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Tag Archives: loan-modification

Stories of Homeowners and Loan Modifications: Where Are They Now

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by Karen Weise, ProPublica ProPublica has been covering the government’s foreclosure relief effort [1] since the Obama administration launched the program in the spring of 2009. This week, ProPublica is checking back with some of the homeowners we’ve profiled over the past year. Some homeowners received modifications that prevented foreclosure, some are still in limbo and others have moved on. ... Read More »

Modify Utah Shutters Doors. Leaves Consumers Stranded.

Thanks to a tipster (send in your tips here) I found out about a loan modification company in Utah called Modify Utah. The company apparently closed up without advance notice to consumers that had paid for services. The Desert News is reporting: According to a letter from the firm’s attorney, Paxton Guymon, Modify Utah ceased doing business for several reasons, ... Read More »

Mortgage Modification Letter Gives the Telephone Number of Legal Helpers Debt Resolution?

Priemer Consulting Group

The strangest tip just came in from someone that was helping a consumer with their mortgage problem. The tipster (send in your tips here) said: I got a call from a client. He’s the seller of a short sale we’re about to close on this month. His message, “I finally got my loan mod, it just came in the mail ... Read More »

FTC Goes After Residential Relief Foundation, U.S. Homeowners Relief, National Foreclosure Relief, U.S. Foreclosure Relief, Federal Housing Modification Department, Crowder Law Group, Dinmica Finaciera, Nationwide Financial Aid, and Northern Federal Aid

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The Federal Trade Commission today announced a series of law enforcement actions as part of the FTC’s continuing crackdown on scams that target homeowners behind in their mortgage payments or facing foreclosure. At the FTC’s request, federal courts have halted two allegedly bogus mortgage relief operations that posed as government mortgage assistance programs, pending trial. In addition, 17 marketers have ... Read More »

Government Loan Modification Money Not Being Used by Banks

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by Paul Kiel, ProPublica When the Obama administration launched its flagship foreclosure prevention program in early 2009, it pledged to spend up to $50 billion helping struggling homeowners. But the government has so far only spent a tiny fraction of that. A recent Treasury Department report summarizing TARP spending put the total at $600 million through October. Although the Treasury ... Read More »

Is John Towers Financial Services a Reputable Loan Modification Company? – David

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Just checking the validity of a company in California who stated they could get us a loan modification on our mortgage down form $1,162.00 to $815.00 PITI. for $2000.00 Is this a valid & reputable company to do business with. The company is : John Towers Financial Services in Corona, California on N. Lincoln Ave. David It’s time to put ... Read More »

My Husband and I Bought a Condo in Los Angeles in 2007 with 100% Financing. (Oh, No!) – Beatrice

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Beatrice “Dear Steve, My Husband and I bought a Condo in Los Angeles in March 2007. Terms were 80/20 loans each interest only for first 10 years. We did not put any money down. The value of our Condo has dropped more than 100k (per comparables mainly of short sales in the same building(yes, there have been a few). We ... Read More »

United Law Group Class Action Case Over Loan Modifications, Moving Ahead

Loan modification attorney Sean Rutledge and firm United Law Group lost a recent round in a class action case moving forward in California. The Fourth District Court of Appeal has ruled that a former client can proceed with a suit alleging that Irvine attorney Sean Rutledge, who resigned from the State Bar in November amid accusations of loan modification misconduct, ... Read More »

Mortgage Loan Modification Profiles: In Trial Limbo

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by Karen Weise ProPublica, Download the audio. Listen to Michael and Concetta talk about the loan mod process. Last fall, Wells Fargo told Michael and Concetta Acevedo that after a three-month trial, they could get a permanent mortgage modification that would allow them to keep their Staten Island townhouse. Instead, 10 months later, the Acevedos are still making trial payments ... Read More »

GAO Takes Closer Look at Home Loan Modification Scams

The Government Accountability Office (GAO) comprised a report, Homeownership Preservation: Federal Efforts to Combat Foreclosure Rescue Schemes Are Under Way, but Improved Planning Elements Could Enhance Progress, based on “information available to federal and state agencies and nonprofit organizations, such as consumer complaints and the number of enforcement actions.” The report revealed two predominant schemes in this day and age ... Read More »

Loan Modification Profile: Fed Up, Giving Up, and Moving On

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by Karen Weise ProPublica, Today, 8:53 a.m. Download the audio. Listen to Wallace Farmer talk about the loan mod process. On a recent Friday morning, Wallace Farmer packed up and moved out of his Baltimore row house. After over a year of confusion and delays, JPMorgan Chase told Farmer that he made too much for a mortgage modification through the ... Read More »

I Need to Lower My Mortgage Payment. – Josten

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Josten “Dear Steve, I need some advice on how to lower my mortgage bill payment. We have to pay too much money, monthly just to keep this house. My family can’t pay this much and we may have to sell our home. Please I need some advice. How do I lower my montly mortgage bills to keep my house. I ... Read More »

Bank of America Has Ignored My Requests for a Loan Modification. – Patti

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“Dear Steve, Single mom, monthly bills have increased greatly; no salary increasse for three years; helping son through college; recent breast cancer survivor. Bank of America has ignored my requests for a loan modification. I owe $145,000. and my home is worth at best $80,000. I get paid twice a month with one check covering my mortgage payment and car, ... Read More »

Debt Settlement Not Singled Out for Advance Fee Regulation. MARS Hit as Well.

Here is a very interesting letter from the National Association of Attorneys General regarding new proposed rules by the FTC for mortgage assistance relief services (MARS). The loan modification industry has be filled with deception and abuse and many consumers have lost thousands when law groups promised results but did not deliver. Two recent failures come to mind, Liberty Law ... Read More »

Debt Settlement and Loan Modification Mailers and Then Halo Mac and American Debt Relief

Thanks to a tipster (send in your tips here) I wanted to show you some examples of debt settlement mailers that in my opinion appear designed to confuse of make recipients believe they come from some official or government resource. These mailers came from Budget Mailing Services at budgetmailingservices.com. – Source I’ll post examples of the mailers they have available, ... Read More »

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