seek the advice of a qualified attorney to help you with your legal questions. northcarolinaloanmodification.com

 

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North Carolina Loan Modification: Hardship Letter

Posted on May 30, 2011 by admin


The Porter Law Firm, 704-930-0952 Toll Free 877-845-4848

Possible Hardships that Qualify for Loan Modification Review

Hardships in today’s time are on the rise, many homeowners are relocating or working extra jobs just to offset the increase in expenses or loss of hours.

Maybe you are experiencing a medical hardships, divorce or loss of a job among many other unforeseen circumstances.
As a result, you may be finding yourself in a position where it is difficult to pay your mortgage or what is past due. While some lenders will be willing to work with a borrower on the short term, as missed payments increase in number and the loan proceeds towards default, the lender will usually respond with the last resort option available to them. They can call the note due, and exercise the option to foreclose on the property and attempt to reclaim the home.
Hardships do happen and they often happen without notice. This places homeowner in the unenviable position of not being able to maintain their monthly mortgage obligation.
Again, such a scenario is a serious one since it heightens the opportunity of an imminent foreclosure situation. This is unfortunate because while someone may be unable to make the original monthly mortgage payment, the ability to pay a lesser monthly amount may be feasible. This is usually where a loan modification comes into negotiations.

When you submit your file for a loan modification request, the lender will need to know what happened to cause your hardship and if the hardship has been overcome. This letter needs to be close to a full page of convincing documentable information including dates of occurrences and possible copies if any that can be attached for proof. Furthermore your mortgage loan modification hardship needs to provide the lender with detailed information on how you will maintain the new modified payment. This is just one of the many items that will need to be provided for the modification review.

If you have not received a notice of a foreclosure action against your property, please contact our office to review your case for a loan modification or other workout options!

The Porter Law Firm, 704-930-0952 Toll Free 877-845-4848

LEGAL DISCLAIMER

This blog is a simplistic overview of some of what attorneys do to help with homeowners attempting to avoid foreclosure and procure mortgage loan modifications in North Carolina. Mr. Chadrick Porter is a Mortgage Modification Attorney who practices in N.C. and W.V. This blog entry is not legal advice and does not create an attorney/client relationship; it is merely some legal education and is intended to provide general information. Each case is fact specific which requires its own unique solution. It is strongly suggested that you seek the advice of a qualified attorney to help you with your legal questions.

Posted in Avoid North Carolina Foreclosure, Loan Modificaiton Documents Required, North Carolina Foreclosure Help, North Carolina Loan Modification | Tagged , | Leave a comment

North Carolina Average Foreclosure Timeline

Posted on May 30, 2011 by admin

Avoid Foreclosure North Carolina Timeline Overview

The Porter Law Firm, 704-930-0952 or Toll Free 877-845-4848

Time Line Provided by Realtytrac.com

 

Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS
Yes Yes 110 Days 25 Days None Sheriff
Non-Judicial Foreclosures are more common

 

Pre-foreclosure Period

Foreclosures go through the courts when there are title problems. A lawsuit is filed to obtain a court order of foreclosure, and the foreclosure sale process is directed by the court.

Out-of-court proceedings are most common. They occur when a clause exists in a mortgage that empowers the lender to sell the property if the borrower defaults. A preliminary hearing is conducted before a power of sale foreclosure can take place. Not fewer than 10 days before the notice of hearing, the lender mails or personally delivers the amount due plus expenses to the borrower. After the notices have been issued, the county clerk conducts the hearing to determine whether a foreclosure sale will take place.

The typical foreclosure timeline is approximately three to four months.

Foreclosure prevention is key.

Notice of Sale / Auction

If the deed of trust or mortgage contains a power of sale clause and indicates the time, place, and terms of sale, then the specified procedure must be followed.

A notice of sale must include the names of all parties involved, a legal description of the property, and the date, time and location of the sale. The lender mails the notice of sale to the borrower and relevant parties at least 20 days prior to the sale date. The lender also publishes the notice in a local newspaper once a week for two weeks, and the last publication cannot be more than 10 days before the sale date. Further, the lender posts the notice of sale at the county courthouse at least 20 days before the sale.

The sale is conducted between 10:00 a.m. and 4:00 p.m. at the courthouse, and the property is sold to the highest bidder. If the sale is postponed, a notice stating the revised date and time of the sale is posted at the courthouse.

The borrower has a 10-day right of redemption after the sale by paying what is owed to the lender plus any sale costs. Further, any party may enter an upset bid during that same period by submitting a deposit of at least 5 percent of the bid to the county clerk.

Time Line Provided by Realtytrac.com

If you have not received a notice of a foreclosure action against your property, please contact our office to review your case for a loan modification.

The Porter Law Firm, 704-930-0952 or Toll Free 877-845-4848

LEGAL DISCLAIMER

This blog is a simplistic overview of some of what attorneys do to help with homeowners attempting to avoid foreclosure and procure mortgage loan modifications in North Carolina. Mr. Chadrick Porter is a Mortgage Modification Attorney who practices in N.C. and W.V. This blog entry is not legal advice and does not create an attorney/client relationship; it is merely some legal education and is intended to provide general information. Each case is fact specific which requires its own unique solution. It is strongly suggested that you seek the advice of a qualified attorney to help you with your legal questions.

Posted in Avoid North Carolina Foreclosure, Loan Modificaiton Documents Required, North Carolina Foreclosure Help, North Carolina Loan Modification | Tagged | Leave a comment

Charlotte, North Carolina Attorney: Loan Modification Documents Required

Posted on May 30, 2011 by admin


North Carolina Loan Modification Documents


The following are normal documents that your lender will need to initiate a loan modification request:

Request for Modification and Affidavit (RMA)

Dodd-Frank Certification–a form in which you certify that, within the past 10 years, you have not been convicted of certain crimes related to a mortgage or real estate transaction.

Proof of Income and Residency

In order to provide proof of residency and income, you’ll need to collect a set of the following documents for everyone listed on your home loan.

2 most recent pay stubs, or, if self-employed, quarterly or year-to-date profit/loss statement
2 most recent bank statements for all checking and savings accounts
Most recent utility bill showing your name and property address
Hazard Insurance Deceleration Page

The Porter Law Firm, 704-930-0952 Toll Free 877-845-4848All of the following that may apply:

Other income (such as social security, disability, death benefits, pension, adoption assistance, public assistance, or unemployment) along with a benefits statement or letter from the provider that states the amount, frequency and duration of the benefit
Income from alimony, child support or separation* along with the divorce decree, separation agreement or other written agreement filed with the court
Rental income along with copies of the most recently filed signed federal tax return with all schedules, including the Schedule E (Supplemental Income and Loss) or a current lease agreement
Non-wage income (part-time employment, bonuses, tips and investment income), if more than 20% of total income, requires copy of documentation describing the nature of the income (for example, an employment contract or printouts documenting tip income)
Proof of homeowners/condominium association fees

*You are not typically required to disclose child support, alimony or separation maintenance income, unless you choose to have it considered.

 

If you have not received a notice of a foreclosure action against your property, please contact our office to review your case for a loan modification.

The Porter Law Firm, 704-930-0952 Toll Free 877-845-4848

LEGAL DISCLAIMER

This blog is a simplistic overview of some of what attorneys do to help with homes attempting to avoid foreclosure and procure mortgage loan modifications in North Carolina. Mr. Chadrick Porter is a Mortgage Modification Attorney who practices in NC and WV. This blog entry is not legal advice and does not create an attorney/client relationship; it is merely some legal education and is intended to provide general information. Each case is fact specific which requires its own unique solution. It is strongly suggested that you seek the advice of a qualified attorney to help you with your legal questions.

Posted in Avoid North Carolina Foreclosure, Loan Modificaiton Documents Required, North Carolina Foreclosure Help, North Carolina Loan Modification, Uncategorized | Tagged | Leave a comment