From the monthly archives:

July 2009

Ohio AG & Dept. of Commerce first to sue mortgage servicer

by Moe Bedard

Cordray & Ohio Department of Commerce First in Nation to Sue Mortgage Servicer for Unfair Practices

(COLUMBUS, Ohio) — Ohio Attorney General Richard Cordray today filed a joint lawsuit with the Ohio Department of Commerce against Carrington Mortgage Services, LLC. The lawsuit alleges that Carrington breached its agreement with the state to offer reasonable loan modifications [...]

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Federal task force formed to combat “foreclosure rescue” schemes and “short sale” schemes

by Moe Bedard

The task force includes the U.S. attorney’s office, FBI and other state and federal agencies. Acting U.S. Attorney Nora R. Dannehy said mortgage fraud investigations are a key component of the office’s efforts to fight economic crime.
Most mortgage fraud cases involve false representations on mortgage loan applications and inflated property appraisals, authorities said.

The task force [...]

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American Loan Modifications – Are they legit?

by Moe Bedard

Homeowner Question:  Do you know anything about a modification company known as American Loan Modifications in FL? They are out of Pinecrest, FL on the east coast south of Tampa.

My Answer:Many of these loan modification companies are hard to locate on the internet because they all seem to sound alike. I know because there are several [...]

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New Leaf Loan Modifications – DRE files cease and desist

by Moe Bedard

Update: THIS POST IS NOW CLOSED BECAUSE OF THREATS OF VIOLENCE AGAINTS THE OWNER AND SOME FALSE CLAIMS – 9/18/2009
It looks like New Leaf Loan Modifications out of Roseville California is still very much in the business. Even after receiving a cease and desist letter from the DRE.
From KCRA:
ROSEVILLE, Calif. — The California Department of [...]

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Barney Frank – Can he save homeowners?

by Moe Bedard

Looks like Barney Frank may come to rescue homeowners. Mr. Frank is in the media again threatening lenders with bankruptcy reform because he wants more loan modifications and they are just not happening.
Is this just more hot air from Washington and how long can we pose empty threats at an industry that just does not seem [...]

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California’s foreclosure moratorium does little to help homeowners

by Moe Bedard

SF Bay view- The California Foreclosure Prevention Fraud of 2009 – The California Legislature is now actively collaborating in the bankers’ coup d’état led by Government Sachs. Here are the details:
This is a great editorial on the recent California foreclosure moratorium that is really just more propaghanda to silence and confuse struggling homeowners.
I first reported [...]

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Is California Rep. Laura Richardson a house flipper or fraudster?

by Moe Bedard

This story just came out in the LA Times in regards to U.S. Rep. Laura Richardson’s rundown Sacramento house.  The story explains the uncleanliness of the home, yard and that neighbors of the congresswoman were complaining.
The thing that stood out to me in this article is not the messy home, but is the possible mortgage and [...]

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Mortgage servicers vow, yet again, to speed up loan modifications

by Moe Bedard

The AP – The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from 25 mortgage company executives on Tuesday to improve their efforts to assist borrowers in danger of foreclosure.
Blah, blah, blah…..blah, blah, blah……….
This is a blog, my blog and I simply do not have to abide by the [...]

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Chris Dodd, Kent Conrad deny knowing about VIP deals

by Moe Bedard

“Let me be very clear, we are not friends of Angelo Mozilo, and we have never been a friend of his,” Dodd said of his participation in the VIP loan program run by the failed mortgage giant. “We have never communicated with him or anyone else other than loan officers at Countrywide about our mortgages. [...]

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Ex-Countrywide president launches troubled-mortgage fund

by Moe Bedard

Kurland, who was Angelo Mozilo’s No. 2 man at Countrywide, left in September 2006 — a year before the company began to crumble under the weight of rising loan losses. He founded Private National Mortgage Acceptance Co. early in 2008 with a team of other ex-Countrywide execs specifically to begin buying up troubled home loans.
Understandably, [...]

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U.S. Treasury Department, FHA, Fannie & Freddie to be sued over failed foreclosure relief

by Moe Bedard

My forum over at www.LoanSafe.org/forum has hundreds of homeowners who qualify for the government ran Obama Making Home Affordable(MHA) foreclosure plan, but they are simply getting the loan modification shaft and absolutely no assistance from their mortgage servicers.
Many borrowers who are not getting help are not yet late on their mortgage and this is what I suspect  [...]

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PA Attorney General Corbin reaches settlement with Countrywide

by Moe Bedard

HARRISBURG – Attorney General Tom Corbett today announced that more than 1,100 Pennsylvania consumers have been sent notification that they are eligible for mortgage foreclosure relief as part of a settlement with Countrywide Financial Corporation.
Corbett said the Pennsylvania consumers who are being contacted are borrowers whose Countrywide loans resulted in foreclosure. Eligible consumers will receive [...]

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Home Relief Services, Diener Law Firm – Orange County DA serves search warrants

by Moe Bedard

It looks like the $hit is hitting the legal fan for some more Orange County loan modification scams and I couldn’t be happier. Maybe some of their counter parts will see the news and realize that it is only a matter of time before they too are raided, sued and shut down.
OC Register:
Agents served search warrants [...]

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Obama to meet with mortgage servicers at the White House today

by Moe Bedard

If any of you have been following my blog or are in the business of helping homeowners, you already know that mortgage servicers are still giving homeowners the loan modification shaft.
The facts are that after 2 years of asking nicely and giving them several carrots to help their struggling clients, they still are operating at [...]

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Cracking Down on Mortgage Collectors

by Moe Bedard

The foreclosure pandemic wreaks havoc on America’s communities and families every day.
The administration has responded with incentives to loan servicers — the companies that collect mortgage payments and initiate foreclosures — to rework loans. But servicers have proven extremely reluctant to modify loans, even when doing so would be in the best interests of investors [...]

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New Arizona Foreclosure Law Bans Anti-Deficiency Claims for Investors

by Moe Bedard

Arizona is infamous for having the anti deficiency law that made it really easy for homeowners to walk away from their homes with virtually no recourse in the future. Now, it looks like Arizona residents that live in their primary homes for 6 continuous months prior to their home being foreclosed will still be protected, but investors, second homeowners [...]

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Homeland Support Services, Finance Administrators – Is this a loan modification boiler room?

by Moe Bedard

It looks like this company is operating under several names like Homeland Support Services and Finance Administrators. Many scams do this to confuse consumers and avoid prosecution. Is this company doing the same thing?
This homeowner alert will work in tandem with my most recent post on the Prodigy Law Groupand attorney Steve Heyman.
Here are the [...]

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Prodigy Law Group – Used car salesman selling loan modifications?

by Moe Bedard

Homeowner Alert: Don’t do business with any business that cold calls you on the phone! There ARE reputable outfits out there, but they don’t cold call you and pitch you BS.
Possible scam alert: Homeland Support Services, Prodigy Law Group and attorney Seth D. Hayman
Known websites, affilliations and reports:
http://www.prodigylawgroup.com/default.asp
(Main Office) 
Location: 18111 Von Karman Avenue, 7th Floor, [...]

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Watchdog criticizes Obama mortgage plan

by Moe Bedard

CNN: Borrowers and housing counselors, however, have been complaining about the program since it began. Many say their servicers are not responsive — losing paperwork, not returning calls and never making decisions on applications. Some charge that servicers are violating the rules, such as denying modifications to those who are still current with payments.
Embedded video [...]

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Foreclosure inn: Luxury hotels default

by Moe Bedard

CNN: Defaults of convenience
The defaults do not always result in foreclosure or sale of the business; at times, defaults are used tactically to force concessions from lenders. “[Often] there has to be a default before the terms of the loan can be renegotiated,” he said. “And the loan is a lot higher than the property [...]

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Helpforhomeowners.org – Is this a safe site to deal with for an FHA Streamline Loan??

by Moe Bedard

This question came as one of my blog comments and I though other homeowners could learn from it. So, here it is!
Q.  Does anyone Know if the Website helpforhomeowners.org is a safe site to deal with for an FHA Streamline Loan?? They call themselves HOPE and I have talked to them about an FHA Streamline [...]

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Cram Down or Sham Town?

by Moe Bedard

OK, this Washington bankruptcy cram down BS is getting soooooo old. I have heard the same BK lip service for the last two years and it looks like I better get my homeowner boots on because here it goes again folks.
Yet another attempt in Washington to revisit the bankruptcy cram down has begun. Yawn…. I think [...]

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BofA to notify borrowers of foreclosure help

by Moe Bedard

Bank of America, which purchased Countrywide last year, reached an agreement last fall with state attorneys general to make up to $150 million of relief available to certain borrowers who experienced a foreclosure, short sale or deed-in-lieu of foreclosure after taking out a Countrywide mortgage.
* Payments to begin in first quarter of 2010
* Bank to [...]

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Miller targets banks as cop for Frank

by Moe Bedard

The agency is at the heart of President Obama’s efforts to overhaul the financial system, but Miller, Frank and other congressional backers are locked in battle with Republicans and financial industry groups. Opponents say the agency’s proposed powers would hurt financial innovation and consumer choice.
On Wednesday, Frank said he “welcomes a national debate” and is [...]

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US Foreclosure Relief, HE Servicing – California AG Brown shuts down boiler room!

by Moe Bedard

From the California AG: On July 7, 2009, as part of “Operation Loan Lies,” Brown, the Federal Trade Commission and the State of Missouri sued US Foreclosure Relief Corp., George Escalante, Cesar Lopez and Adrian Pomery who operated a number of fraudulent foreclosure relief companies including H.E. Servicing, Inc. On the same day the suit [...]

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California hotels flood the market

by Moe Bedard

LA TIMES – Los Angeles County has the highest number of troubled hotels: 27, including the 469-room Marriott in downtown L.A., according to a new Atlas report.
With the trend expected to continue throughout 2009, as many as 500 properties could be in default by year’s end, Atlas President Alan X. Reay said.
Read more from the [...]

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Nations Housing Modification Center, NHMC – ABC says they are scammers!

by Moe Bedard

Looks like we have another loan modification scam to report. The company, Nations Housing Modification Center (NHMC), Glenn Rosofsky and Bryan Rosenberg were investigated by ABC News and I applaud them for shining the lights on these mortgage roaches in San Diego.
Please tell us your story and make your voice heard below if you have [...]

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If I was in foreclosure, I’d have all the help that there was out there, but because I’m not, then, nobody can help me.

by Moe Bedard

A servicer from Wells Fargo offers Macintosh a three month moratorium on her house payment.
GLADYS MACINTOSH: At the end of that 90 days, then, I would owe 2100 dollars?  So, what are you really doing for me?  That’s not taking the pressure off me.  Do you understand what I’m saying?  Because, I’m out there actively [...]

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Woman bakes mortgage cakes to avoid foreclosure

by Moe Bedard

This story is a classic example of human creativity in the face of adversity. We all must use our minds and work towards real solutions to get out of our problems. Maybe this story of a woman who receives more than 500 orders for her “Mortgage Apple Cakes”  to avoid foreclosure will inspire you.
I don’t [...]

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Bernanke Says Commercial Property May Pose Risk for Economy

by Moe Bedard

Bernanke, testifying before the Senate Banking Committee today, urged lenders to modify “problem” mortgages to avert defaults. Christopher Dodd, the Connecticut Democrat who chairs the panel, told Bernanke that “some have suggested” the commercial market “may even dwarf the residential mortgage problems” in the U.S.
Read more from Bloomberg

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American Home Mortgage Servicing Joins Making Home Affordable

by Moe Bedard

American Home Mortgage Servicing, Inc. (AHMSI) today announced its participation in the Home Affordable Modification Program (HAMP). 
I am not sure if the ACORN ordeal with AHMSI had promted this press release or what? In case you didn’t catch that news, here is a link and quote from a recent article explaining ACORNS beef with Obama.
Attention homeowners: Join LoanSafe.org [...]

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North Carolina AG Roy Cooper lobbies to protect homeowners from foreclosure

by Moe Bedard

Tuesday, North Carolina Attorney General Roy Cooper lobbied the state judiciary committee to consider the Consumer Economic Protection Act for homeowners in trouble.
   
It would allow clerks of court to force lenders to take up to 60 days to work out a payment plan with homeowners before foreclosing.
Read more from WNCT News

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Freddie Mac names new top executive

by Moe Bedard

WASHINGTON — Charles “Ed” Haldeman Jr., a former mutual fund executive, will take the helm of Freddie Mac next month, the mortgage finance company said Tuesday.
Three weeks ago, Haldeman, 60, stepped down as chairman of Boston-based Putnam Investments’ mutual fund unit. He replaces John Koskinen, who has been serving as Freddie Mac’s interim CEO since [...]

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FHA All Day.com / Jason Vitulano s – Florida AG Files Lawsuit

by Moe Bedard

McCollum Files Lawsuit Against 4 South Florida Companies for Foreclosure Rescue Fraud ~ FHA ALL DAY AND JASON VITULANO
Company director allegedly ran boiler-room telemarketing operation using the President’s voice to target victims ~
TALLAHASSEE, FL – Attorney General Bill McCollum today announced that his office has filed a lawsuit against four related South Florida companies that [...]

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Legal Support Services Owners in Jail

by Moe Bedard

San Jose police say Amir Rashidifar, 25, and Mary Delvecchio, 28, first opened their business Legal Support Services in September and offered to modify real estate loans for homeowners facing default and foreclosure.
The $hit is hitting the proverbial loan modificationfan and it looks like the roaches will be caught wher ever they run to. As [...]

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Loan Modification Program – Get the facts & info you need to save your home!

by Moe Bedard

Over the past couple years many mortgage programs have came from Washington DC to try and help struggling homeowners with thier toxic loans. Programs were announced such as FHA Secure, Project Lifeline, Hope Now etc, but none of these were much help to struggling homeowners.
I wrote about all these failed programs in my blog post [...]

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Protecting Tenants at Foreclosure Act – Fight back against predatory landlords!

by Moe Bedard

The new federal law, Protecting Tenants at Foreclosure Act that came into affect in June says renters must now be given at least 90 days before they have to vacate and they might be able to stay longer.
Even if the new homeowner is a real estate investor, the terms of the lease will still be valid. The [...]

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No help from Hope Now & I got scammed for $2995, HELP!!

by Moe Bedard

This plea for help from a homeowner that emailed this morning seems to be  the same old emails and comments I received back two years ago when I started this blog. People are STILL NOT getting help from their mortgage servicers, they are also not obtaining good representation through Hope Now or  995 Hope and they are getting [...]

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Green Credit Law Center, Solutions – Tell us your story!

by Moe Bedard

This Green Credit question came in my email over the weekend and it is not the first time. I am going to start a series of open and unmoderated blog posts about loan modification companies that will allow homeowners and company representatives to openly discuss their issues.
I have been getting a lot of emails over the [...]

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Victor Lopez & Associates – Florida AG says they targeted Hispanics

by Moe Bedard

TALLAHASSEE, FL- Attorney General Bill McCollum today announced his office has filed a lawsuit against a Central Florida company that allegedly charges homeowners facing foreclosure up-front fees for loan modification services. According to the lawsuit filed today in Orange County, Victor Lopez & Associates and its owners are in violation of Florida’s Foreclosure Rescue Fraud [...]

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UPDATE: Sens Blast Admin Progress On Foreclosure Prevention

by Moe Bedard

WSJ:
“If you can’t tell us what you’re headed to, what you’re goal is in terms of the number of properties you’re going to deal with each month, we’ll be flailing around with this two years from now,” Sen. Mike Johanns, R-Neb., told Treasury’s Assistant Secretary for Financial Stability Herbert M. Allison and Department of Housing [...]

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Obama turns up heat on mortgage servicers

by Moe Bedard

I am glad to see news of a real push by Washington on mortgage servicers to start scaling their operations to meet the need of millions of homeowners. For over two years I have blogged that we have to hold them accountable to open more offices, hire the appropriate personell and monitor their business practices to insure that [...]

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Death of the mortgage broker?

by Moe Bedard

Not so fast people!
The facts are that mortgage brokers and loan officers seem to adapt to their economic environments much like their close cousins, the cockroach. They seem to study this dirty little creature and how they have evolved over the past few million years.
These creeps just don’t seem to die so easy….
Now like a play book from their [...]

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Federal and State Agencies Target Mortgage Foreclosure Rescue and Loan Modification Scams

by Moe Bedard

FTC Leads “Operation Loan Lies” to Stop Fraud and Help Distressed Homeowners
Federal Trade Commission Chairman Jon Leibowitz, joined by California Attorney General Jerry Brown, today announced Operation Loan Lies, a coordinated national law enforcement effort to crack down on mortgage modification scams. The operation involves 189 actions by 25 federal and state agencies against defendants [...]

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Loss Mitigation Services – FTC Issues Restraining Order & Files Lawsuit

by Moe Bedard

Federal Trade Commission, Plaintiff, v. Loss Mitigation Services, Inc., Synergy Financial Management Corporation, also d/b/a Direct Lender and DirectLender.com, Dean Shafer, Bernadette Carr-Perry, and Marion Anthony (a.k.a. “Tony”) Perry, Defendants
(United States District Court for the Central District of California) Civil Action No. 09-CV-800
FTC File No.  092 3073
Loss Mitigation Services marketed primarily through direct mail solicitation. [...]

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