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Mortgage Related

California Attorney General Sues Foreclosure Consultant and Attorney Over Avoid Foreclosure Scheme

Attorney General Edmund G. Brown Jr. today sued a foreclosure consultant and an attorney — Paul Noe Jr. and Mitchell Roth – who conned 2,000 desperate homeowners into paying exorbitant fees for “phony lawsuits” to forestall foreclosure proceedings. These lawsuits were filed and abandoned, even though homeowners were charged $1,800 in upfront fees, at least $1,200 per month and contingency ... Read More »

    Don’t Get Scammed By Dishonest Loan Modification Companies

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    More news today about loan modification companies and the troubles people are having in paying them for help. “They convinced me they could help save my home and intervene on my behalf as a third party with my mortgage company,” said Mr. Briscoe, who bought his Tucson home in 2005. The company charged him $2,000 and told him he should ... Read More »

      New York Attorney General Goes After Loan Modification and Foreclosure Rescue Companies for Screwing Consumers

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      Attorney General Andrew M. Cuomo announced his office is taking legal action against a leading New York foreclosure rescue company for charging illegal up-front fees and engaging in consumer fraud. The company targets homeowners facing foreclosure by claiming that it can save their homes, but often fails to provide the services promised. The Attorney General’s Office served a notice of ... Read More »

        Loan Modification Companies May Not Charge Up-Front Fees Says Florida Attorney General

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        Attorney General Bill McCollum announced that his office has filed a lawsuit against an Orlando loan modification company alleging the company was committing foreclosure rescue fraud. Three Angels Community Action Network and company president Sherrard A. Haugabrooks are named in the lawsuit filed in Seminole County Circuit Court. The lawsuit specifically alleges violations of Florida’s Foreclosure Rescue Law, §501.1377. Members ... Read More »

          California AG Takes Action Against Foreclosure Consultants & Loan Modification Companies

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          Continuing his fight against scam artists who “prey on” vulnerable Californians, Attorney General Edmund G. Brown Jr. today issued a directive forcing foreclosure consultants to register with his office and post a $100,000 bond by July 1, 2009. Those who fail to do so will be in violation of state law, subject to criminal penalties of up to a year ... Read More »

            Just Because Your Bank Modified Your Mortgage Doesn’t Mean It Will Stick

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            A very interesting article on the Mortgage law Network appeared that you should be aware of. And banks are failing at an alarming rate. When a bank is taken over by the FDIC, the FDIC is protected by law from “side deals” made with borrowers which might tend to reduce the value of your loan to them. What does this ... Read More »

              Facing Foreclosure? Be Stupid and Burn The House Down Instead.

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              Well at least that’s some are thinking of doing and it’s got the insurance industry on edge. Allstate insurance says they’ve already seen an increase nationally in arsons among homes in foreclosure. In California, the state’s insurance division reports that the number of questionable residential fires in 2007 increased 76 percent over 2006. The logic here isn’t too hard to ... Read More »

                FBI & FTC Investigating Foreclosure Rescue Companies and Loan Modification Schemes

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                The Federal Trade Commission today announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC is seeking to halt the proliferation of these mortgage relief scams – which target distressed and vulnerable consumers who are delinquent or facing foreclosure – through increased law enforcement, consumer outreach, and close coordination with federal, state, and ... Read More »

                  Loan Modifications. More PR Than ER. 57% of Monthly Payments in Modified Loans Are the Same or Higher.

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                  According to a recent study of loans that were modified by lenders, only 29% of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent. Now this is a good news, bad news story. The good news is that some loans did receive some needed modifications. The bad news is that for ... Read More »

                    Government Avoid Foreclosure Loan Modification Open for Refinancing

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                    It is important to note that this loan refinancing program is NOT designed for people that are behind or delinquent on their mortgages. You will have to contact your loan servicer and see if you are eligible for help under the Home Affordable Modification part of the program. To participate in the government backed loan modification program borrowers must meet ... Read More »

                      Guess What You Might Not Owe? Your Mortgage!

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                      Under the universal law of what you least expect, it appears that the rabid feeding frenzy of banks to initiate loads of subprime mortgages resulted in sloppy loans and sloppy documentation. Bankruptcy judges, foreclosure courts and lawyers are now getting a bit wiser to the trailing mess created as banks sold and resold pools of securitized mortgages. It appears that ... Read More »

                        Government Mortgage Assistance, Resources to Avoid Foreclosure, Homeowner Affordability and Stability Plan

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                        At this time the Obama administration is preparing to revel their new approach to help homeowners avoid the loss of their homes in foreclosure. I’ll use this post to provide new information as it is made available. Here is what I know right now. The Obama plan calls for: Helping borrowers who owe more than 80% of their home’s value ... Read More »

                          The Autumn of Mortgage Lender Abuse

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                          Center & Plaza, originally uploaded by Brad Gillette. Today a very important announcement is going to come out from the government with a plan to help people have at least a chance of dealing with the foreclosure mess, upon us, and to come. If we are lucky, the announcement will carry a provision allowing bankruptcy judges to have some input ... Read More »

                            Mortgage, Bankruptcy, Nonsense

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                            Not that long ago I wrote again about the pleas from banking to not allow bankruptcy judges the authority to modify mortgages, in limited situations, to allow people to stay in their homes and avoid foreclosure. See “Mortgage Bankers Association. A Bunch of Whiny Bitches?“. Today an article in the Wall Street Journal has got me going again. Todd Zywicki ... Read More »

                              Mortgage Bankers Association. A Bunch of Whiny Bitches?

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                              So in the Wall Street Journal the Mortgage Bankers Association answered a op-ed about the need for bankruptcy mortgage modifications with the following response. In “Loan Modification Can Stop the Foreclosure Crisis” (op-ed, Jan. 30), Rep. John Conyers shortsightedly calls for allowing unelected bankruptcy judges to unilaterally modify mortgage contracts to help keep borrowers out of foreclosure. Mr. Conyers talks ... Read More »

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