Question: Dear Steve, I bought my house in 2006, right before the first recession. In the midst of the chaos, I got a lawyer to get a loan modification, which allowed for annual increases to my APR. It went from 2% to 5.125% loan in 5 years. I currently owe a total of $255,640. The …
The State of Connecticut is notoriously tough on debt relief companies, This is not new. I’ve been warning companies about this for many years. The State has just announced a new action that can serve as a learning moment for others. Advocate Processing Services and Jonathan Michael Kelley have been issued this order. The order …
It’s probably a bad idea to start with a negative, but here it is, people in the debt relief industry will hate this article. Even friends of mine in the industry will be bummed. And why? Because this article will tell you everything you need to look for when checking out a debt relief company …
The Consumer Financial Protection Bureau (CFPB) previously went after Certified Forensic Loan Auditors (CFLA) who then in return went after the CFPB. According to the CFPB, “The Consumer Financial Protection Bureau (Bureau) filed a complaint in federal court in the Central District of California against Certified Forensic Loan Auditors, LLC (CFLA), Andrew Lehman (Lehman), and …
Question: Dear Steve, Our mortgage adjusted to an obscene payment without prior notice As soon as we saw the new payment we immediately applied for a loan modification but were eventually turned down (with a nice offer to help short sell). Long story short, we had a snag with our loan when we originally bought …
The Department of Justice announced that an Orange County, California, man pleaded guilty in U.S. District Court in Santa Ana, California, for his role as the sales manager of a multi-million dollar fraudulent mortgage modification scheme. Charles Wayne Farris, 55, of Aliso Viejo, California, pleaded guilty before U.S. District Court Judge David O. Carter for …
A very smart reader sent in a mailer they recently received. After they did some snooping around it set off warning bells. I’ll share their story and you’ll see what I mean. “I received this in the mail. When I called the number I got a lady who ask for my eligibility code. I asked …
“Dear Steve, I am 64 years old, a teacher. Every year, my salary has gone done (forced furlough days). Bad divorce-impulsively took a second mortgage on my townhome to pay child support and attorney fees (13.9%!). Currently in a DMP program for $22000 of credit card debt. Retire in 2 years-will get 50% of current …
It’s easy to make you a victim and rip you off with a loan modification. People are willing to believe the wild claims companies make about being able to cut your loan balance or slice your interest rate. It sounds so good when the salespeople are pitching you. If you received a postcard or letter …
“Dear Steve, Can you recommend a legitimate Loan Modification company anywhere in New jersey? All I hear are horror stories about these types of companies, and dealing with the bank directly is a joke. Any recommendation would be appreciated. Thank you, Michael” Dear Michael, The key point to remember is that no bank is required …