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Mortgage Related

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 »

                    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 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.

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                            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 »

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