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Mortgage Related

Mortgage Relief Services Advance Fee Ban – Live

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The advance fee ban under the FTC’s Mortgage Assistance Relief Services (MARS) Rule is designed to protect financially distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. “Banning the collection of up-front fees will protect homeowners from being victimized,” FTC Chairman Jon Leibowitz said. “This is especially important at a time when so many people ... Read More »

    Mortgage Modification Re-Default Rates Are Horrible

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    Based on new data out it looks as if the people who were actually able to obtain a mortgage modification are still in serious financial trouble. Moody’s released new data that showed the modified loans have not resulted in default avoidance. “We have found that a loan that is modified and [then] reported as current is three times as likely ... Read More »

      Loan Modification Programs Broken. Crippled by Lax Oversight and Bank Control

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      by Kiel and Olga Pierce, ProPublica With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation–rather than enforcement–with the nation’s biggest banks. Those banks, Bank of America, Wells Fargo, JPMorgan Chase, and Citibank, service the majority of mortgages. ... Read More »

        Colorado Goes After Superior Financial Group, Platinum Financial Group, and Fortune Financial Group

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        Colorado Attorney General John Suthers announced today that his office has filed separate lawsuits against three businesses and five individuals accused of defrauding homeowners in Denver, Boulder, Broomfield and Adams counties through deceptive foreclosure rescue schemes. The first complaint charges Jason L. Lynn (DOB: 3/10/1977) and Lynn’s company, Superior Financial Group. The second complaint charges Patrick C. Brunner (DOB: 7/27/1979), ... Read More »

          Interesting. When a Debt Relief Company Gets in Trouble It Turns to Bankruptcy But Not Good For Potential Clients?

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          What I find interesting is that it seems many debt relief companies that were originally selling solutions to consumers to “avoid bankruptcy” and who stated bankruptcy should be avoided at all costs or only a last resort, turn to bankruptcy when the company gets into trouble. Hum. News10ABC in California is reporting: A foreclosure rescue company described as a “scam” ... Read More »

            Another Mortgage Modification Company Shuttered – New Day Financial Solutions

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            Out of Rhode Island comes yet another story of a consumer getting ripped off by a company claiming mortgage modification help. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

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

              President Obama Mortgage Modification

              I just saw FreeLoanModInfo.net 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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                      Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

                        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 »

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