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Mortgage Related

What Do You Think, is the President Obama’s Mortgage Modification Program, False Marketing

President Obama Mortgage Modification

I just saw which was pitching something called “President Obama’s Mortgage Modification Program.” In light of the recent Mortgage Assistance Relief Services rules put forward by the Federal Trade Commission this site certainly seems like it would fall under the new rules as a deceptive marketing pitch. Additionally, the site is a lead generation site. It seems this site ... 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 »

      A Who’s Who in the Foreclosure Scandal.

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      by Marian Wang, ProPublica The unfolding foreclosure scandal just keeps expanding. Scrutiny first fell on the “robo-signers” who rubber-stamped banks’ foreclosure paperwork, but they’re one of the many players who may have contributed to the mess.To help sort it all out, we’ve drawn up a cast of characters. Let’s start with the basics: Loan Originators/Mortgage Issuers — Banks make mortgage ... Read More »

        Putting the Foreclosure Paperwork Scandal in Perspective

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        by Marian Wang,ProPublica The scandal over flawed paperwork and sloppy practices by mortgage servicers continues to broaden. The issue is complicated, and “robo-signers” — individuals working for servicers and signing off on thousands of foreclosure documents without much verification — are only part of the picture. So we brought some of our questions about the broader foreclosure process to Geoff ... Read More »

          Florida Debt Relief Scammer Appears Pale in Jail Uniform

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            Some Arizona Residents Win $154 Million in Mortgage Relief

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            Yesterday Arizona announced a big victory for 8,715 residents in eight states and residents will actually help to reduce the total amount they owe on their mortgages. Here is the official release. Attorney General Terry Goddard yesterday announced a multi-state agreement with Wells Fargo Bank (“Wells Fargo”) over allegedly deceptive marketing of payment option adjustable rate mortgage loans (“POAs”) by ... 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 »

                American Home Mortgage Servicing Sued by Texas. No Help Facing Foreclosure.

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                Texas Attorney General Greg Abbott today charged Coppell-based American Home Mortgage Servicing Inc. (AHMS) with using illegal debt collection tactics and improperly misleading struggling homeowners. According to state investigators, AHMS collections agents used aggressive and unlawful tactics to collect payments from Texas homeowners who had difficulty meeting their payment obligations. The defendant also failed to credit homeowners who properly submitted ... 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 »

                      Government Mortgage Modification Programs Still Not Working

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                      by Paul Kiel ProPublica, Today, 11:33 a.m. Each month, the Treasury Department releases new information about how homeowners in its mortgage modification program are faring. And each month, the numbers get bleaker. Take a look at our graphical rundown of the numbers, broken down by each bank or mortgage servicer participating in the program. Have you worked for a servicer ... Read More »

                        Mortgage Loan Modification Companies Labeled Opportunists

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                        Here is an excerpt from a great piece by Lauren Tara LaCapra for The piece is titled Opportunists Pounce Amid Mortgage Mess. Call them savvy entrepreneurs or shady wheelers-and-dealers, but small mortgage-workout shops have sprouted up across the country like wildfire, promising to deliver results in a speedy fashion. They often have names that evoke a mix of strength, ... Read More »

                          Mortgage Loan Modification Problems. Delayed then Denied, Often Mistakenly

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                          Loan Mod Profiles: Delayed then Denied, Often Mistakenly by Karen Weise ProPublica, Today, 10:09 a.m. Download the audio. Listen to David Moe talk about trying to get a loan mod. Retired pastor David Moe describes the process of trying to get a loan modification — only to be denied after more than a year — as nothing short of “The ... Read More »

                            New York Jumps Ahead With Law Making Mortgage Companies Accountable on Loan Mods

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                            by Paul Kiel ProPublica, 48 minutes ago New York regulators have crafted new laws to give the state authority to punish mortgage servicers — something the Treasury Department, in administering its struggling mortgage modification program, has so far failed to do. The new rules set clear standards for how servicers must handle homeowners seeking a modification. “We will not hesitate ... Read More »

                              Michigan Goes After 19 Foreclosure Rescue Companies

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                              Michigan Attorney General Mike Cox recently announced the filing of 19 criminal complaints and a total of 69 charges against illegal advanced fee “foreclosure rescue” operations accused of defrauding Michigan families of thousands of dollars. Nine Michigan mortgage companies are accused of illegally charging homeowners facing foreclosure upfront fees for mortgage modification assistance. The defendants claimed they would help homeowners ... Read More »

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