Quick Answer: COVID foreclosure protections have ended, but the CFPB has implemented new rules to help homeowners avoid foreclosure as over 2 million remain in forbearance. Over 3% of borrowers are now four months behind on payments, creating unprecedented risk not seen since the Great Recession.Update (April 2026): Queens just had more Q1 2026 foreclosures …
Quick Answer: Wells Fargo’s mortgage modification tool contained a calculation error from 2010-2015 that wrongfully denied loan modifications to approximately 625 customers, resulting in completed foreclosures for about 400 of them. The bank accrued $8 million in 2018 to remediate affected customers after discovering the automated miscalculation of attorneys’ fees.In a recent government filing, Wells …
Quick Answer: Two men pleaded guilty to operating a nationwide foreclosure rescue scam through companies like Home Advocate Trustees and Walk Away Today, deceiving hundreds of homeowners into surrendering properties then fraudulently filing HAMP mortgage modifications. The five-year scheme exploited vulnerable homeowners during the financial crisis while the perpetrators collected rent from unsuspecting tenants.The Office …
Quick Answer: New CFPB mortgage rules effective January 10, 2014 require large servicers handling 5,000+ loans to contact delinquent borrowers by day 36 and halt foreclosure while evaluating modification options. The rules mandate early intervention and written notice of loss mitigation options by day 45 of delinquency.The Consumer Financial Protection Bureau has just announced new …
Quick Answer: Glen Alan Ward was indicted on federal charges including bankruptcy fraud, mail fraud, and aggravated identity theft for operating a foreclosure rescue scam that targeted over 800 distressed homeowners. Ward charged victims $700 monthly fees while fraudulently using stolen identities from bankruptcy databases to delay foreclosures.Federal authorities have charged a former Los Angeles …
Quick Answer: Mary Ann Dean and Charles Donaldson pleaded guilty to wire fraud conspiracy for operating a mortgage rescue scam that cost homeowners $1.2 million in lost equity. The fraudulent scheme promised distressed homeowners they could sell to “investors,” rent back their homes, and repurchase later while Donaldson held their equity in escrow.To the tune …
Quick Answer: MP-50416E is a misleading mass joinder mailer from AVID Law Center in Aliso Viejo, CA that makes unsubstantiated claims about debt forgiveness and monetary awards. This deceptive marketing piece uses threatening language about fines and imprisonment to create urgency, similar to previous scam mailers like H-118 and 52PLL-T.A reader sent in a new …
Quick Answer: MERS (Mortgage Electronic Registration System) is a controversial private electronic registry created by banks in 1997 that tracks about half of all U.S. home mortgages, allowing lenders to avoid public recording fees and bypass traditional local government recording systems. The system faces federal investigation amid the foreclosure scandal for its role in handling …
Quick Answer: David Stern’s foreclosure law firm closed in March 2011 after handling 20% of Florida’s repossessions and employing over 1,200 people with back-office partner DJSP Enterprises. The closure followed a Florida Attorney General investigation into their foreclosure paperwork handling practices.The Sun Sentinel is reporting that the “Foreclosure King” David Stern out of Florida is …
Quick Answer: The FTC actively prosecutes foreclosure rescue scammers through criminal enforcement, with David Vladeck leading efforts to shut down these operations. The agency treats foreclosure rescue scams as a priority enforcement area, pursuing jail time for perpetrators rather than just civil penalties.For those that feel the FTC is not working on larger more global …
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