So is the end of HAMP near? Looks like Congress is making a run at ending HAMP. Sadly, HAMP never lived up to its touted goals and in fact mainly served as a way for servicers to line their folks while dragging homeowners through mountains of paperwork which was required to be faxed over and [...]
Chase stole mortgage money and foreclosed on troops
January 17, 2011 By 2 Comments
If you are a REALTOR working with a homeowner who is in the military and J.P. Morgan Chase is the mortgage servicer then get ready to rumble. If you are not taking advantage and leveraging the Servicemembers Civil Relief Act (SCRA) then you are trying to do your job with a knife while your enemy [...]
Wells Fargo insider spills beans about The Black Hole
January 12, 2011 By 3 Comments
AMAZING! Anyone attempting a loan modification or short sale more than once with Wells Fargo can attest to “The Black Hole”. The following article is from Neil Garfield’s website and is very revealing. Wells Fargo as well as other large banks tend “lose” documents on a regular basis. – The Bank Slayer EDITOR’S COMMENT: LIVINGLIES [...]
Bank of America sued for scam loan modifications
January 5, 2011 By 3 Comments
Taking someone’s money with no intention of performing any service or delivering a product is not only unethical but in mose cases illegal. Last month the Attorney General of Arizona decided that enough is enough. Bank of America has simply been stealing money from unsuspecting homeowners. Not only are they stealing money but they are [...]
2,500 Homeowners Put Into Foreclosure While Awaiting Mortgage Modifications
December 16, 2010 By Leave a Comment
This is very scary for anyone attempting a mortgage modification and/or short sale. Imagine thinking that your short sale or loan modification was “in review” (we discuss this review process in another article here) then suddenly find out you are in foreclosure or worse – foreclosed already. Sadly this happens every month in the Greater [...]
Fatal Flaw in HAMP: Uncle Sam isn’t watching
December 14, 2010 By 1 Comment
The total lack of oversight and teeth in the “enforcement” of HAMP is a Fatal Flaw according to Steve Gillan. We agree. Over and over we hear from homeowners, “I am in HAMP and have made seven on time payments in a row but am now facing foreclosure. The bank said I was still in [...]
FTC outlaws upfront payments for mortgage modification
December 10, 2010 By 1 Comment
Looks like Loan Mods R Us and other scammers (and even some legitimate companies) will be going bye-bye. FINALLY!! Highlight are: January 31, 2011 – The FTC will be able to proceed against any firm that collects upfront fees without obtaining the required written proposals at no charge from lenders. Litmus test: If a firm [...]
ASC wants you to default
December 2, 2010 By 2 Comments
A class action lawsuit filed by New York law firm Harwood Feffer alleges that Wells Fargo-owned mortgage servicer, America’s Servicing Company, induced distressed borrowers into defaulting on their payments supposedly in order to get a loan modification all the while accruing late fees and penalties. READ: Enriching themselves at borrower’s expense. This isn’t the first [...]
Chase’s deceptive loan modification
October 18, 2010 By Leave a Comment
Press hard, third copy is yours. What did you just sign? Tim Hammond, an experienced REALTOR in the Greater Houston area, posed a question to our team last week. He heard mortgage servicers are mass mailing loan modifications (and/or mass mailing approvals for loan mods), especially to those folks facing foreclosure. Is this true? Since [...]
