Living here in Southern California, I get to see all the same perps who sold subprime slime now selling loan modification snake oil. Some are doing it above board, but most of these companies are not and many of them are well known to be operating massive illegal operations across the whole United States. As of today, they still have not been shut down.
Rumors are flying on why these rougue companies are still open, but I believe this is what is going on behind the loan mod scenes. Sources and internet evidence tell me that big busts are coming down the legal pike by the FBI, FTC, AG and DRE. These law enforcement agencies have caught some big players with their pants down and in order to get a reduced sentence or no jail time, many are cooperating with authorities to bring down hundreds of illegally operating companies and people.
Just like when law enforcment does when they are busting the mob or a huge drug ring. They get some of the higher ups to be informants and based on that information, they take down everyone above him or her and below involved. One big Tuna can reel in hundreds of clams.
If you are still running an illegal loan modification company or are in this business in any illegal way, you have the biggest law enforcement target in America and you WILL be busted.
FBI mortgage fraud probes grow to 2,600 cases:
“The schemes have evolved with the changing economy, targeting vulnerable individuals, victimizing them even as they are about to lose their homes,” he said in prepared remarks to the Senate Judiciary Committee.
He told the panel that the FBI has more than 2,600 cases open with most of them involving losses of over $1 million. That is more than triple the number three years ago and up from 2,400 cases Mueller said were open in May.
I sure hope this actually happens. So many families are homeless/broke because of these greedy individuals who give their whole industry a bad name. They have played a big role in our housing epidemic.
The only good “Toxic Loan” is an died “Toxic Loan”, short sale the loan as soon as possible, get rid of the loan, to become the Rent to Loan trend, to work on your financial issuess. Hello, I am Mark G. Cooper, I run a company which will hold your title, until you can qualify for another loan. Right now the Bank’s have restrictions for the original “Homeowner and Title Holder” being on the Title for 24 months, so we hold your Title for twenty four months, while we clean your debt load and credit restore, so that in 24 months, you can get another loan, regain the ownership, place your name back on title and become the owner again. The only legal way to do this is to have an Cash Buyer hold your title, while you are cleaning your credit and settling your debt load, like credit cards, old debt and all other debt issues. When we have clean up and settled debt, your Debt to Income Ratio is good, your Credit Score is good and your income is stable, then you can get another loan.
You must Rent your home, from our Investors for two years, you must stay enrolled in our program, you must continue to clean up the debt you have monthly and you must get your FICO score up to the high six hundreds. Then we qualify you for another loan, you purchase your home back from us and you regain ownership.
The only good “Toxic Loan” is a “Totally Removed from your Responsibility Loan” this is done by allowing us to short sale.