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Mortgage Related

Loan Modification Company Operating Out of Mailbox at UPS Store is a Scam

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Federal prosecutors have indicted two San Diego men featured in an ABC News investigation for their role in allegedly defrauding desperate homeowners trying to modify their mortgages. Investigation uncovers businesses posing as something they’re not. Glenn Rosofsky and Michael Trap, who ran a business called Nations Housing Modification Center, are charged with duping homeowners who were falling behind on their ... Read More »

FTC Tries to Protect Consumers From Getting Screwed With a Reverse Mortgage

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Federal Trade Commission staff has filed comments with the Federal Financial Institutions Examination Council (FFIEC) supporting a measure designed to protect consumers from deceptive claims and to help them make better-informed decisions about whether to obtain a reverse mortgage. Reverse mortgages, typically available only to borrowers age 62 or older, allow them to “spend down” the equity in their home ... Read More »

Consumers More Likely to Pay Credit Cards Than Mortgage

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From the good folks over at US News & World Report is this interesting article, “Forget the Mortgage, I’m Paying My Credit Card Bill” by Luke Mullins. Amid high unemployment and sliding home prices, a growing number of struggling consumers are doing what was once considered unthinkable: paying their credit card bills instead of their mortgages. A recent study developed ... Read More »

Before You Walk Away From Your Mortgage, Read This

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Last week I received an email from a desperate couple in Illinois. Here’s the edited version of their note: "My wife and I have been struggling, morally, with what to do. We have two interest-only, adjustable-rate mortgages with two different lenders coming due in May of 2011. I currently can handle paying all my bills–but just barely, with nothing left ... Read More »

Walking Away From Your Home Might Be The Best Thing to Do for You

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It’s interesting that the banking community doesn’t want consumers to walk away from their homes when the house has lost so much value that the home is now worth less than the mortgage. But this would be the very same banking community that made these unrealistic and dubious loans to begin with during the high flying mortgage days. More consumers ... Read More »

United Law Group Brags About Doing It’s Job, Huh?

I have no clue what could be running though the minds of the people over at the United Law Group lately. The United Law Group offers loan modification services. Out pops a new press release from United Law Group all bragging and such about how they helped this foot doctor get her mortgage modified for the parents. The headline of ... Read More »

Forensic Loan Audits and Foreclosure Rescue Companies are a Scam Says California Attorney General

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Attorney General Edmund G. Brown Jr. today joined the California Department of Real Estate (DRE) and the State Bar of California in warning Californians to avoid forensic loan audits, the loan-modification industry’s latest “phony foreclosure-relief service,” in which homeowners pay up-front fees for a forensic review of their lender’s practices, but are provided no actual foreclosure relief. “Forensic loan audits ... Read More »

FTC to Ban Upfront Fees for Foreclosure Rescue or Mortgage Modification

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The Federal Trade Commission moved to protect distressed homeowners from the promoters of bogus foreclosure rescue and mortgage modification services by proposing a new rule that would forbid companies to charge up-front for these services. Instead, companies could only collect payment after providing services. “Homeowners facing foreclosure or struggling to make mortgage payments shouldn’t have to contend with fraudulent ‘companies’ ... Read More »

Brian Austin Green – Bank Wants His Home Back

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Apparently Brian Austen Green is playing a little alleged Russian Roulette with his mortgage company. He says he’s playing a calculated move and going for a short sale but his mortgage company SunTrust Mortgage just filed papers saying Green, of 90210 fame, owes $71,000 in back payments on his $2,000,000 mortgage. According to the docs, SunTrust has begun the foreclosure ... Read More »

Mortgage Rescue Scam Results in Guilty Plea From Lawyer

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In a look into the future when more lawyers are going to find themselves in hot water from current foreclosure avoidance scams, yet another lawyer has been found guilty of running a foreclosure rescue or mortgage rescue scam. This time the show unfolded in Pennsylvania. The government alleged that Doherty and four others targeted homeowners facing foreclosure, promised to help ... Read More »

Forensic Mortgage Analysis Scam – Beware

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Consumers are urged to be on the lookout for companies promising forensic mortgage analysis services. It’s an offer many struggling homeowners can find hard to resist. It begins with a flyer or phone call from a company offering to review your financial documents in order to find a dramatically lower mortgage rate. But the problem is, it often is an ... Read More »

Master Builders for Christ and Vision Builders Christian Center Steal Homes of People Facing Foreclosure

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I’m not sure if it’s just me or that there seem to be more financial frauds occurring in the name of God. Using the words of God and a promised opportunity of hope in desperation, three Delaware residents stole the foreclosed houses of desperate homeowners. – Source Delaware Attorney General Beau Biden announced that Jamaar Manlove, Larry Manlove, Rhonda Manlove, ... Read More »

Developer Fleeces With Subprime Mortgage Fraud. Defense – Rabbi Said It Was OK.

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A Brooklyn developer accused of fleecing dozens of Hasidic families in a massive subprime mortgage fraud scheme took cover behind a divine defense on Tuesday. Eliyahu Ezagui’s lawyer told jurors his client received “a blessing” from the late Rabbi Menachem Schneerson to build affordable housing for the Lubavitcher community in Crown Heights. “It was a mitzvah to him, a Hebrew ... Read More »

Joseph Gembala, Esq. Sued for Loan Modification and Foreclosure Rescue Services.

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A recent lawsuit alleges that yet another lawyer has found himself deep in trouble by over promising and under-delivering loan modification services. It is an interesting suit since it shows yet another twisted and convoluted network of companies created to confuse consumers and leave them still in trouble, but apparently poorer. Get Out of Debt Guy – Twitter, G+, Facebook ... Read More »

More Lawyers Arrested for Loan Modification Scam Involving Home Relief Services and US Loan Mod Processing.

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A lawyer and his business partner have been arrested on charges of defrauding over 400 victims in a $1.25 million loan modification scam that targeted distressed homeowners. A warrant has been issued for another business partner in this case. Former attorney Christopher Lee Diener, 42, and business partners Stefano Joseph Marrero, 40, and Terrence Green Sr., 43, all neighbors in ... Read More »

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