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Mortgage Related

Allied Home Mortgage Capital Still Around But Why With All the Complaints?

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As his competitors imploded one by one, Jim Hodge, the folksy founder of Allied Home Mortgage Capital, touted his sprawling Houston firm as a survivor. Not only was Allied still standing, Hodge told employees in a company newsletter in December, it was thriving. “The good news,” Hodge wrote, “is that even though we are all having to work harder, most ... Read More »

    Is Your Mortgage Illegal, Violate the Constitution, Doesn’t Really Exist and is Unenforceable? Hint: B.S.

    For so long I’ve heard the arguments that some claim that a mortgage is not a real document and violates all sorts of laws and arguments and can’t be enforced. People sell all sorts of crazy courses and make all sorts of claims to get money from people in order to show them how to “cancel” their mortgage. I’ve mentioned ... Read More »

      More Arrests in Mortgage Refinance Scam in Calabasas, California

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      This is an update on a previous article, Three Mortgage Brokers Arrested in Handcuffs from Mortgage Refinance Scam. In a continuing probe into a defunct Southern California mortgage brokerage, Attorney General Edmund G. Brown Jr. today announced the arrests of president and co-owner Sean McConville and two associates who used “deceptive promises and forged documents” to steal almost $1 million ... Read More »

        What You Need to Know Before You Refinance Your Home to Pay Off Debts

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        Consolidating your debt with the equity in your home can be a terrific money-saving strategy. The interest rate may be much lower than you’re paying on your other bills and, if you itemize on your tax return, you can usually deduct the interest you pay – making the effective rate of the loan even more attractive. But what seems like ... Read More »

          Forensic Audits = Scam. FTC Goes After Law Firms and Others.

          The Federal Trade Commission has named several new defendants and added new charges concerning so-called “forensic audits” to its lawsuit against an operation that allegedly bilked homeowners who were trying to lower their mortgage payments. The action is part of an ongoing crackdown on scams that target consumers who are behind in their mortgage payments or at risk of foreclosure. ... Read More »

            Overextended Borrowers Stop Paying Mortgages and Capitalize on Time to Eviction

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            In this day and age the amount of people unable to pay their mortgages is on the rise. Be it medical bills, loss of income or a change in circumstances, many people are running into shortages in their lives leaving them coming up short for that monthly mortgage payment. While these times in life are stressful and demanding some families ... Read More »

              How Should I Borrow? The Pros and Cons of Different Types of Loans and Debt Solutions

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              If you’re in debt you may have considered borrowing to consolidate your payments, lower your interest costs or even to stay afloat a little longer. Before you borrow, consider your options carefully. No matter how attractively some loans are marketed, they can’t solve your debt problems. The only way to do that is to spend less, earn more and develop ... Read More »

                When it Comes to Loan Modifications, Pray You Don’t Have a Loan With Saxon Mortgage from Morgan Stanley

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                An excellent article from ProPublica about the continued loan modification debacle from just one medium sized subprime lender trying to process loan modifications. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Last week, the government released data showing that there’s a big problem at Saxon Mortgage, a subsidiary of Morgan Stanley. Of all the mortgage companies ... Read More »

                  Loan Mods With Chase Going Nowhere Fast

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                  The new data the Treasury Department released show a number of problems with the mortgage modification program. But JPMorgan Chase leads the pack when it comes to those stuck in loan mod limbo. JPMorgan Chase, the data show, has the most homeowners waiting more than six months for a final answer on whether they’ll get a permanent modification. (What we ... Read More »

                    Trail Loan Modifications Trash Credit Report and Credit Score

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                    Carolyn Said of the San Francisco Chronicle wrote an excellent article “Loan modifications often damage credit scores” that covers the reality of the damage that occurs to credit from a loan modification. Here are some excerpts. You should read the full article for more information “Struggling homeowners who get a loan modification to reduce their mortgage payments are often unaware ... Read More »

                      Worst Banks for Loan Modifications

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                      Here is a list of the banks with the worst record for canceling loan modification requests. PNC Mortgage – 47.2% Aurora Loan Service – 46.8% CitiMortgage – 42.1% Saxon Mortgage Services – 40.8% Select Portfolio Servicing – 38.6% Wells Fargo Bank – 35.1% Worst banks for expired trial loan modifications without an answer. JPMorgan Chase – 45.3% Bank of America ... Read More »

                        Strategic Defaults: Morally Repugnant or Sensibly Prudent?

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                        In case you did not see it on the air May 9, 2010 there was a very good piece about strategic defaults, where people make the decision to walk away from their mortgage even though they can afford to make the house payment. Read More »

                          Mortgage Delinquencies Fall For First Time Since 2006

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                          CHICAGO, IL–(Marketwire – May 10, 2010) – TransUnion’s quarterly analysis of trends in the mortgage industry found that national mortgage loan delinquency rate (the ratio of borrowers 60 or more days past due) decreased in the first quarter of 2010 after steady increases for 12 consecutive quarters. The delinquency rate dropped to 6.77 percent — a level slightly lower than ... Read More »

                            Homeowners File Class Action Suit Against Bank of America for Not Helping Them With Mortgage Problems

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                            In a potentially wide-ranging lawsuit, two Seattle-area homeowners have filed a class-action suit against Bank of America claiming the bank has failed to work with owners facing foreclosure. Filed Tuesday, the potentially wide-ranging lawsuit alleges Bank of America failed to keep up its end of the deal cut with the federal government in early 2009 when it took $25 billion ... Read More »

                              Loan Modification is Broken

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                              This post is reprinted from the experiences of someone living through a current loan modification. I thought the first hand account was great to help others seem the frustration experienced by many. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Illustration Credit: Steve Rhode First of all, I’d like to state how entirely demoralizing it is ... Read More »

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