loan modification: FTC and DOJ doens't care about you or your home - 09/22/09 03:14 PM
The Loan Modification news site has a great article about the FTC and DOJ and explores if they are helping or in fact hurting homeowners.
There are countless stories about Obama's plan failing, and in case you have been living under a rock then let me update you. Obama's plan has failed miserably. Recently second-most powerful Democrat in the Senate called the Obama administration's mortgage modification program a "waste of time". Others are voicing their opinion at the banks for their un-willingness to help, and last but not least the FTC is going after the "pieces of shit companies" that actually … (1 comments)

loan modification: FTC to ban charging monies for loan modification by years end - 09/18/09 08:47 AM
The move by the FTC comes as federal and state officials plan to expand a crackdown on loan modification scams to other schemes that prey on debt-ridden consumers.
From the article:
Working together, we can send a clear and straightforward message: If you perpetrate mortgage fraud . . . we will find you and we will charge you and we will put you in jail," U.S. Atty. Gen. Eric H. Holder Jr. said Thursday as top federal officials met with attorneys general from 12 states to coordinate those efforts.Federal officials have been working with state attorneys general nationwide since April to … (0 comments)

loan modification: FTC goes after two more companies, update on Lucus, and more. - 09/17/09 11:19 AM
A press release earlier today from the FTC shows that they are not in fact starting to sleep but still actively going after those who are accused of scamming home owners into illegally paying upfront fees for loan modification services which are never completed.
From the press release:
Infinity Group Services and its president are charged with violating the FTC Act by falsely representing that they would obtain a loan modification in all, or virtually all, instances; that they would give full refunds if they failed to do so; and that they would obtain loan refinancing for an up-front fee of … (0 comments)

loan modification: Loan Modification Companies- 4 Tips To Help You Find A Legitimate One - 09/16/09 02:38 PM
The current mortgage and housing crisis has resulted in an increased demand for loan modifications.  To meet this demand, new loan modification companies and services are cropping up everywhere.  While some of these services and companies are legitimate and may be able to help you with your loan modification, others are not.  There are scam artists out there looking to take advantage of struggling homeowners who are in fear of losing their homes.  They offer big promises and guarantees but are only there to take your money.  Other companies may not be out to scam you, but they really don't have … (2 comments)

loan modification: Loan Modifications Not Happening - 08/10/09 05:17 PM
"I think the banks are looking at the market bottom and trying to hold on to som eof their loans and properties until things get better," said Bill Newton, executive director of the Florida Consumer Action Network. "But it sure doesn't help the rest of us, especially since they're working with government bailout money." The numbers from the first monthly Servicer Performance Report through July: 400,000 offers have been extended to 2.7 million borrowers who are more than two months behind in their payments. Of those, only 235,000 have started on the three-month trial period to begin a loan modification.
http://www.hispanicbusiness.com/news/2009/8/10/loan_modifications_not_happening.htm
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loan modification: Making Home Affordable Program On Track To Help Millions - 08/04/09 04:03 PM
from loan-deals.com news:
WASHINGTON - Today, the Obama Administration released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program.  The purpose of the report is to document the number of struggling homeowners already helped under the program, provide information on servicer performance and expand transparency around the initiative.
On February 18, the Obama Administration announced its comprehensive plan to stabilize the U.S. housing market.  Two weeks later on March 4, the Administration published detailed program guidelines and authorized servicers to begin modifications immediately.  MHA provides $75 billion for sustainable mortgage … (0 comments)

loan modification: NC goes after california loan mod companies, Federal Loan Mod Law Center in trouble (again?) - 07/29/09 08:01 PM
Summary's of www.loan-deals.com
The Federal Loan Modification Law Center is the subject of a federal lawsuit in California filed by the Federal Trade Commission. In April, the FTC charged the firm with misrepresenting that, in exchange for an up-front fee, it would obtain a loan modification or stop foreclosure in virtually all cases. The FTC said the firm also misrepresented that it is affiliated with or endorsed by the U.S. government.
To read the full article click here
Green says 21st Century Legal Services contacted him, and offered a 30-year fixed rate loan at 4 percent. "My payment is $665, they … (0 comments)

loan modification: California goes after 23 loan modification companies - 07/15/09 10:33 AM
Loan Modification News has a great article regarding some recent (today in fact) court cases of the AG going after loan modification companies in california (and other states)
"The loan modification industry is teeming with confidence men and charlatans, who rip off desperate homeowners facing foreclosure," Brown said in a release. "Despite firm promises and money-back guarantees, these scam artists pocketed thousands of dollars from each victim and didn't provide an ounce of relief."
you can read the full article here: California Goes After Loan Modification Scam Companies
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loan modification: loan modification scammers step in when loan servicers refuse to provide relief - 07/14/09 07:16 PM
From Loan Modification News
  The National Consumer Law Center has just released a report "loan modification scammers step in when loan servicers refuse to provide relief". The report, available here via pdf states what we have been pointing out for a very long time. Loan Modification scams are here and very real. Please , if you are going to be doing a loan modification, DO IT YOURSELF! 
 
To read the full article click here
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loan modification: Understanding Loan Modification Program Options - 06/15/09 03:15 PM
Most lenders offer loan modification programs to borrowers who are having a difficult time making their monthly mortgage payments.  Lenders have set up Loss Mitigation Departments to handle this aspect of their business and have trained staff to help troubled homeowners with loan modifications to avoid foreclosure.  The foreclosure process is very costly for lenders as well as the homeowner.
Your lender may offer you several different loan modification program options.  Keep in mind that your lender is going to work in their best interest and not necessarily yours, so it is important for you to understand the differences between the … (0 comments)

loan modification: York Attorney General Goes After 14 Companies - 06/10/09 03:53 PM
The new york attorney general Andrew Cumos has gone after 14 loan modification companies and plans to go after at least one more in the near future.
Earlier today Cumos said he filed an "Intent To Sue" to Amerimod, aka American Modification Agency, Inc for illegally charging up front fees and false advertising.
"Loan modification companies, which get lenders to change the terms of mortgages to help avoid foreclosure, are capitalizing on the housing crisis and preying on desperate homeowners" said Cumos. The investigations started after many complaints from homeowners who were scammed by these loan modification companies.
"Many of these … (0 comments)

loan modification: Loan Modification Costs - 06/10/09 03:33 PM
If you are considering applying for a loan modification you may be wondering how much it may cost you.  Actually a loan modification can cost you thousands of dollars all the way down to absolutely nothing if you negotiate your own loan modification. 
There are many loan modification companies who will offer to negotiate a loan modification for you.  As loan modifications have become more prevalent, so have loan modification services.  The companies offering these services range from experienced professionals all the way down to scam artists, so you will need to do some upfront research before hiring a company to … (1 comments)

loan modification: Loan Modification Scam News Website ! - 04/04/09 07:29 PM
It's actually gotten that bad that the Loan Modification News site www.loan-deals.com has actually started a loan modification scam news section!! (I am not kidding)
For more information click here: Loan Modification News Scams
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loan modification: Three Articles About Loan Modification Fraud/Scam Companies on Loan-Deals.com - 03/26/09 11:24 AM
More Fraud From Loan Modification Companies: HOPE NOW:
" According to the Commission, the defendants advertised, marketed, and sold mortgage loan modification services to consumers nationwide using Web sites including newhopemodifications.com and hopenowmod.com. The FTC charged the defendants with violating federal law by misrepresenting that they could obtain mortgage loan modifications for consumers in all or virtually all cases and that they would refund consumers' money if they did not. "
Another Scam Company In Southern California:
" I don't know why common sense is lacked by most people these days. Guys, because Obama is on TV saying he will help … (0 comments)

loan modification: Answers To Your Loan Modification Questions - 03/25/09 06:37 PM
If you are considering a loan modification you probably have several questions.  It can be a confusing time, trying to get your bills under control and deal with an unfamiliar process such as a loan modification. To get your application for a loan modification approved you will need to become familiar with the process and do your research ahead of time.  Here are answers to some of the top loan modification questions to help you understand the loan modification process.
Question 1 What is a loan modification?
A loan modification involves changing the terms on a mortgage to make the monthly … (1 comments)

loan modification: 5 Tips For Fast Approval Loan Modifications - 03/22/09 03:35 PM
If you are facing a financial hardship and having trouble making your monthly mortgage payments, then a loan modification may really help your situation.  A loan modification will lower the monthly payments on your mortgage by either lowering the interest rate, extending the length of the payment schedule, forgiving part of the principal or maybe a combination of the above.  If you are already several months behind, I am sure you would like to get fast approval on your loan modification.  Here are 5 tips for fast approval loan modifications.
Tip #1 Become familiar with your lender's loan modification criteria before … (0 comments)

loan modification: Loan-Deals.COM: Should You Hire A Loan Modification Attorney? - 03/19/09 01:55 PM
www.loan-deals.com has a great article titled Should You Hire A Loan Modification Attorney?
From the article:
If you are considering a loan modification to help lower your monthly mortgage payments you may be confused by all the loan modification services that are available.  New loan modification services and companies continue to crop up every day.  It can be confusing for the financially strapped homeowner to make a decision on how to proceed with a loan modification.  Many homeowners contact their lenders directly and complete the loan modification application on their own.  Others hire a loan modification company and still others hire … (0 comments)

loan modification: What You Need To Do To Get Yourself Qualified For A Loan Modification - 03/16/09 08:25 PM
What You Need To Do To Get Yourself Qualified For A Loan Modification
If you are a homeowner having a hard time making your monthly mortgage payments due to a financial hardship, then a loan modification might be just what you are looking for.  A loan modification involves revising the loans terms to make your monthly mortgage payments more affordable for you.  You may be wondering if you qualify for a loan modification.  Here are three things you need to do to get yourself qualified for a loan modification.
The first thing you will need to be able to do is … (0 comments)

loan modification: How To Fill Out Your Loan Modification Forms For Approval - 03/08/09 07:20 PM
A loan modification can really help homeowners in financial hardship.  What a loan modification does is change the terms of the loan to make your monthly mortgage payments more affordable.  In order to get a loan modification approved you must submit a loan modification application.  This application includes several forms for you to fill out and return to your lender.  It is crucial that you know how to fill out the loan modification forms properly in order to enhance your chances for approval.
Here are the various loan modification forms you will need to fill out.
The Borrowers Statement:
This statement includes … (6 comments)

loan modification: Citi to allow jobless to pay less on loans - 03/02/09 03:12 PM
March 3 (Reuters) - Citigroup Inc (C.N) will announce a new program on Tuesday aimed at reducing financial srains on unemployed homeowners, the Wall Street Journal said.
Under the program, Citigroup will temporarily lower mortgage payments to an average of $500 a month for certain borrowers who have recently lost their jobs and are at least 60 days behind on their mortgage payments, according to the paper.
Borrowers will be allowed to make the lower payments for three months and Citigroup will waive interest and penalties during this period, the paper said.
click here to read the full article
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Chris Parker

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