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Mortgage Related

Your Mortgage Servicer Might Just Really Suck Says the CFPB. But Some Are Trying.

bad decisions

Today the Consumer Financial Protection Bureau (CFPB) released a special edition supervision report focused specifically on mortgage servicers. The report found that some mortgage servicers continue to use failed technology that has already harmed consumers, putting the company in violation of the CFPB’s new servicing rules. In its examinations covering numerous mortgage servicers since the new CFPB rules took effect ... Read More »

FTC Halts California Based Mortgage Relief Scam

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The Federal Trade Commission has charged the operators of a mortgage relief scam with bilking millions of dollars from homeowners by falsely telling them they could join a so-called “mass joinder” lawsuit that would save them from foreclosure and provide additional financial awards. “Preying on homeowners who already are financially distressed and struggling to pay their mortgages is appalling,” said ... Read More »

Brookstone Law Seizure Report Reads Like a Bad Movie Script

Old movie camera with film clapperboard. Preparations for shooting movie

The Federal Trade Commission (FTC) recently went after Brookstone Law Group. For more on that, click here. This mess has been brewing for years and it has managed to suck in some people I think are friendly who I’ve communicated with for a long time. But the report by the court-appointed receiver reads like a movie script. What you are ... Read More »

Brookstone Law and Cast of Players Hit Hard by FTC for Shenanigans

Brookstone Law

I wish I was above saying “I told you so” but I’ve been working on this story since 2011 and put in a lot of effort on this. So this time I’m going to have to say “I told you so.” You can see my past stories on the group, here. The Federal Trade Commission (FTC) has gone after Brookstone ... Read More »

Consumer Credit Card Debt Not the Biggest Problem in 2015

Inside view of an antique combination lock of bank Mandiri in Jakarta, Indonesia

This morning, New York Fed President William Dudley spoke to the press about the growing resilience of the U.S. household sector. His speech was followed by a briefing by New York Fed economists on developments in household borrowing. Their presentation included a detailed decomposition on mortgage borrowing and payment trends, and some new research on how borrowing has evolved differently ... Read More »

Orange County Mortgage Modification Telemarketers Arrested

Dead man walking - Sad prisoner with handcuffs in prison with orange clothes

Seven Orange County residents were arrested Tuesday morning and face federal fraud charges in connection with a boiler-room mortgage loan scheme that required homeowners to pay thousands in upfront fees. A federal grand jury in Connecticut returned an indictment on: • Aria Maleki, 33, Santa Ana; • Serj Geuttsoyan, aka Anthony Kirk, 33, Santa Ana; • Mehdi Moarefian, aka Michael ... Read More »

Familiar Names Banned from Selling Mortgage Help

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Some familiar names just struck a deal with the Federal Trade Commission. Four mortgage modification scammers, Brian Pacios, Chad Caldaronello, Justin Moreira and Derek Nelson will be banned from selling debt relief products and services under settlements resolving Federal Trade Commission charges that they deceived homeowners facing foreclosure. The settlements stem from a complaint the FTC filed against Pacios, Caldaronello, ... Read More »

DOJ Holds Mortgage Company Accountable for Unreasonable Loans

Department of Justice DOJ

Franklin American Mortgage Company has agreed to pay the United States $70 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements, the Justice Department announced today. Franklin American is headquartered ... Read More »

Mortgage Modification Representative Gets 10 Years in Jail

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United States Attorney for the Northern District of Indiana, David Capp, announced that Brian M. Kandefer, age 37, of San Diego, California, was sentenced Wednesday, November 18, 2015, in federal court by Judge Robert L. Miller, Jr. after his guilty plea of wire fraud and money laundering. Brian Kandefer was sentenced to 121 months imprisonment and ordered to pay $1.4 ... Read More »

Camden Legal Group – What Do You Think?

Many multicolor question marks above the head of young man or boy. Making decision thinking uncertainty learning concept. EPS 10 vector illustration no transparency

Previously I answered a reader question about a company called Camden Legal Group. You can see it here. In this post I’m going to do things a bit different. I’m just going to publish the facts that I have and I’m going to encourage you to post a comment with your opinion of Camden Legal Group. This story all began ... Read More »

Has the Consumer Protection Counsel Closed Up Shop?

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A reader let me know they think the Florida based group, Consumer Protection Counsel (CPC), has closed up shop. CPC has been in the news here and it is uncertain if they are really closed since their website now looks like it mostly is not working. As it stands right now, there is no contact information available on their website. ... Read More »

More California Mortgage Modification Scammers Head to Jail

Dead man walking - Sad prisoner with handcuffs in prison with orange clothes

Four people who worked at a Rancho Cucamonga business that offered bogus loan modification programs to thousands of financially distressed homeowners – victims who lost more than $7 million when they paid for services that were never provided – were sentenced today to federal prison, with one of the leaders of the scheme being ordered to spend 20 years in ... Read More »

Four Years Later, Consumers Get Pennies From Debt Relief Scam

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Four years ago now the California Department of Justice swooped in an shut down an enterprise they claimed was taking advantage of consumers who were seeking mortgage modification or actions against the mortgage company. More can be read here. The parties named in the original action included: Attorneys Processing Center, LLC, also doing business as Attorney Processing Center, and Processing ... Read More »

Another Lawyer Loses License Thanks to Debt Relief Industry

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I can remember a time when Resolution Law Group and The Resolution Law Group were company names I heard frequently. Well today I heard it again. The Tampa Bay Times is reporting that attorney Ian Berger who was involved with Resolution Law Group, has lost his law license. He can try to get it back in five years. Berger says, ... Read More »

Paymap and LoanCare Nailed for Stupid Simple Reason

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Yesterday the Consumer Financial Protection Bureau announced they took action against companies that sold consumers on an equity accelerator program. Typically these programs make payments every two weeks instead of once a month and that gives people one extra mortgage payment a year to reduce the balance owed faster. But the unbelievable part of this program delivery is contained in ... Read More »

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