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Mortgage Related

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


    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 »

      Home Equity Conversion Mortgage (HECM) Reverse Mortgage Fraud to Watch For

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      Here is an alert out today about Home Equity Conversion Mortgage (HECM) fraud. The HECM program, which allows seniors age 62 and older to withdraw some of the equity in their homes, is the only reverse mortgage program insured by the U.S. government (through the FHA). “The most troubling aspect of HECM fraud is that it takes advantage of senior ... Read More »

        Federal Debt Solutions and a Bunch of Others Banned by the FTC

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        At the Federal Trade Commission’s request, a federal court has banned eight companies and their principals from selling credit repair and mortgage relief services, and ordered them to pay more than $7.5 million for deceiving consumers throughout the United States. In February 2009, the FTC charged seven of the companies and three officers with making false promises that they would ... Read More »

          News Coverage of Foreclosure and Loan Modification Scams

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          A television news story out of New York warned consumers about mortgage consultant, loan modification, and foreclosure scams. I enjoyed the names the reporter, Melissa Holmes, gave the different variations of the scam. Phantom Help The Bailout The Bait & Switch Melissa did a good job of warning consumers about some of the foreclosure scams around today to avoid. You ... Read More »

            Liberty Law Firm in California. Is It Brian Colombana, Esq. or American Financial Modifications?

            I’m curious if anyone has used the loan modification services of a company that was called American Financial Modifications and they are now called Liberty Law. – Source Here is what I know so far. There are two sites for California companies that say they are Liberty Law Firm. See (source) and (source). The toll-free number for American ... Read More »

              Did You Get Foreclosed on With a Second Mortgage or Home Equity Loan? I Knew This Was Going to Happen.

              Foreclosure Sign

              If you or someone you know got foreclosed on and had a second mortgage or home equity loan, watch out! People who were foreclosed on may think their debt problems are now behind them but second mortgage holders are not taking this lying down. In a move to attempt to recover money lost in the second mortgage banks held on ... Read More »

                Foreclosure and Loan Modification Consultants Get Jail Time

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                In a clear “warning shot” to unscrupulous loan-modification consultants, California Attorney General Edmund G. Brown Jr. today announced that two women have each been sentenced to one year in jail and ordered to repay dozens of homeowners who were charged thousands of dollars in up-front fees for non-existent foreclosure-relief services. Marianne Curtis, 69, of Costa Mesa and Mary Alice Yraceburu, ... Read More »

                  Loan Modification Scams, “There should be a special place in hell for people who prey on people who are down to their last dollar”

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                  The Providence Journal had a great article on mortgage loan modification scams. Here is an excerpt. “Richard Godfrey, executive director of Rhode Island Housing, said that Rhode Island, which has been experiencing “800 foreclosures a month, virtually for two years, unabated,” has been fertile ground for loan-modification scam operators. Typically, scam artists charge up-front fees, make promises that are too ... Read More »

                    Prince of Darkness Charged in Real Estate Scam

                    the Dark Prince

                    Photo: Annia316 A Nepalese con-man known as “the Dark Prince” managed to fraudulently obtain ownership of some luxury condos in San Francisco and then took out $2.2 million in an equity loan against the properties. Besides “the Dark Prince” Kaushal Niroula, 29, a former tennis instructor Winston Lum, was arrested along with Jay Shah and Melvin Emerich. Niroula and four ... Read More »

                      ASB Capital Group and Allen Brodetsky Stand Up and Address a Readers Concerns

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                      I received the following email from Brad who wanted to share his story with you about his experience with ASB Capital Group in Tarzana, California. If you have a tip you’d like to share, email it to [email protected] In researching the company briefly online I found the following video which includes Allen Brodetsky in it. ASB Capital Group gives an ... Read More »

                        Foreclosure Scam Ringleader Faces 49 Years Behind Bars

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                        The ringleader in a Carlsbad, California-based scam that tricked mostly Spanish-speaking homeowners into paying for a bogus service to stave off foreclosure was convicted of 160 felony counts by a San Diego jury Tuesday, according to the district attorney’s office. William Hutchings, 62, of San Diego faces 49 years in prison on the convictions that included conspiracy, grand theft, rent ... Read More »

                          Loan Modification Company Operating Out of Mailbox at UPS Store is a Scam

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                          Federal prosecutors have indicted two San Diego men featured in an ABC News investigation for their role in allegedly defrauding desperate homeowners trying to modify their mortgages. Investigation uncovers businesses posing as something they’re not. Glenn Rosofsky and Michael Trap, who ran a business called Nations Housing Modification Center, are charged with duping homeowners who were falling behind on their ... Read More »

                            FTC Tries to Protect Consumers From Getting Screwed With a Reverse Mortgage

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                            Federal Trade Commission staff has filed comments with the Federal Financial Institutions Examination Council (FFIEC) supporting a measure designed to protect consumers from deceptive claims and to help them make better-informed decisions about whether to obtain a reverse mortgage. Reverse mortgages, typically available only to borrowers age 62 or older, allow them to “spend down” the equity in their home ... Read More »

                              Consumers More Likely to Pay Credit Cards Than Mortgage

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                              From the good folks over at US News & World Report is this interesting article, “Forget the Mortgage, I’m Paying My Credit Card Bill” by Luke Mullins. Amid high unemployment and sliding home prices, a growing number of struggling consumers are doing what was once considered unthinkable: paying their credit card bills instead of their mortgages. A recent study developed ... Read More »

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