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Mortgage Related

Mortgage Relief Scams Pay Millions to FTC

ftc

The South Florida-based defendants in an alleged mortgage relief scam will surrender their assets and be banned permanently from providing mortgage relief and debt relief services to consumers under a settlement with the Federal Trade Commission. This settlement represents the FTC’s largest judgment to date against a purported mortgage assistance relief provider. In 2012, as part of the Distressed Homeowner ... Read More »

    CFPB Gives Borrowers With Troubled Mortgages a Guide

    Real Estate Concept

    The Consumer Financial Protection Bureau (CFPB) has issued a comprehensive guide to help troubled mortgage borrowers. The 104 page guide gives step-by-step directions on what you should expect from your mortgage company if you are struggling. You can read the guide here. The guide also clearly lays out the responsibilities of borrowers as well and is one of the more ... Read More »

      FTC Nails American Mortgage Consulting Group and The Debt School

      Bitch Slap

      The defendants in two separate alleged scams have settled charges with the Federal Trade Commission and will be banned from providing mortgage- and debt-relief services. The cases are part of the FTC’s continuing crackdown on scams targeting consumers in financial distress, including debt relief and credit repair scams, and mortgage relief scams. American Mortgage Consulting Group; Home Guardian Management Solutions: ... Read More »

        FHA to Make It Easier for People with Bad Credit to Get a Mortgage

        Happy people celebrating with money raining

        Very shortly new manual underwriting regulations from FHA will become effective and make it easier for people with low credit scores to qualify for a mortgage. This is good news for people without a lot of debt but a low credit score. Under the new rules the following changes will be made. First, HUD has taken the opportunity to address ... Read More »

          Fidelity Land Trust, Ed Cherry Issue Getting More Bizarre

          oops

          Today a tipster (send in your tips here) sent in the following documents in the case of the State of Florida against Ed Cherry and the Fidelity Land Trust “debacle.” – Source Apparently Cherry’s attorney is trying to back the hell out representation and Cherry is having none of that. According to Cherry’s filed objection he claims attorney Peter Snyder ... Read More »

            Loan Modification Debt Company Owner Sentenced to Prison

            Screen Shot 2013-11-02 at 4.30.47 PM

            Ian Kideys, 40, of La Jolla, California was sentenced to five years in club fed for his role in K2 Capital Management, U.S. Mortgage Bailout, and iLoanAudit. Shocker, a loan modification company owner found guilty of fraud. According to prosecutors, “US Mortgage Bailout obtained some mortgage relief for its customers through fraudulent representations to lenders, but otherwise simply collected money ... Read More »

              More Florida Land Trusts Busted: Cambridge Land Trust and Hartford Land Trust

              wtf

              Thanks to a great reader, word out of Florida is more land trust schemers have been the unfortunate focus of law enforcement. The interesting part is how they all tie together. “The Florida attorney general’s office shut down two more South Florida land trusts Monday, continuing a yearlong pursuit to stop multiple intertwined firms from selling a complex foreclosure rescue ... Read More »

                People Still Falling for Land Trust Mortgage Rescue Scam

                oops

                The one thing you have to admit about a scam is once it works and extracts money from consumers, it’s got some legs and has morphed and continued on longer than I expected it to. As part of the continued slow descent into the black pit of “Why?” more information is coming out about how unhappy people are with the ... Read More »

                  Mortgage Modification Attorney Gets Her Day in Court. Ouch!

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                  Pamela Stacey Gerber-Gressier gets to spend many days in court after being sued by the State Bar of California. PSGG has been the subject in a number of mortgage modification stories over the years. See here and here. She’s also been associated with The Remedy Group, Remedy Law, Prudent Law, and Prudential Law to name a few. All of these ... Read More »

                    Paul Gellenbeck and Fidelity Land Trust Facing Criminal Contempt

                    Jail

                    A tipster (send in your tips here) shared a court document with me showing the State of Florida being none to happy about the continued marketing efforts of Paul Gellenbeck and Fidelity Land Trust after a September 25, 2012 temporary injunction and asset freeze filed by the Office of the Attorney General in Florida. See this article. It appears just ... Read More »

                      Debt Relief Legal Front Victimized Thousands Says FTC

                      This appears to be a variation of a mailer many have received.

                      The Federal Trade Commission just released the seal on actions it took to shut down a debt relief company that has appeared on this site before. – Source In an announcement made today, the FTC filed a complaint under seal against A to Z Marketing, Apex Members, Apex Solutions, Backend, Expert Processing Center, Smart Funding, William D. Goodrich Attorney, WDG ... Read More »

                        Homeowner’s Relief Line Commercial – Caution

                        IMG_0163-private

                        Yesterday I spotted a new debt relief commercial on television for some company that claimed to be Homeowner’s Relief Line. The commercial made all sorts of claims about saving your home from foreclosure, helping with loan modification and giving the impression the consumer is the victim. In general and in my experience, these types of commercials are funnels for people ... Read More »

                          Taxes May Be Due on Mortgage Settlement Checks. Slap!

                          repost-us-image-5721398

                          Double Whammy: Mortgage Settlement Payments Will Be Taxed (via Credit.com) If you are one of the more than 1.8 million people who have received a check from the Independent Foreclosure Review (IFR) settlement — or if you have one coming — don’t spend it all in one place. These payments are considered taxable income for state and federal income tax ... Read More »

                            Are No-Cost Mortgages Always the Best Deal?

                            repost-us-image-5697704

                            Are No-Cost Mortgages Always the Best Deal? (via Credit.com) A program made popular in the height of the subprime lending environment was the no-cost mortgage. No-cost mortgages have gotten quite a bit of exposure lately, as consumers seek to better understand loan terms, interest rates and how to qualify for mortgages in an ever-tightening credit market. And…   Read More »

                              Foreclosure Rescue Scammers Plead Guilty to Fraud

                              White Collar Criminal

                              The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) today announced that Mark S. Farhood, 49, formerly of San Diego, Calif., and Jason S. Sant, 37, of Lecanto, Fla., pleaded guilty on Friday to conspiracy charges in connection with their operation of a nationwide online foreclosure rescue scam that went by various names, including Home ... Read More »

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