From the monthly archives:

June 2009

Home Protection Agency aka THE ELITE FINANCIAL MANAGEMENT GROUP SCAM

by Moe Bedard

Submitted by a homeowner and member of the LoanSafe.org Forum. Please don’t take the bait like this guy did. Read my blogs, download my FREE e-book on the right of this website or join the forum with 16,000 other homeowners just like you!
Home Protection Agency aka THE ELITE FINANCIAL MANAGEMENT GROUP ake EFMG.
The service I [...]

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Paper Avalanche Buries Plan to Stem Foreclosures

by Moe Bedard

I have been talking about this for two years and it looks like the NY Times has caught on to the fact that mortgage servicers are screwing thousands of struggling homeowners out of their homes. Oh really?!
Come on members of the media, the missed faxes, lost mail and I can’t find your loan modification paperwork is OLD [...]

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White House Impatient with Pace of Loan Modifications

by Moe Bedard

WASHINGTON (KCBS) – The Obama administration is becoming impatient with the slow pace by which mortgage companies are modifying loans for millions of homeowners.
The $75 billion taxpayer-financed program has averted a relatively small number of foreclosures.

As KCBS’ Susan Leigh Taylor reports, there’s a bit of a mystery as to why things are moving so slowly. [...]

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FTC Ammends Complaint Against Federal Loan Modification Law Center or FedMod

by Moe Bedard

The FTC filed an amended complaint adding several new defendants in the action currently pending against Federal Loan Modification Law Center, LLP, and six related defendants. The original complaint, filed on April 3, 2009, charged the defendants with misrepresenting that in exchange for a large up-front fee, they will obtain a mortgage loan modification or [...]

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Principal Writedowns Make for Better Loan Modifications–But Nobody Does it

by Moe Bedard

President Barack Obama’s loan modification plan gives servicers all kinds of options for getting a borrower’s debt-to-income ratio down to that 31 percent threshold. They can extend the terms of the loan, lower the interest rate, and even–if they are so inclined–trim the unpaid principal balance of the loan itself. But the administration has been [...]

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Tenants’ Rights When the Homeowner Is Foreclosed

by Moe Bedard

Are you renting an apartment, a single-family home, or a condo? Are you worried about the increasing number of foreclosures and that one morning when you wake up, the sheriff is knocking at your door and then informing you that you have to leave because there is a new owner?
It is better to be prepared [...]

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Military Homeowners Assistance Program

by Moe Bedard

If you are a member of the U.S. military, here are some good news for you because President Barack Obama has approved a stimulus package bill that may help you with problems regarding your home. This bill contains a provision known as the Military Homeowners Assistance Program or HAP.
HAP was previously designed to be offered [...]

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Homeowners are foreclosure stripping and this does not involve taking off your clothes

by Moe Bedard

I hear it all the time. “Screw the banks Moe. They took everything from me and my family. They get bailed out with billions of dollars and my family gets nothing. I have been trying to work with these idiots for 8 months and now I am losing my home of 8 years. 
I’ve had it!” [...]

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Taylor, Bean & Whitaker Mortgage Settles With 14 States

by Moe Bedard

Taylor, Bean & Whitaker Mortgage Corp., one of the country’s largest wholesale mortgage lenders, made the agreement following a multistate examination of its lending practices in 2006 of so-called exotic mortgages, including interest-only and adjustable-rate mortgages, state officials said.
The examination alleged loan originators altered income and asset information for prospective borrowers so the applicants would [...]

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Century Legal Services Inc., Foreclosure Home Assistance LLC and Michael Brotherton Sued by the Ohio Attorney General

by Moe Bedard

Cordray Issues Statewide Foreclosure Rescue Scam Sweep
Seeks to shut down operations throughout Ohio
June 25, 2009

(COLUMBUS, Ohio) – Ohio Attorney General Richard Cordray today filed three lawsuits in a continuing effort to rid the state of foreclosure rescue scams operations. The lawsuits, filed against 21st Century Legal Services (Franklin County), Foreclosure Home Assistance, LLC (Cuyahoga County), [...]

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Help, I need a foreclosure bankruptcy loan!

by Moe Bedard

The first thing that you need to understand is that there are no foreclosure bankruptcy loans available right now. I am sorry to be the bearer of bad news, but no lender will  touch you for about 3 years at the least.
But it is definitely not the end of the world because you can get [...]

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Find a foreclosure attorney in California

by Moe Bedard

The facts are that not everyone can get “free” help and MANY homeowners need a good lawyer to help them through the legal maze during the foreclosure process.
If you’re looking for a good foreclosure attorney in California, then I recommend the Law Offices of Fransen & Molinaro. The founding partners, Nathan Fransen and Paul Molinaro [...]

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Obama adminstration launches effort to aid troubled borrowers with second mortgages

by Moe Bedard

WASHINGTON — The Obama administration is expected to announce Tuesday that it is expanding its plan to stem the housing crisis by offering mortgage lenders incentives to lower borrowers’ bills on second mortgages.
During the housing boom, lenders readily gave out “piggyback” second loans that allowed consumers to make small down payments or avoid them entirely. [...]

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Freedom Foreclosure Prevention Services, LLC, Sued by the FTC

by Moe Bedard

Freedom Foreclosure Prevention Services and their group of kitchen table home savers look to be in a bit of trouble with the FTC. One thing is for sure, I am not surprised one bit!
I have been following the loan modification industry since early 2007 and this company has been trolling the foreclosure and loan modification [...]

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Should I accept my loan modification offer or counter?

by Moe Bedard

For the past few years I have helped thousands of people by teaching them to help themselves through my blogs, forums and emails. I really enjoy assisting my fellow Americans in a time of need and have found a great new career working from home.
Since becoming a full time consumer advocate and blogger in 2007,  I have found that [...]

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How long can I live in my house after foreclosure?

by Moe Bedard

A loan modification didn’t work and the darn Realtor handling your short sale didn’t really sell much of anything. So, now you are left holding the raft, with no paddle in a fast moving crappy creek and all you want to know is, ” How long can I live in my house after foreclosure?”
Well, that depends on 50 different [...]

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Will filing bankruptcy stop foreclosure?

by Moe Bedard

Unfortunately, many homeowners simply don’t know what to do when they are in foreclosure. I get many emails asking me, “Will filing bankruptcy stop foreclosure?”
Well, yes and no!
Many homeowners will file for Chapter 13 specifically to stop their sale date. Only to find out later, that their mortgage is not included and now they may [...]

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Free legal aid available for low-, middle-income homeowners facing foreclosure in Washington

by Moe Bedard

The Washington State Bar Association has launched a program to provide free legal help to low- and middle-income people in danger of losing their homes to foreclosure.
Homeowners who call a toll-free number will be referred to volunteer attorneys in their communities who are trained to deal with foreclosure-related issues.
The bar association started recruiting and training [...]

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What are you allowed to take when you are foreclosed on?

by Moe Bedard

More and more reports are coming out of foreclosed homeowners stripping their properties of anything of value before they bail on the bank.
In my forum over at LoanSafe.org, I am getting a lot of questions in regards to what I can take and what I can’t take. Often, these people used their own money to improve [...]

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Treasury provides $3B more for foreclosure program

by Moe Bedard

WASHINGTON (AP) — The government will provide another $3.1 billion to a group of mortgage servicing companies as an incentive to modify loans to combat record levels of foreclosures.
The Treasury Department said Tuesday that the modifications, which included reductions in projected payments for some companies, pushed the total amount for the program to $18.3 billion, [...]

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