October 2007

The recent and dramatic rise in foreclosure activity, fueled in large part by predatory lending  practices, has effected everyone, including the Hispanic Communities and other multi-cultural communities.  Fortunately, there are specific laws that protect homeowners from these practices, yet the [...]

I hear so many stories of homeowners being victimized by predatory lenders. Often these lenders contacted them on the telephone. This is also known as telemarketing. There are good mortgage companies that do this. But the facts are that most [...]

Most non-profits do not handle the complete loan modification process for their clients. Mainly it is done on the adviser level and then the homeowner w”attempts” to do it on their own. But there are many that do it for you also. But [...]

A loan modification generally occurs where the parties to a problem loan mutually agree to workout the problem by creating new and better loan terms. The hope is that the new loan will enable to the borrower to meet their [...]

Remarks by Secretary Henry M. Paulson, Jr. on Current Housing and Mortgage Market Developments Georgetown University Law Center Washington, DC–Good morning. As students of law, business and public policy, you have an interest in real life case studies that combine [...]

There is no doubt in my mind that we are on the way to a major recession. The writing has been on the wall for quite some time now and there seems to be no end in site. Foreclosures are [...]

It use to be when you were late on your mortgage or suffered a hardship, you could call your lender and ask for help or find someone their that could give you guidance. That was the old days and they [...]

Here’s a loan modification story chronicled by a frequent visitor and contributor to the blog. He has been dealing with EMC and was successful in negotiating a reasonable loan workout. This is great news and it’s nice to hear that some [...]

Countryfried Loans, led by Kernel, Angelo Mozilo has been cooking more “Toxic Original Recipe Loans” then any other lender is US history. The reports that are coming out daily, confirm that yes indeed the mortgages were tainted and the majority of customers that [...]

 There are quite a few ways that a homeowner can stop foreclosure. I thought I would list them here with some brief explanations. Loan Workout- A loan workout is when you negotiate with your lender any kind of plan that [...]

Hank Paulson, US Treasury secretary, says he has a plan. Mr Paulson announced that he’s going to do what he can to mitigate this damage by bringing together investors, bond issuers, mortgage service companies and consumer counseling agencies to “step up [...]

Daily I blog, write and fight to get the word out to homeowners and educate them. Sometimes I feel as if this cause is a lost cause at best. Then I get emails and phone calls that fuel my fire [...]

Yes, I just coined the new buzz foreclosure phrase that I GUARANTEE will be hitting media outlets as soon as this post hits live status.  PREDATORY SERVICING American homeowners went from being taken advantage of with the advent of the [...]

This week the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law passed HR 3609, party-line vote of 5-4. This new legislation would allow bankruptcy judges to modify the terms of a mortgage contract during bankruptcy proceedings. The sponsors of [...]

Let’s face reality here boys and girls. The real estate and mortgage market changed over night and it will NEVER, EVER be the same. The years of rolling in fat commission checks and $250,000 a year earnings have gone with [...]

This story was posted on my forum by a member and regular reader of my blog. The reason I ask homeowners to tell their stories is so everyone can learn from each other and help one another. So this information can [...]