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Mortgage Related

FHA to Make It Easier for People with Bad Credit to Get a Mortgage

Happy people celebrating with money raining

Very shortly new manual underwriting regulations from FHA will become effective and make it easier for people with low credit scores to qualify for a mortgage. This is good news for people without a lot of debt but a low credit score. Under the new rules the following changes will be made. First, HUD has taken the opportunity to address ... Read More »

    Fidelity Land Trust, Ed Cherry Issue Getting More Bizarre

    oops

    Today a tipster (send in your tips here) sent in the following documents in the case of the State of Florida against Ed Cherry and the Fidelity Land Trust “debacle.” – Source Apparently Cherry’s attorney is trying to back the hell out representation and Cherry is having none of that. According to Cherry’s filed objection he claims attorney Peter Snyder ... Read More »

      Loan Modification Debt Company Owner Sentenced to Prison

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      Ian Kideys, 40, of La Jolla, California was sentenced to five years in club fed for his role in K2 Capital Management, U.S. Mortgage Bailout, and iLoanAudit. Shocker, a loan modification company owner found guilty of fraud. According to prosecutors, “US Mortgage Bailout obtained some mortgage relief for its customers through fraudulent representations to lenders, but otherwise simply collected money ... Read More »

        More Florida Land Trusts Busted: Cambridge Land Trust and Hartford Land Trust

        wtf

        Thanks to a great reader, word out of Florida is more land trust schemers have been the unfortunate focus of law enforcement. The interesting part is how they all tie together. “The Florida attorney general’s office shut down two more South Florida land trusts Monday, continuing a yearlong pursuit to stop multiple intertwined firms from selling a complex foreclosure rescue ... Read More »

          People Still Falling for Land Trust Mortgage Rescue Scam

          oops

          The one thing you have to admit about a scam is once it works and extracts money from consumers, it’s got some legs and has morphed and continued on longer than I expected it to. As part of the continued slow descent into the black pit of “Why?” more information is coming out about how unhappy people are with the ... Read More »

            Mortgage Modification Attorney Gets Her Day in Court. Ouch!

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            Pamela Stacey Gerber-Gressier gets to spend many days in court after being sued by the State Bar of California. PSGG has been the subject in a number of mortgage modification stories over the years. See here and here. She’s also been associated with The Remedy Group, Remedy Law, Prudent Law, and Prudential Law to name a few. All of these ... Read More »

              Paul Gellenbeck and Fidelity Land Trust Facing Criminal Contempt

              Jail

              A tipster (send in your tips here) shared a court document with me showing the State of Florida being none to happy about the continued marketing efforts of Paul Gellenbeck and Fidelity Land Trust after a September 25, 2012 temporary injunction and asset freeze filed by the Office of the Attorney General in Florida. See this article. It appears just ... Read More »

                Debt Relief Legal Front Victimized Thousands Says FTC

                This appears to be a variation of a mailer many have received.

                The Federal Trade Commission just released the seal on actions it took to shut down a debt relief company that has appeared on this site before. – Source In an announcement made today, the FTC filed a complaint under seal against A to Z Marketing, Apex Members, Apex Solutions, Backend, Expert Processing Center, Smart Funding, William D. Goodrich Attorney, WDG ... Read More »

                  Homeowner’s Relief Line Commercial – Caution

                  IMG_0163-private

                  Yesterday I spotted a new debt relief commercial on television for some company that claimed to be Homeowner’s Relief Line. The commercial made all sorts of claims about saving your home from foreclosure, helping with loan modification and giving the impression the consumer is the victim. In general and in my experience, these types of commercials are funnels for people ... Read More »

                    Taxes May Be Due on Mortgage Settlement Checks. Slap!

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                    Double Whammy: Mortgage Settlement Payments Will Be Taxed (via Credit.com) If you are one of the more than 1.8 million people who have received a check from the Independent Foreclosure Review (IFR) settlement — or if you have one coming — don’t spend it all in one place. These payments are considered taxable income for state and federal income tax ... Read More »

                      Are No-Cost Mortgages Always the Best Deal?

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                      Are No-Cost Mortgages Always the Best Deal? (via Credit.com) A program made popular in the height of the subprime lending environment was the no-cost mortgage. No-cost mortgages have gotten quite a bit of exposure lately, as consumers seek to better understand loan terms, interest rates and how to qualify for mortgages in an ever-tightening credit market. And…   Read More »

                        Foreclosure Rescue Scammers Plead Guilty to Fraud

                        White Collar Criminal

                        The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) today announced that Mark S. Farhood, 49, formerly of San Diego, Calif., and Jason S. Sant, 37, of Lecanto, Fla., pleaded guilty on Friday to conspiracy charges in connection with their operation of a nationwide online foreclosure rescue scam that went by various names, including Home ... Read More »

                          Mortgage Relief Checks On the Way and Being Cashed

                          money

                          Nearly 50,000 checks totaling nearly $50 million relating to the Independent Foreclosure Review Payments have been cashed or deposited as of close of business on Monday (April 15), according to officials at the Office of the Comptroller of the Currency. Borrowers with questions regarding payments should contact the Paying Agent—Rust Consulting, Inc. at 1-888-952-9105, Monday through Friday, 8 a.m. – ... Read More »

                            Fidelity Land Trust Sued to Give Title Back to Homeowner

                            a_kick_in_the_nuts

                            Kimberly Miller with the Palm Beach Post is reporting at least one homeowner is suing Fidelity Land Trust. “Kenneth and Joycelin Morgan filed a lawsuit last week against Fidelity Land Trust Co. and affiliated firms, saying they thought they were signing up for help reducing their mortgage amount but instead were deceived into a contract that cost them $5,000 upfront, ... Read More »

                              How Not to Get Scammed by a Mortgage Loan Modification Company

                              scammer

                              It’s easy to make you a victim and rip you off with a loan modification. People are willing to believe the wild claims companies make about being able to cut your loan balance or slice your interest rate. It sounds so good when the salespeople are pitching you. If you received a postcard or letter in the mail claiming you ... Read More »

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