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Mortgage Related

Modified Mortgages Still Not Honored By Lenders

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by Paul Kiel ProPublica Chanel Rosario was supposed to be one of the lucky ones. After years of sending and re-sending documents, waiting on hold and attending court hearings to avoid foreclosure on her Staten Island home, she’d finally received a much-needed reduction on her mortgage. Eagerly, she and her husband signed it and mailed it in last September. “We ... Read More »

    Flawed Foreclosure Process Investigation Identifies Others Responsible

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    by Marian Wang, ProPublica While federal and state officials investigating flawed foreclosures have largely focused on holding the banks accountable and bringing relief to wronged homeowners, officials in a few states have begun targeting the more obscure middlemen of the foreclosure scandal. Prosecutors in California and Illinois have sent subpoenas to Lender Processing Services, one of the largest firms that ... Read More »

      Loan Modification Lawyers Disbarred. Christian Lawyers of America, Anything But.

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      A tipster (send in your tips here) sent in a notice about an even that happened earlier this year but the story struck me so much I wanted to share it with you anyway. It’s a good example of what happens to lawyers who lose control of their professional ethics and allow the sale to become more important than their ... Read More »

        Now the Mass Joinder Marketers Are Selling More BS With the Mortgage Compliance Review

        H-118

        Over the past week I’ve been getting more tips in from consumers that are being approached through fake looking mass joinder H-118 marketing mailers like the one below. As you can see from the mailer it appears to be a government or official form that appears to proclaim that you may be eligible to stop foreclosure, and seek compensation for ... Read More »

          MP-50416E is the Newest Mass Joinder Mailer to Watch Out For

          MP-50416E-1

          A reader sent in a new version of the mass joinder mailer that is now going out. This is just another misleading marketing piece that looks just like the H-118, 52PLL-T, and 1012-R mailers I’ve written about before. This mailer makes the same unsubstantiated claims of debt forgiveness, interest rate reductions, balance reductions, and an award for monetary damages. Be ... Read More »

            Banks Ask Homeowners Facing Foreclosure to Waive Rights

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            ProPublica This story was co-published with Slate. A few months ago, Bank of America offered Sergio Cortez of Staten Island, N.Y., the help he desperately needed to stay in his home: a break on his mortgage. Like millions of others, he was facing foreclosure. But there was a catch buried in the fine print. Cortez had to waive any possibility ... Read More »

              Precision Law Center Mass Joinder Retainer Agreement Revealed

              Precision Law Center 1

              A tipster (send in your tips here) sent in a copy of the Precision Law Center mass joinder litigation engagement package they received. As you will see the pitch is that for a “retainer” of $5,500, Precision Law Center is selling the consumer into a mass joinder lawsuit which marketers have made all sorts of claims can eliminate or significantly ... Read More »

                New Mass Joinder Mailer Being Sent Out. Form 52PLL-T

                52PLL-T Front

                If you have received a solicitation by a law firm with a mailer that is labeled Form 52PLL-T, myself and the California Bar Association would like to know more about this form. You can submit your copy of this deceptive mailer using the form below. Example 1 – Florida Sender: Precision Law Center 6 Hutton Center Drive Suite 600 South ... Read More »

                  Just Thinking About Strategically Defaulting on Your Mortgage? FICO Says They Know Who You Are

                  FICO FIGURE 1

                  FICO recently released a study that claims they can pinpoint those who are prime candidates for strategically defaulting on their mortgage. Strategic defaulters can be defined as those able to make their mortgage payments but unwilling to do, often because their mortgage is worth more than their property value. Researchers at FICO have determined an ability to identify borrowers 100 ... Read More »

                    Why Doesn’t the 1012-R Mass Joinder Mailer Say Who the Attorney Is?

                    1012FrontA

                    Consumers are still sending in current mailers they are getting asking them to join in a mass joinder litigation lawsuit. Take a look at the mailer I just received from one tipster (send in your tips here). Not only does the front not revel who the law firm or attorney is that is behind the litigation mailers but the inside ... Read More »

                      Financial Literacy Not a Band-Aid to Change All Factors for Smart Money Management

                      Figure 1: Financial Literacy and Financial Product Ownership - Difference between the lowest 20% of financial literacy scores and the top 20% of financial literacy scores

                      photo © 2010 Alan Cleaver | more info (via: Wylio)The Centre for Corporate Law and Securities Regulation in conjunction with The University of Melbourne released a Research Report in March 2011 about Financial Literacy and “What Causes Suboptimal Financial Behaviour? An Exploration of Financial, Social Influences and Behavioural Economics”. This following article will showcase their report and findings. All quotes ... Read More »

                        Washington Attorney General Warns Consumers to Avoid Mass Joinder Suits

                        Ready to Collapse

                        The Washington Attorney General’s Office cautions homeowners about paying to participate in a “mass joinder” lawsuit promising mortgage relief. The lawyers and marketers pushing these suits charge upfront fees and frequently promise results. In reality, litigation is time-consuming and even a qualified attorney can’t guarantee the outcome of a case. Moreover, representatives of a legitimate class-action suit would not ask ... Read More »

                          BBB Warns Consumers to Be Careful of Mass Joinder Mailers

                          The St. Louis Better Business Bureau has issued a notice to consumers to be careful of the wave of mass joinder material that is being sent out to consumers. Some of the notices the alert covers already have appeared on this site as examples of mailers to be concerned about. You can see a copy of this mailer as mailer ... Read More »

                            An Undercover Investigation of Mortgage Loan Modification Scams

                            The National Fair Housing Alliance has issued a recent report looking into mortgage modification scams. The report identified some of the practices I’ve written about extensively on GetOutOfDebt.org and they do a great job of presenting examples of what they found. From April, 2010, until March, 2011, the project identified more than 150 companies suspected of being scammers based on ... Read More »

                              Vito Torchia Jr. of Brookstone Law is My Hero Today for Laying Out the Mass Joinder History

                              TorchiaDeclaration1

                              I’ve written before about Brookstone Law and it’s managing lawyer, Vito Torchia, Jr. Click here for past articles. Some of those article have touch off firestorms and threats to sue me and this site. But I do always try to be fair and today I am declaring Vito Torchia, Jr. day on the GetOutOfDebt.org site. Why would I do that? ... Read More »

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