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Mortgage Modification Re-Default Rates Are Horrible

Based on new data out it looks as if the people who were actually able to obtain a mortgage modification are still in serious financial trouble. Moody’s released new data that showed the modified loans have not resulted in default avoidance. “We have found that a loan that is modified and [then] reported as current … Read more

Loan Modification Programs Broken. Crippled by Lax Oversight and Bank Control

by Kiel and Olga Pierce, ProPublica With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation–rather than enforcement–with the nation’s biggest banks. Those banks, Bank of America, Wells Fargo, JPMorgan Chase, and Citibank, … Read more

New Evidence of Robo-Signers In States Where Foreclosures Bypass Judges

by Marian Wang, ProPublica When problems in the foreclosure process caused banks to temporarily freeze foreclosures last fall, the focus was on improperly signed foreclosure affidavits–legal documents used when foreclosure are required to go through courts. But as we’ve noted [1], most states are “non-judicial [2]” states, meaning foreclosures can proceed without a court order. … Read more

Voided Foreclosures Could Mean Big Trouble for Banks Moving Forward

by Marian Wang, ProPublica When Massachusetts’ highest court ruled against U.S. Bank and Wells Fargo earlier this month and invalidated two foreclosures, the decision was hailed by some as an important precedent [1] for courts seeking to resolve foreclosure disputes. While the decision’s impact isn’t entirely clear, even Wall Street analysts who downplayed its applicability … Read more

Chase Bank Overcharges Troops on Mortgages and Admits to Improper Foreclosures

by Marian Wang, ProPublica, JPMorgan Chase acknowledged this week that it overcharged some 4,000 military families for their mortgages and wrongfully foreclosed on at least 14. It’s not clear how much the mistakes have cost these families, but the bank told NBC News that it’s collectively refunding about $2 million [1] to those affected. It … Read more

The Town That Hit the Wall. Lehigh Acres Rises and Falls. Documentary Film.

I’ve wanted to go down to to Lehigh Acres in Florida and visit the town to see the damage caused by the real estate bubble bursting. But now I don’t have to. A small production company has put together a short film titled “Dreams for Sale.” You can watch the film in three parts below. … Read more

Stories of Homeowners and Loan Modifications: Where Are They Now

by Karen Weise, ProPublica ProPublica has been covering the government’s foreclosure relief effort [1] since the Obama administration launched the program in the spring of 2009. This week, ProPublica is checking back with some of the homeowners we’ve profiled over the past year. Some homeowners received modifications that prevented foreclosure, some are still in limbo … Read more

Newbie Attorneys Reaking Hell at Foreclosure Law Firms

by Marian Wang, ProPublica A few months into the foreclosure scandal, we reviewed job listings seeking supposed foreclosure experts and even department supervisors, noting that many listings offered low pay and required little education [1]. Some listings we saw were posted by staffing agencies, recruiting workers and paralegals for banks and foreclosure law firms. As … Read more

Bank Errors Taint Credit Reports and Lower Credit Scores

by Marian Wang, ProPublica, We’ve pointed out cases in which banks’ miscommunication and disorganization have caused mistaken foreclosures [1], but as several recent [2] reports [3] have noted, that’s not the only way in which bank mistakes have affected homeowners. Some consumers have been surprised to see damage to their credit score after requesting information … Read more

Pill Pusher Sued by FL AG Over American Home Solutions Group Loan Modification Activities

The owners of American Home Solutions Group in Florida seem to be facing legal issues on all fronts. The owners, Jeff George and Dante Marquez are accused of “making “blatant misrepresentations” to homeowners in Florida and across the country. For a fee, they promised to help dig homeowners out of mortgage debt. Instead, they did … Read more

False Attorney Signatures Cast New Doubts on Foreclosures

by Sasha Chavkin, ProPublica Many foreclosures have been thrown into question because of flawed documentation such as inaccurate affidavits describing a mortgage’s history. But three recent court cases point to another type of flaw in foreclosure filings that could place thousands more cases in doubt: false attorney signatures on court documents. Experts said that foreclosures … Read more

Major Foreclosure Contractor Underplayed the Extent of Document Flaws

Marian Wang, ProPublica In our primer on the players in the foreclosure scandal, we noted that the biggest foreclosure contractor to which banks outsourced servicing tasks, Lender Processing Services (LPS), has been accused of flaws in the processing of key mortgage documents. The company has said that it is “not aware of any defects in … Read more

Is Wealth Without Risk by Saen Higgns a Scam I Should Investigate?

FYI: I was contacted by the attorneys for Saen Higgins and Wealth Without Risk. They felt this article gives the impression this site has a business relationship with Saen Higgins. Let me state clearly for the record, in case anyone was the least bit confused by this article, GetOutOfDebt.org is in no way associated with … Read more

What Do You Think, is the President Obama’s Mortgage Modification Program, False Marketing

I just saw FreeLoanModInfo.net which was pitching something called “President Obama’s Mortgage Modification Program.” In light of the recent Mortgage Assistance Relief Services rules put forward by the Federal Trade Commission this site certainly seems like it would fall under the new rules as a deceptive marketing pitch. Additionally, the site is a lead generation … Read more

Timeshare Fraud Reaches New Low in Florida. Victims Resold to Recover Scammed Money.

Inbound Marketing Advisors, American Recovery Task Force, National Recovery Task Force, Fortune Property Management & Investments, Kevin Bates, and Anthony Passaro were all named as defendants in a lawsuit brought by the Florida Attorney General in an effort to stamp out timeshare fraud. The Attorney General alleges that the defendants bought lists of consumers that … Read more