The decision makers at Flagstar Bank need a good flogging and they got the first lash on Tuesday, August 3, 2010 when Judge Carolyn E. Baker of the 295th U.S. District Court in Harris County signed a Temporary Restraining Order halting the foreclosure sale of a property in Houston. Like many homeowners, this family suffered [...]
Flagstar is shutdown by restraining order after breaking promises to homeowner
August 4, 2010 By 3 Comments
Neil Garfield to join E.J. Simonsen on CNN 650 – LIVE 7am – June 14th
June 13, 2010 By Leave a Comment
Join us on Monday, June 14th at 7am CDT. Tune into the broadcast and hear E.J. Simonsen, from Home Solution Counselors & Neil Garfield, from Living Lies take your calls regarding foreclosure defense and loan modification. Listen live in the greater Houston area on 650 AM or live via digital feed anywhere at www.CNN650.com or [...]
Ocwen’s President Ronald Farris gets caught saying he WANTS to foreclose homes versus help the homeowner
May 19, 2010 By 3 Comments
This is a perfect example of how the mortgage servicers, like Ocwen, don’t really care about helping homeowners in regards to short sales. We take calls all day long in our office from homeowners and Realtors who are frustrated with the short sale process. HELLO!! It is easier for the bank to simply [...]
What are the tax consequences of a foreclosure, short sale or loan modification?
March 16, 2010 By Leave a Comment
Yesterday the IRS paid a visit to our office to verify some information. Everything was OK but it got me thinking. What does the IRS say about the tax consequences in real estate transactions in regards to distressed situations. This is a common question from clients. Let’s see what the IRS has to say: The Mortgage Forgiveness Debt Relief [...]
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 [...]
Fremont and Wells Fargo Reach $7M Settlement
March 4, 2010 By Leave a Comment
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 [...]
Midland Mortgage grants 37.5% reduction in rate for homeowner
March 4, 2010 By Leave a Comment
Loan modifications offered through HAMP can be beneficial for some homeowners but if the homeowner is denied for HAMP or the offer is unacceptable, litigation may be an option. This is a more costly alternative but in most cases results in more beneficial and permanent modifications. Recently we helped homeowners with legitimate hardships due to medical conditions negotiate a settlement with [...]
Why you keep ‘Chase’-ing your loan mod
February 15, 2010 By Leave a Comment
This reporter does a good job at noting some of the more frustrating problems with securing a loan modification with JP Morgan Chase. These kind of ambiguous and weak answers are a regular part of almost every client stpry who that walks through our doors. Home owners are so exasperated by the entire process that [...]
Modification is Not for Every Borrower according to a Treasury Adviser
February 3, 2010 By 2 Comments
Two questions borrowers frequently ask us, “How did my neighbor get into HAMP (and/or get a loan modification) but I can’t? “Do I have to be delinquent to get a workout plan?” The best answers typically are: The secret Black Box recipe may not mix well with your situation (read more here on this) because [...]
Mind the P&L, as in Payoffs and Liens
February 1, 2010 By 1 Comment
This is a re-print of an article I wrote for Real Estate Executive Magazine for this month’s issue. Mind the P&L, as in Payoffs and Liens Understanding your seller’s complete financial picture has long been a best practice of top producing REALTORS but that task has become more important and more complicated. It’s not just [...]
