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Tag Archives: mortgage

Buying a Home? Be Ready for These Closing Costs

Photo Credit : Idiolector

For most of us, there’s no bigger purchase than buying a home. And with big purchases, even minor fees can carry a big price tag. Before signing the paperwork and taking on a mortgage, it’s a good idea to get educated about the process. Many people either don’t know or forget to factor in the closing costs they will pay. ... Read More »

    4 Big Refinancing Questions Answered

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    You may have heard about it on the news, your neighbors may be bragging about it or you could have even received eligibility notice in the mail — but what is the real deal behind refinancing? Before you crunch your personal numbers and weigh the costs and benefits of refinancing your mortgage, you need to be sure you understand what exactly ... Read More »

      4 Reasons You Could Be Denied a Mortgage

      Real Estate Concept

      So, you’ve thought about whether renting or buying your next home is the right decision for you. If you decide to buy a home, you’ll likely have to prepare for financing your purchase with mortgage payments. Here’s where things can get a bit tricky. While getting a hold of the costs involved with home buying can help you determine if you ... Read More »

        Student Loans Will Kill Your Dreams of Home Ownership

        Portrait scary monster clown

        The vast majority of consumers in America make important financial decisions basically by-the-seat-of-their-pants. I know people mean well but it is commonly bad advice and accepted assumptions that cause a bright financial future to be scuppered. Let’s take the issue of student loans for example. Loads of people blindly regurgitate “student loans are good debt” so much so they believe ... Read More »

          CFPB Gives Borrowers With Troubled Mortgages a Guide

          Real Estate Concept

          The Consumer Financial Protection Bureau (CFPB) has issued a comprehensive guide to help troubled mortgage borrowers. The 104 page guide gives step-by-step directions on what you should expect from your mortgage company if you are struggling. You can read the guide here. The guide also clearly lays out the responsibilities of borrowers as well and is one of the more ... Read More »

            FHA to Make It Easier for People with Bad Credit to Get a Mortgage

            Happy people celebrating with money raining

            Very shortly new manual underwriting regulations from FHA will become effective and make it easier for people with low credit scores to qualify for a mortgage. This is good news for people without a lot of debt but a low credit score. Under the new rules the following changes will be made. First, HUD has taken the opportunity to address ... Read More »

              CFPB Rolls Our New Mortgage Rules to Help Consumers

              home foreclosure legal document with house key

              The Consumer Financial Protection Bureau has just announced new rules that are aimed at mortgage servicing companies from lessons learned during this most recent mortgage meltdown crisis we are living through. While smaller banks and credit unions are exempt from these rules, the big loan servicing companies, those that service 5,000 or more loans, will have to fall in line. ... Read More »

                Trying to Get Lender to Modify Our Mortgage Again. – Kay

                Ready to Collapse

                “Dear Steve, My husband and I bought a home in 2006, applied for a payment modification in 08 or 09 it was approved. My husband income has dropped this year and we’re now having a hard time making payments. We’re 3 months behind on our payments, applied again for a modification and it was declined My question is do we ... Read More »

                  Hells Angel Commits Mortgage Fraud For Marijuana Grow House

                  In September I covered a story about two leaders of the Hells Angels that had been accused of mortgage fraud. A mortgage broker in the San Francisco bay area was charged with conspiracy to arrange more than $10 million in fraudulent home loans including the two Hells Angels leaders. Raymond Foakes, former President of the Hells Angels Sonoma Chapter, pleaded ... Read More »

                    Holy Fraud, Batman! Literally…

                    Yesterday, an Ohio resident was indicted for allegedly engaging in a fraud scheme that promised to fund more than $500 million in mortgage loans to around 20 churches and a dozen small businesses across the country. The man, Jamal Lawson, fraudulently obtained more than $300,000 in advance fees that he used for personal expenses instead of securing loans as he ... Read More »

                      Florida’s Foreclosure Solution Specialists Operators Charged With Fraud

                      Earlier this month it was announced that Lisa Wright, Cathy Saffer and Carrington Coombs were all charged with fraud in a Florida foreclosure rescure scheme. Wright and Saffer were charged with conspiracy to defraud homeowners and banks in a foreclosure rescue scheme. Coombs, a certified public accountant, was also charged as a participant in the scheme. A federal grand jury ... Read More »

                        Heartless Criminal Activity In Foreclosure-Related Scam

                        Last week a man whom operated a foreclosure-rescue scam agreed to plead guilty after collecting $1.6 million from 1,100 distressed homeowners. The man, Frederic Alan Gladle, of Austin, Texas, ran his scam in Los Angeles and elsewhere where he falsely promised the owners of more than a thousand distressed properties that they could indefinitely postpone foreclosure sales. Gladle was charged ... Read More »

                          Home Start America CEO And Founder Sentenced To 50 Months In Prison For Role In $1.5 Million Fraud Conspiracy

                          CEO and founder of alleged real estate investment firm Home Start America (HSA), Michael Kaufman, was sentenced to 50 months in prison last week for his role in a long-running, large scale wire fraud conspiracy with loan officer David Wynn. According to documents filed and statements made in court: Kaufman founded HSA in Bloomfield, New Jersey, and at one time ... Read More »

                            Embezzled, Diverted And Stolen Funds Used To Pay For Adult Entertainment

                            The guilty plea of vice present and co-operater of Coral Mortgage Bankers Corporation’s University City office, Matthew Kent, was announced earlier this month by the United States Attorney’s Office. According to court documents, between May 2007 and December 31, 2010, Kent, his partner in Coral Mortgage, David Rubin and Joshua Gould, formerly of Woodbury Financial, embezzled approximately $1,500,000 from a ... Read More »

                              Jade Capital & Investments Indicted In Alleged $37 Million Fraud

                              Jade Capital & Investments and its owners Joon Park (aka Joon Pak / Joon Paik) and his brother Loren Young Park (aka Loren Young Park / Yong Park) have been indicted on charges in connection to a scheme to fraudulently obtain business loans guaranteed by the Small Business Administration (SBA). Allegedly, this scheme resulted in losses over $37 million. Associate, ... Read More »

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