FTC ban on loan mod fees looming

On March 29, 2010 the loan modification realm is likely to see massive changes.  It appears that the FTC’s proposed ban on upfront loan mod fees will soon be in effect.
This is good and bad.
The good news is that hopefully most of the rip-off operations available through the internet will be out of business.  It [...]

Bank of America stole my parrot!

Bank of America has a nasty habit of seizing homes.   We see Bank of America changing the locks and winterizing homes in which the homeowner is trying to close a short sale, even while living in the home but it’s a whole different matter when they hit the wrong house.
The sad morale of this [...]

Memo to self…don’t tell Chase about plan to fly plane into the building

Ok, Ok, I know this is serious stuff but it just goes to show how frustrating it can be to deal with folks at JP Morgan Chase.
- The Bank Slayer
Paul Egan / The Detroit News – Man Threatens to Fly Plane into Chase building
Utica — A Monday detention hearing is set for a Utica man arrested Friday [...]

Wilshire Credit Corp now part of IBM

IBM announced that it has finalized its acquisition of the core operating assets of Wilshire Credit Corporation from Bank of America Corporation (NYSE: BAC). The initial agreement to acquire Wilshire assets was announced on October 5, 2009.
If your mortgage is serviced by Wilshire this could be great news for you.  Wilshire has been notorious for [...]

HAMP can help foreclosures but increases risk

Why does HAMP help and hinder?  Simple.  Borrowers hope and believe that HAMP will somehow resolve their mortgage woes when in fact it can exasperates them but slowing the foreclosure process without resolving an inability to make the payments.
HAMP tends to instill false hope in borrowers many of who soon find out either:
a)     they have [...]

Not making a choice, is a choice. Don’t take it lying down.

“In uncontested cases, most still slip by”
Thanks to Tom Lyons, at the Herald Tribune.  While this article uses examples from Florida it does a good job of highlighting what has become common practice here in Texas.
If you are unwilling to make a choice to fight your foreclosure or struggling mortgage situation you’ve likely sealed your [...]

HAMP update…we bring you HAFA

When are they going to roll out the HEMP program so we can relax while being put through the agony of re-faxing 90 pages of paperwork over and over and over.   You asked for a new and improved HAMP and so now you get HAFA…say it with me now, HAFA, no, no, no, pronounced just like “half [...]

Foreclosed over 40 Cents???

If I had a nickel for every home owner who had their payment rejected over some odd amount or discrepancy I could pay off the National Debt (ok, maybe not all of it.)  This example is extreme situation but so is the fact Bank of America has foreclosed on the wrong house more than once.
If [...]

Fremont and Wells Fargo Reach $7M Settlement

Bankrupt mortgage lender Fremont General Corp. and Wells Fargo & Co. have reached a nearly $7 million settlement in repurchase disputes stemming from the bank’s role as trustee to several of Fremont’s mortgage securitization transactions.
The case can be viewed by pulling from Judge Erithe A. Smith of the U.S. Bankruptcy Court for the Central District [...]

Citi will give you 6 months for free!!!!

Yeah!!!    Citi announced that it will let borrowers stay in their homes for up to six months plus snag $1,000 to help defray costs for relocation, if they agree to a deed-in-lieu of foreclosure.  (i.e., so you will stop suing them, trying to get a loan mod, short sale or file bankruptcy not to mention [...]

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