The Navy Tells Jonathan to Contact Me For Advice

Dear Steve, I’m a 30-year-old married man, 2 children. My wife lost her six-figure-a-year job in real estate. Since then, we have lost two homes to foreclosure, 1 vehicle repossessed, and 15 major credit cards maxed out and not paid for 2 yrs+. Everything is in the collection. We have about $1.2 million in unpaid … 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 … 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 … Read more

Mortgage Broker Pleads Guilty To Extortion Conspiracy Of Homeowners

In late November it was announced that New Jersey mortgage broker, Robert Cusic Jr., admitted that he conspired with a New Jersey attorney, Thomas Frey, and others to extort victims out of money and property by falsely stating they were the subjects of criminal investigations. Cusic plead guilty to an Information charging him with conspiracy … Read more

So, A Fraudster, Arsonist And Drug Dealer Walk Into A Bar…

So, A Fraudster, Arsonist And Drug Dealer Walk Into A Bar… OUCH. The last of the six defendants in an indictment charging mortgage fraud, arson, marijuana trafficking and money laundering has entered a guilty plea in federal court in Michigan as of last week. The following defendants entered guilty pleas before United States District Judge … Read more

I Need to Lower My Mortgage Payment. – Josten

Josten “Dear Steve, I need some advice on how to lower my mortgage bill payment. We have to pay too much money, monthly just to keep this house. My family can’t pay this much and we may have to sell our home. Please I need some advice. How do I lower my montly mortgage bills … Read more

Should I Get a Pre-Approval Letter for a New Mortgage Before I Try a Short Sale With Bank of America? – Tamika

Tamika “Dear Steve, My current home loan is with Bank Of America. i purchased for $126 and current appraisal is $90. when i purchased the home i was married, we’ve been separated since 2007 and i was left with the mortgage and car note. my income is decreasing and ive ask B of A for … Read more

We Are Looking Forward to Buying Our First Home But Our Credit Sucks. – Casey

Casey “Dear Steve, My husband and i are looking forward to buying our first home next summer. So right now we are in the process of getting are credit reports to see what would affect are interest rates and loan amt so we can pay those particular items off faster than the other not as … Read more

How Can We Find a Mortgage Company to Work With? – Susan

“Dear Steve, My husband and I have a mortgage of approx. $78,000.00 on our home. We also have a home equity debt of $50,000.00. The mortgage is a 2 year ARM and is at 3.75% as of April 2009. Our home equity is a couple of points higher. Our tax appraisal puts the value of … Read more

Three Mortgage Brokers Arrested in Handcuffs from Mortgage Refinance Scam

California Attorney General Edmund G. Brown Jr. today announced that agents from his office have arrested Michael McConville, and two of his associates for their roles in a “criminal conspiracy” to steal nearly $1 million from borrowers seeking to refinance their homes. McConville and his co-conspirators lured dozens of borrowers into refinancing home loans by … Read more

Foreclosure Rescue and Mortgage Modification Help Just Bad Actors in New Clothes

The New York Times has a great article out about the transformation of subprime mortgage brokers into new entities that promise to sell help for people to get mortgage help. Late last year, he and his team — ensconced in the same office where they used to broker mortgages — began working for a loan … Read more

When the Mortgage Industry Suffered My Husband and I Also Did – Ai

Ai “Dear Steve, Like the rest of the country when the mortgage industry suffered my husband and I also did since we were both in the industry and were paid commission only. I was lucky enough to find a job but catching up on bills and having only one income resulted for me to go … Read more

Carolyn Built Her New Home Using Credit Card Cash Advances

“Dear Steve, I built a new home using credit card cash advances. I now have $85,000 in credit card debt and the interest rates average 25%. I can make up to $2500/month in credit payments but the interest rates are killing me. I had great credit before this issue. I have a good job and … Read more