Have three months have past by and you’re still awaiting your “permanent” modification? As Gomer Pyle says, Surprise, surprise, surprise. USA Today points out that Chase & Bank of America just don’t quite seem to know how to calculate three months. It seems three is the same as five or six or NEVER! Unfortunately, this [...]
Bank of America Sued In Texas For Abusing Homeowners with Misinformation and Misdirection
July 8, 2010 By 1 Comment
For the most part BAC Home Loans Servicing, LP is the pits. Faxing documents several times in a row because BAC “lost them” or got a new fax number has been the norm for a long time. Before Equator kicked in (which is a whole other story) Bank of America was consistently the slowest servicer [...]
IndyMac is a shady operation – HAMP, we don’t need no stinking HAMP
May 2, 2010 By Leave a Comment
IndyMac is a shady operation. One of our staff used to be on the inside working against homeowners but (in my words…turned his life around) and now battles for home owners. He tells tales of “being trained” on programs like HAMP and seeing blacked out sections. When he asked why IndyMac (now OneWest) redacted [...]
Obama is handing out $3,000 to short sellers
April 5, 2010 By 1 Comment
Our U.S. Treasury stands ready to hand out checks to homeowners to help them with short selling their home! Ok, not exactly but the Obama Administration is pledging to chip in to help homeowners who are underwater and need to sell their home. Bank of America, clearly our Nation’s leading “uplifting promise to do something press [...]
Disappointing mortgage performance means more foreclosures
April 1, 2010 By Leave a Comment
According to the OCC and OTS the number of mortgages falling behind by 90 or more days increased 21.1%. Bottom line is more foreclosures are coming. Hopefully some will be averted with short sales and modifications but homeowners and REALTORS have to act quickly before the loan is too far behind. The foreclosure process in [...]
Can I get a principal reduction on my mortgage?
April 1, 2010 By Leave a Comment
Sure, with enough firepower you can not only get a principal reduction but shut down the bank from even attempting to collect from you at all. As far as regarding how you “get your principal reduction” in HAMP read on… Remember folks, these changes to HAMP and HAFA and every other program rolled out require [...]
Short Sale’s are gaining traction with Lenders
March 29, 2010 By 2 Comments
For homeowners the choice is VERY CLEAR; short sales do less damage to credit, allow the homeowner to satisfy a large portion of the debt and in many cases allow for the homeowner (who has fallen behind on payments) to live “rent free” while the sale is negotiated. The following article on CNNMoney highlights what [...]
Mortgage companies lure homeowners with modification still foreclosing
March 22, 2010 By Leave a Comment
Bottom Line: Don’t get deceived into believing that a modification is around the next corner and it’s OK to not make mortgage payments. Thanks to Consumerlaw.org for this article. – The Bank Slayer Bait and switch program The Mortgage Bankers Association says “Lenders generally go to foreclosure as a measure of last resort, after all other options, [...]
FTC ban on upfront loan mod fees looming
March 11, 2010 By 4 Comments
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 [...]
HAMP can help foreclosures but increases risk
March 8, 2010 By Leave a Comment
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) [...]
