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Tag Archives: mortgage modification

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 »

U.S Foreclosure Relief Banned From Foreclosure Relief Business

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Missouri Attorney General Chris Koster today announced that the operators of a foreclosure-relief business will no longer be allowed to do business in Missouri or other states, thanks to a court settlement with Missouri, California and the Federal Trade Commission (FTC). US Foreclosure Relief Corp., George Escalante, Cesar Lopez and Adrian Pomery are permanently banned from selling mortgage loan modification ... Read More »

I Have Been Battling Lung Cancer And Struggling With My Mortgage. – Andy

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“Dear Steve, Although I have never paid a bill late, I have been unable to continue my one-person business since I became ill one year ago. I have now received treatment for lung cancer, but have had no income for more than a year, have drained all my resources, and, even when I become strong enough to resume my work, ... Read More »

Our Mortgage is Not in Our Name. Can We Still Get a Mortgage Modification? – Michael

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“Dear Steve, We have a very hi mortgage payment but we’ve managed to pay on time however we are late this month and will be next month. Our mortgage is in my father-inlaw’s name. Hi my wife and I were not able to get a mortgage 7 years ago because of our credit score so we purchase our home in ... 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 »

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 »

What Can I Do to Get a Loan Modification With Wells Fargo? – Mark

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“Dear Steve, Life happened. Doctor bills, behind on payments, everything. I just received a Notice of Default and Intention to Accelerate on my mortgage from a lawyer. I was working with the mortgage company – Wells Fargo for a Loan Modification. It was in process and haven’t heard from them. I kept checking their online tool and it always said ... Read More »

Is It Time to Walk Away From Your Mortgage in a Strategic Default?

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With homeowners still slipping under the seas of mortgage default more and more are considering that walking away from the mortgage might be a wiser and more logical solution. This approach even has a name, strategic default. A strategic default might be something to strongly consider if you owe more than your home is worth, property values in your area ... Read More »

Real Long-Term Mortgage Loan Modifications Are a Joke.

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As I’ve been saying the mortgage loan modification process is broken. People are not getting the type of long-term real mortgage modifications they need to really avoid foreclosure. In the meantime while they sit and sit and sit, waiting for their mortgage company to respond, their financial life goes further and further down the toilet. The report, the first comprehensive ... Read More »

I Was Thinking About Bankruptcy. Would This Have An Effect On My Loan Modification? – Tim

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“Dear Steve, I have worked in auto sales for the last ten years and things have really gone down hill over the last few years. I was just let go at the begging of Feb. and have been collecting unemployment. I’m two payments behind on my mortgage and have a huge amount of credit card debt and unsecured loan debt. ... Read More »

New Law Prevents Foreclosure Relief and Mortgage Modification Services From Charging an Up-Front Fee

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California Attorney General Edmund G. Brown Jr. today issued a consumer alert warning California homeowners to avoid individuals and businesses that charge up up-front fees for foreclosure relief services in light of a just-enacted state law that makes this “abusive practice” subject to prosecution. “Over the past two years, unscrupulous attorneys and real estate brokers have abused their trusted roles ... Read More »

I’m Holding On to Our House By Draining the College Fund. – Dave

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“Dear Steve, Much of my compensation is commission based and my clients are in the retail industry. My salary has reduced 25% so I tried to refinance my home, but it is only 2 years old and the value has declined 30% in the past year. My secondary mortgage lender was willing to offer a principle reduction if the primary ... Read More »

Foreclosure Rescue and Mortgage Modification Help Just Bad Actors in New Clothes

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The New York Times has a great article out about the transformation of subprime mortgage brokers into new entities that promise to sell help for people to get mortgage help. Late last year, he and his team — ensconced in the same office where they used to broker mortgages — began working for a loan modification company. For fees reaching ... Read More »

I’m Trying to Get My Lender to Modify My Mortgage But They Don’t Seem to Want to – Debbie

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“Dear Steve, I was laid off from my job in April 2008. I have been collecting unemployment insurance and doing some contract work. I have a first and second mortgage and some credit card debt. I am not behind nor have been late on any of my obligations. I am not upside down on my mortgage in fact I have ... Read More »

California AG Takes Action Against Foreclosure Consultants & Loan Modification Companies

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Continuing his fight against scam artists who “prey on” vulnerable Californians, Attorney General Edmund G. Brown Jr. today issued a directive forcing foreclosure consultants to register with his office and post a $100,000 bond by July 1, 2009. Those who fail to do so will be in violation of state law, subject to criminal penalties of up to a year ... Read More »

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