America’s Servicing Company (“ASC”) / Wells Fargo look for any possible ways to deny loan modifications. We have a client who had previously submitted their 66 pages of “loan modification required documents” in all its glory to ASC. But then you know the drill…months pass by and many, many, many, more documents are faxed since [...]
August sets record for foreclosures
September 16, 2010 By 2 Comments
This is bad news for REALTORS & homeowners trying to sell retail and short sales. Mortgage companies are moving more quickly to foreclose. But as the article below points out, “fewer than one-third of homes repossessed by lenders are on the market.” At least they are holding on to their inventory and not dumping it [...]
JPMorgan CHASE is in the foreclosure business, not the modification business
September 12, 2010 By 8 Comments
It’s simple, follow the money. Everyone understands the purpose of a compensation plan. Develop a plan that uses money to motivate a certain behavior. For the past several years we’ve been saying that the banks/servicers WANT to foreclose properties. It is the fastest way for them to generate fee income as well as convert [...]
Flagstar is shutdown by restraining order after breaking promises to homeowner
August 4, 2010 By 8 Comments
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 [...]
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 2 Comments
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 [...]
