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Mortgage Related

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 llfirm.net (source) and libertyfirm.org (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 »

                          Before You Walk Away From Your Mortgage, Read This

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                          Last week I received an email from a desperate couple in Illinois. Here’s the edited version of their note: "My wife and I have been struggling, morally, with what to do. We have two interest-only, adjustable-rate mortgages with two different lenders coming due in May of 2011. I currently can handle paying all my bills–but just barely, with nothing left ... Read More »

                            Walking Away From Your Home Might Be The Best Thing to Do for You

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                            It’s interesting that the banking community doesn’t want consumers to walk away from their homes when the house has lost so much value that the home is now worth less than the mortgage. But this would be the very same banking community that made these unrealistic and dubious loans to begin with during the high flying mortgage days. More consumers ... Read More »

                              United Law Group Brags About Doing It’s Job, Huh?

                              I have no clue what could be running though the minds of the people over at the United Law Group lately. The United Law Group offers loan modification services. Out pops a new press release from United Law Group all bragging and such about how they helped this foot doctor get her mortgage modified for the parents. The headline of ... Read More »

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