Ark Law Group Blog
Short Sale, Loan Modification & Foreclosure Solutions
Top 4 Loan Modification Servicer Errors Hurting Homeowners - CFPB
By Ark Law Group

The Consumer Financial Protection Bureau, recently renamed the Bureau of Consumer Financial Protection by new Acting Director Mick Mulvaney, just released their Summer 2018 edition of Supervisory Highlights. The report summarizes their previous year's investigative activity of financial companies in the auto loan servicing, credit card, debt collection, mortgage servicing, payday lending, and small business lending industries.

6 Things You Need to Know Before You Apply for a Loan Modification (Plus 4 Bonus Tips)
By Ark Law Group

If you're considering a loan modification - these are the things you need to know.If you are at risk of foreclosure, your mortgage lender is going to ask if you are interested in a loan modification. This idea has a lot of appeal if you want to keep your home. If it works, that's great!  You don't have to move and in most cases you'll get a lower payment every month. 

Are You Eligible for Mortgage Help Through the Hardest Hit Fund?
By Ark Law Group

Prevent foreclosure with TARP's Hardest Hit FundYes, the worst of the financial crisis is behind us. But even though the economy seems to be regaining its momentum, many individual American workers and homeowners are being left behind. As I wrote recently, in many parts of the nation foreclosure rates are actually still rising. If you are one of the millions of Americans who are still facing the threat of foreclosure, you may be able to get mortgage help through the Hardest Hit Fund.

How to Win Your Loan Modification Appeal
By Ark Law Group

How to deal with loan modification appealsOn a daily basis, we hear heart-wrenching stories from clients going through one of the most difficult periods of their lives—fearing the loss of their home.

Fannie Mae and Freddie Mac Introduce New Flex Loan Modification Program for 2017
By Ark Law Group

Loan Modification Options HAMP HAFA.jpgWell, here’s some good news for struggling homeowners who are worried about foreclosure, or possibly already delinquent on their mortgage payments. With HAMP (the Home Affordable Modification Program) about to expire, Fannie Mae and Freddie Mac have announced a new loan modification program called the Flex Modification.

A Look Into Loan Modification Options
By Ark Law Group

Loan modification is a process for changing the terms of an existing mortgage to make it easier for the borrower to repay the loan.  Loan modifications occurred in record numbers following the 2008 mortgage and real estate crisis, but modifications still occur today to help struggling homeowners. 

What Happens With a Mortgage Service Release?
By Ark Law Group

How Does A Service Release Impact You And Your Mortgage? When you borrowed money to purchase your house, the cash paid to you probably didn’t come from the lender or bank that worked with you. Instead, the money came from an “owner” or “investor.”

Can Someone Else Take Over My Mortgage Payment | Mortgage Assumption
By Ark Law Group

Mortgage AssumptionPeople often come to us asking if they can “take over a loan” or “remove someone from the loan.”

How to Appeal a Mortgage Loan Modification Denial
By Ark Law Group

How to appeal if your mortgage loan modification is deniedWhen applying for a loan modification, you must prove two things to the lender:

What to Do If You Fail the Net Present Value Test for a Loan Modification
By Ark Law Group

If you fail the NPV test during loan modification approvalOne of the hurdles you may need to cross on your way to a loan modification is something called a Net Present Value (NPV) test.

Struggling With Your Ocwen Loan Modification? Here’s What to Do
By Ark Law Group

Worried about your loan modification with Ocwen?The attorneys at Ark Law Group have learned over the years that a few mortgage lenders have some bad habits. And knowing where those lenders are likely to make mistakes has benefited our clients.

Trial Payments and Mortgage Modification - The Good News
By Ark Law Group

Loan modification trial payment plansTrial payment plans are good news for someone who wants a loan modification. If you are offered a trial payment plan, it means the documents you gave your lender about your financial situation have shown that you are likely capable of actually making modified payments.

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