Regulators Totally Missed Foreclosure Problems

Marian Wang, ProPublica While they may be conducting their own investigations, federal prosecutors and national bank regulators for the most part aren’t the ones leading the investigation into the foreclosure mess. At least that’s the perception–one that’s reinforced when Elizabeth Warren, Obama’s head of consumer financial protection, says her money is on a 50-state investigation … Read more

Mortgage Modification Operator Gets Shut Down and Moves Across State Lines to Open

Global Equity Solutions, a Florida mortgage modification company was recently shutdown by the State of Florida for performing illegal advanced fee loan modifications services. The problem is the company simply picked up stakes and took its tent across state lines to Kingland, Georgia and setup shop again. This time calling itself Peachtree Consultants Incorporated. Probably … Read more

Attorney Promising Foreclosure Relief Under Investigation

Last weekend the New York Times ran an article about a lawyer, Peter Ticktin, in Florida that was placing second mortgages on homes we was able to save from foreclosure. Ticktin, of Ticktin Law Group in Deerfield Beach, FL is quoted as saying, “We thought, ‘Why don’t we use a bit of ingenuity to find … Read more

Would You Rather Work at Burger King or Be a Foreclosure Department Supervisor?

by Marian Wang, ProPublica For years, banks and other companies handling foreclosures have turned to cheap labor to process the growing volume of foreclosures. At JPMorgan Chase, they were called “Burger King kids“–walk-in workers hired to handle foreclosure proceedings. Many barely knew what a mortgage was and had only high-school educations. Prompted by a Financial … Read more

FTC Takes Action Against Timeshare Resellers. And They Should.

I don’t know what is worse these days, people selling timeshares, people buying timeshares or people claiming to be able to resell timeshares. Well the FTC just recently took action against some timeshare resellers who were out to inflict pain on consumers. I love the title for the press release from the FTC on this … Read more

Foreclosure Mediation Programs By State

A number of states have laws on the books for mandatory foreclosure medication in an effort to avoid foreclosure. Here is a list of states that have such programs and a link for more information. States With Foreclosure Mediation Programs California Connecticut Delaware Florida Hawaii Illinois Indiana Kentucky Maine Maryland Michigan Nevada New Hampshire New … Read more

Putting the Foreclosure Paperwork Scandal in Perspective

by Marian Wang,ProPublica The scandal over flawed paperwork and sloppy practices by mortgage servicers continues to broaden. The issue is complicated, and “robo-signers” — individuals working for servicers and signing off on thousands of foreclosure documents without much verification — are only part of the picture. So we brought some of our questions about the … Read more

Loan Modification Profile: Fed Up, Giving Up, and Moving On

by Karen Weise ProPublica, Today, 8:53 a.m. Download the audio. Listen to Wallace Farmer talk about the loan mod process. On a recent Friday morning, Wallace Farmer packed up and moved out of his Baltimore row house. After over a year of confusion and delays, JPMorgan Chase told Farmer that he made too much for … Read more

Government Mortgage Modification Programs Still Not Working

by Paul Kiel ProPublica, Today, 11:33 a.m. Each month, the Treasury Department releases new information about how homeowners in its mortgage modification program are faring. And each month, the numbers get bleaker. Take a look at our graphical rundown of the numbers, broken down by each bank or mortgage servicer participating in the program. Have … Read more

Indiana Goes After Foreclosure Consultants and Loan Modification Companies

Infomercials, websites, radio advertisements, and word of mouth are being monitored by Attorney General Greg Zoeller’s Homeowner Protection Unit (HPU) are using to track down foreclosure consultant companies that may be operating illegally in Indiana or have failed to strictly comply with Indiana’s new laws meant to protect consumers. Zoeller today filed lawsuits against three … Read more

Finally, More Action Against Timeshare Resale Companies That Screw Desperate Consumers

Attorney General Bill McCollum today announced that his office has filed lawsuits against three Florida companies, alleging the companies and their owners used deceptive and unfair practices that enticed consumers to spend hundreds of dollars to advertise their timeshares for resale with the companies. All three lawsuits are seeking restitution for affected consumers as well … Read more

Allied Home Mortgage Capital Still Around But Why With All the Complaints?

As his competitors imploded one by one, Jim Hodge, the folksy founder of Allied Home Mortgage Capital, touted his sprawling Houston firm as a survivor. Not only was Allied still standing, Hodge told employees in a company newsletter in December, it was thriving. “The good news,” Hodge wrote, “is that even though we are all … Read more

Loan Modification Program Still Limping Along

New data released Monday by the Treasury Department shows continued delays and disappointment faced by homeowners in the administration’s mortgage modification program. 190,000 homeowners remain stuck in trial mods that have lasted over six months, still waiting to hear whether they’ll receive a permanent modification. Most of those homeowners will likely be dropped from the … Read more

Is Your Mortgage Illegal, Violate the Constitution, Doesn’t Really Exist and is Unenforceable? Hint: B.S.

For so long I’ve heard the arguments that some claim that a mortgage is not a real document and violates all sorts of laws and arguments and can’t be enforced. People sell all sorts of crazy courses and make all sorts of claims to get money from people in order to show them how to … Read more

What You Need to Know Before You Refinance Your Home to Pay Off Debts

Consolidating your debt with the equity in your home can be a terrific money-saving strategy. The interest rate may be much lower than you’re paying on your other bills and, if you itemize on your tax return, you can usually deduct the interest you pay – making the effective rate of the loan even more … Read more