For quite some time now I’ve been warning people about the wave of mass joinder suits that are being marketed to consumers. The pitch is simply, you’re bank screwed you and now we are going to make them pay. All you have to do is fork over $5,000 to participate, of which the marketers, who …
In a weird twist of alternate reality, JP Morgan Chase and Bank of America are proactively reaching out to borrowers they have identified that are not in default and offering to modify their mortgages. The New York Times is reporting that a Miami condo owner had her Chase mortgage cut in half, and she hadn’t …
The Center for Responsible Lending has a very interesting publication out that addresses the proposed new regulation that will mandate a 20% down payment for a residential mortgage. The 20% proposal is ridiculous and you will not that it has nothing to do with if you have good or bad credit. The new proposed large …
TransUnion is reporting in a recent release that due to demand for rental units after the wave of foreclosures rental prices have actually increased. For apartment complexes of more than 201 units, sixty four percent of property managers reported an increase over last year for apartment rent. “Finding reliable tenants at an optimal price point …
by Paul Kiel, ProPublica Four years into the foreclosure crisis, banks say they’ve made major improvements in how they handle struggling homeowners. They’ve promised, for example, not to foreclose on homeowners who are being considered for mortgage modifications. But that’s still happening. Consider the cases of Laurie Pinkerton and Lisa Peterson. The two women, both …
A tipster (send in your tips here) has just sent in a new mailer that is labeled Housing & Economic Recovery Program (PL 110-289). It turns out this is just the latest version of a similar mailer I covered before in my story Deceptive Mailer – Housing & Economic Recovery Program (PL 110-289. Inside the …
Here is the recent podcast I did with my friend and fellow debt expert Gerri Detweiler. Gerri Detweiler is a fantastic debt and credit expert who is not only an awesome person but provides exceptional advice for consumers. I’ve known Gerri since 1994 and am always really proud to work with her to help consumers. …
by Paul Kiel ProPublica The Obama administration’s mortgage modification program is more than two years old. From the beginning, it’s been apparent that the participating banks and mortgage servicers were breaking the program’s rules. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners have …
The debt settlement strategy has generally been limited to negotiating unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the form of property like a home or vehicle. Given the right of secured creditors to foreclose or repossess property, …
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 …