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Tag Archives: foreclosure

CFPB Gives Borrowers With Troubled Mortgages a Guide

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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 »

Bank of America Employees Allegedly Rewarded for Foreclosing

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Paul Kiel ProPublica Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees. The employee statements were filed late last week in federal court in Boston as part of a multi-state class action suit brought on behalf ... Read More »

How Can I Stop the Sale of My House in Foreclosure? – Margaret

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“Dear Steve, I was the owner of a store (15years)and sub contracted a cab as a second job in 2012 i was in a car accident in dec.I broke both legs in the accident and I am still in the rehab facility, Allstate has yet to send any wage loss or chore reimbursement.my house of residence went in to forclosure ... Read More »

CFPB Rolls Our New Mortgage Rules to Help Consumers

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The Consumer Financial Protection Bureau has just announced new rules that are aimed at mortgage servicing companies from lessons learned during this most recent mortgage meltdown crisis we are living through. While smaller banks and credit unions are exempt from these rules, the big loan servicing companies, those that service 5,000 or more loans, will have to fall in line. ... Read More »

Billions Now Available for Foreclosure Victims. Banks to Notify Consumers.

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Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The sum includes $3.3 billion in ... Read More »

ProPublica Raises Concerns Over Bank of America’s Foreclosure Review Process

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by Paul Kiel ProPublica Late last year, the country’s bank regulators launched a massive program to evaluate millions of foreclosure cases and compensate homeowners who fell victim to the banks’ flawed or illegal practices. Regulators dubbed it the “Independent Foreclosure Review” to emphasize that the banks would not be making key decisions about loans they had made or serviced. But ... Read More »

Foreclosure Victim Guide on How to Get Compensation You Are Entitled To

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by Paul Kiel ProPublica, If you’re a victim of banking abuses during the foreclosure crisis, the government says it’ll make sure you receive compensation from your bank. It’s a simple idea. But for victims, determining who’s eligible, how to apply, and when you might get a check in the mail isn’t simple at all. So we built a list of ... Read More »

Billion Dollar Foreclosure Settlement Money Goes Elsewhere

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by Paul Kiel and Cora Currier ProPublica States have diverted $974 million from this year’s landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. That’s nearly forty percent of the $2.5 billion in penalties paid to the states under the agreement. The settlement, between five of the country’s ... Read More »

What is the Best Way to Stay in Our Home; Foreclosure or Short Sale? – Marc

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“Dear Andy, We (my wife and I) have been in our home for 7 years. We are current on our payments on both our first Loan of +/- $370k (5 year ARM tied to LIBOR) and our Second loan of +/- $75k with Citibank. We paid $499k for our home with only $15k down. Our home lists on ZILLOW (as ... Read More »

Foreclosure in America. The All Too Common Story of How Dreams Turn to Dirt.

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by Paul Kiel ProPublica Sheila Ramos’ grandsons, 10 and 13, started crying. They wanted to know where the house was. There wasn’t one. There was only a tent. They had flown from Florida, after Ramos had fallen hopelessly behind on the mortgage for her three-bedroom home, to this family-owned patch of rural land on Hawaii’s Big Island. There, on a ... Read More »

Republican Presidential Candidates Not Specific on Help for Struggling Homeowners

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by Lois Beckett ProPublica As we’ve detailed, President Obama’s plans to help homeowners have come up short time and again. We recently looked at Obama’s latest proposals, most of which are unlikely to make a major dent in the crisis. So, how about the Republican presidential candidates: What do they say should be done about the foreclosure crisis? They don’t ... Read More »

Attorney General’s Office sues four foreclosure rescue companies

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Indiana Attorney General Greg Zoeller will file four more lawsuits this week against mortgage rescue companies accused of scamming Indiana consumers out of thousands of dollars. These four lawsuits raise the total number of actions taken against foreclosure rescue companies to 95 since 2006. Strategic Alliance of California, National Financial Services of Texas, United Capital of Maryland and LA Strattan ... Read More »

Foreclosure rescue scam claims LaPorte County victim

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Consumers in a financial pinch trying to keep up on their mortgage payments should not fall prey to unsolicited mortgage rescue offers, according to Indiana Attorney General Greg Zoeller. A LaPorte County man fell victim to a foreclosure rescue scam before he realized no work had been done to lower his interest rate and his $1,790 up front payment was ... Read More »

Filed chapter 13 bankruptcy but mortgage company did not foreclose…house still in my name and is now a public nuisance. – JC

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Hello! I filed chapter 13 about 3 years ago, in Las Vegas, NV, which is where I have been living for past 9 years. I owned a home in Toledo, OH during that time as well, which never sold when I moved to Vegas, putting me in further debt to try to pay a mortgage, rent, and credit cards, thus ... Read More »

Florida’s Foreclosure Solution Specialists Operators Charged With Fraud

Earlier this month it was announced that Lisa Wright, Cathy Saffer and Carrington Coombs were all charged with fraud in a Florida foreclosure rescure scheme. Wright and Saffer were charged with conspiracy to defraud homeowners and banks in a foreclosure rescue scheme. Coombs, a certified public accountant, was also charged as a participant in the scheme. A federal grand jury ... Read More »

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