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Mortgage Related

Just Thinking About Strategically Defaulting on Your Mortgage? FICO Says They Know Who You Are


FICO recently released a study that claims they can pinpoint those who are prime candidates for strategically defaulting on their mortgage. Strategic defaulters can be defined as those able to make their mortgage payments but unwilling to do, often because their mortgage is worth more than their property value. Researchers at FICO have determined an ability to identify borrowers 100 ... Read More »

    Why Doesn’t the 1012-R Mass Joinder Mailer Say Who the Attorney Is?


    Consumers are still sending in current mailers they are getting asking them to join in a mass joinder litigation lawsuit. Take a look at the mailer I just received from one tipster (send in your tips here). Not only does the front not revel who the law firm or attorney is that is behind the litigation mailers but the inside ... Read More »

      Financial Literacy Not a Band-Aid to Change All Factors for Smart Money Management

      Figure 1: Financial Literacy and Financial Product Ownership - Difference between the lowest 20% of financial literacy scores and the top 20% of financial literacy scores

      photo © 2010 Alan Cleaver | more info (via: Wylio)The Centre for Corporate Law and Securities Regulation in conjunction with The University of Melbourne released a Research Report in March 2011 about Financial Literacy and “What Causes Suboptimal Financial Behaviour? An Exploration of Financial, Social Influences and Behavioural Economics”. This following article will showcase their report and findings. All quotes ... Read More »

        Washington Attorney General Warns Consumers to Avoid Mass Joinder Suits

        Ready to Collapse

        The Washington Attorney General’s Office cautions homeowners about paying to participate in a “mass joinder” lawsuit promising mortgage relief. The lawyers and marketers pushing these suits charge upfront fees and frequently promise results. In reality, litigation is time-consuming and even a qualified attorney can’t guarantee the outcome of a case. Moreover, representatives of a legitimate class-action suit would not ask ... Read More »

          BBB Warns Consumers to Be Careful of Mass Joinder Mailers

          The St. Louis Better Business Bureau has issued a notice to consumers to be careful of the wave of mass joinder material that is being sent out to consumers. Some of the notices the alert covers already have appeared on this site as examples of mailers to be concerned about. You can see a copy of this mailer as mailer ... Read More »

            An Undercover Investigation of Mortgage Loan Modification Scams

            The National Fair Housing Alliance has issued a recent report looking into mortgage modification scams. The report identified some of the practices I’ve written about extensively on and they do a great job of presenting examples of what they found. From April, 2010, until March, 2011, the project identified more than 150 companies suspected of being scammers based on ... Read More »

              Vito Torchia Jr. of Brookstone Law is My Hero Today for Laying Out the Mass Joinder History


              I’ve written before about Brookstone Law and it’s managing lawyer, Vito Torchia, Jr. Click here for past articles. Some of those article have touch off firestorms and threats to sue me and this site. But I do always try to be fair and today I am declaring Vito Torchia, Jr. day on the site. Why would I do that? ... Read More »

                Quantum Law Firm Selling Mass Litigation Alliance Mass Joinder Lawsuit Participation. Looks Like a Blank Check.

                Quantum Law Firm

                A tipster (send in your tips here) sent in a recent cover letter from Quantum Law Firm that included the Mass Litigation Alliance engagement pack. The cover letter states all the consumer needs to do is have a representative come out to pick up the completed package. I frequently hear from people they are sold participation in these mass joinder ... Read More »

                  California Bar Journal Issues Warning on Mass Joinder Mortgage Litigation

                  Ready to Collapse

                  Nancy McCarthy of the California Bar Journal published an article warning consumers about the sudden wave of mass joinder marketing and the 1012-R mailers that are being sent out. When Los Angeles lawyer Luis Rodriguez responded to a summons-like mailer [Form 1012-R] soliciting him to join other homeowners in a lawsuit against the Bank of America, he was told he ... Read More »

                    Lawsuit Reveals How a Middleman Is Blocking Mortgage Modifications for Homeowners

                    Ready to Collapse

                    by Paul Kiel, ProPublica Pamela Jeter of Atlanta, Ga., has been trying to get a mortgage modification for more than two years. She seems like an ideal candidate. She has shown she can stay current with a reduction in her monthly mortgage payments. Everybody would seem to win. Even the investors who ultimately own her loan think she should be ... Read More »

                      Mass Joinder Case Infighting Worse Than High School. Co-Counsel Mitchell Stein Gets the Boot.


                      It what has become a train wreck of a battle between lawyers pressing forward mass joinder cases against banks for underlying mortgage issues, one of the co-counsels on Ronald v. Bank of America just got publicly dumped. On March 29, 2011 SML LLP and Apex Legal Group (“Moving Parties”) filed a motion to remove Mitchell J. Stein from the case. ... Read More »

                        Study Finds Consumers Pay Credit Cards Before Mortgage

                        Ready to Collapse

                        TransUnion released a study today that reveals the divergence in payment patterns — where consumers are increasingly apt to pay their credit cards before their mortgages — has now occurred for three straight years. However, for the first time since the deviation began, the percentage of consumers who are current on their credit cards and at least 30 days delinquent ... Read More »

                          Mass Joinder Mortgage Litigation Form 1012-R Hitting Nevada

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                          A tipster (send in your tips here) just sent in the following form. Looks like the Form 1012-R mailers are now arriving in Nevada. If you receive any marketing material on a mass joinder matter or a retainer for participating in a mass joinder case, please upload a copy of the document here. Regulators and enforcement officials want to see ... Read More »

                            District Attorney Advises Consumers to Avoid Mass Joinder Mailers

                            Apparently a local district attorney’s office in Colorado is warning consumers to avoid the mass joinder mailers I’ve been reporting on. The warning says: “Consumers in the Denver area are receiving official-looking forms that declare “You may be a plaintiff in a national mass joinder suit.” The mailing implies that fraud may have happened when you financed your home, and ... Read More »

                              Mass Joinder Case Form 1012-R Marketing Material Hits New Jersey

                              1012-R NJ Mailing

                              The same entity in California that has been mailing people in conjunction with soliciting mass joinder cases is now mailing to New Jersey residents from Santa Ana, California postal permit 1076. The consumer that received this told me: I would like to if this is legit they asked me for 7500 dollars for a retainer. They would get 80% and ... Read More »

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