Here is a very interesting letter from the National Association of Attorneys General regarding new proposed rules by the FTC for mortgage assistance relief services (MARS). The loan modification industry has be filled with deception and abuse and many consumers have lost thousands when law groups promised results but did not deliver. Two recent failures …
Thanks to a tipster (send in your tips here) I wanted to show you some examples of debt settlement mailers that in my opinion appear designed to confuse of make recipients believe they come from some official or government resource. These mailers came from Budget Mailing Services at budgetmailingservices.com. – Source I’ll post examples of …
New jersey Attorney General Paula T. Dow announced today that a New Jersey loan modification company and its owners have agreed to a judgment of $5,051,253 to settle civil charges they defrauded homeowners who sought help in avoiding mortgage foreclosure. In addition to civil penalties of $5 million, corporate defendants Hope Now Financial Services Corp. …
As part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners, the Federal Trade Commission announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services. FTC settlement orders ban 16 marketers from the mortgage modification or foreclosure relief business. The promoter of …
Here is the latest report out from the Financial Crimes Enforcement Network regarding loan modification and foreclosure rescue scams. – Source Early reports of loan modification/foreclosure rescue scams identified subjects purporting to be loan modification or foreclosure rescue specialists. These subjects targeted financially troubled homeowners with promises of assistance. These scams involved the homeowners signing …
Here is a list of the banks with the worst record for canceling loan modification requests. PNC Mortgage – 47.2% Aurora Loan Service – 46.8% CitiMortgage – 42.1% Saxon Mortgage Services – 40.8% Select Portfolio Servicing – 38.6% Wells Fargo Bank – 35.1% Worst banks for expired trial loan modifications without an answer. JPMorgan Chase …
“Dear Steve, I really hope that you can help me out. My brother has been falling behind on his rental property and tried to do a shortsale for the past several months. They had a buyer for the house at 285,000 but CitiMortgage’s appraisalwas for 345,000. Citi did not accept the offer and my brother …
California Attorney General Edmund G. Brown Jr. today announced that nine men engaged in a Southern California boiler room, tricked out in high-roller style with a roulette wheel and other casino equipment, have been charged with 97 criminal counts for stealing at least $2.3 million from more than 1,500 desperate homeowners who were promised loan …
“Dear Steve, I am delaying the inevitable but soon must address my circumstances head on. My cash reserve has emptied and now must face what I’ve delayed for peace of mind the last year or so. I am slightly negative on 1st mortgage. I am extremely negative on equity line of credit and see no …
In a potentially wide-ranging lawsuit, two Seattle-area homeowners have filed a class-action suit against Bank of America claiming the bank has failed to work with owners facing foreclosure. Filed Tuesday, the potentially wide-ranging lawsuit alleges Bank of America failed to keep up its end of the deal cut with the federal government in early 2009 …