October 2009

Mortgage expert and one-time Fannie Mae Chief Credit Officer Edward Pinto says a claim made by Treasury Secretary Tim Geithner that 500,000 homeowners have entered the Obama administration’s Home Affordable Modification Program (HAMP) is ridiculous. In fact, he says, the [...]

Sometimes loan modifications can be a real pain, others believe that trying to get a loan modification is a form of hell on earth. This video shows you why they lose faxes constantly and who is really in charge of [...]

SPRINGDALE — Homeowners who lose their jobs and collect unemployment income now have a better chance to modify their mortgages, according to the U.S. Labor Department. Until recently, unemployment income was not utilized when calculating a loan modification, leaving distressed [...]

Apparently Bank of America Corp.’s (NYSE:BAC) search for a new CEO is at a standstill, according to a Wall Street Journal report. The board was hoping to pick a successor for Ken Lewis by Wednesday, but the committee choosing the [...]

When MC lost his second job he had trouble affording his $3,000 mortgage payment. He called his mortgage holder, Flag Star Bank, asking for a break, but the bank told him there was nothing it could do for him unless [...]

And it is one of the first places targeted in the homeowner education campaign launched on Monday by government agencies, local leaders and housing advocates to stop scammers preying on desperate borrowers nationwide. Officials do not know how many scams [...]

More disturbing details are  coming out in regards to the  beating, torture and robbery of two loan modification agents. Apparently the victims and the suspects were actually doing business together in a loan modification referral scheme that involved some California Realtors. This is [...]

Artificially low interest rates and a government tax credit are luring buyers, but both those inducements are scheduled to end. Defaults and distress sales are rising in the middle and upper price ranges. And millions of people have lost so [...]

The U.S. housing market faces a “difficult” return to normal because government-sponsored enterprises own or guarantee most mortgage lending while alternative sources have disappeared, said an economist with the Federal Reserve Bank of San Francisco. “Fannie Mae, Freddie Mac, and [...]

Little said he mailed paperwork to JP Morgan Chase seeking a loan modification, but that the bank said he did not qualify. He will be three months behind on his payments in November. Chase officials said they could not discuss [...]

The debtors revolt is gaining steam as the few lenders left in our country send out millions of letters raising the rates on their clients credit cards. Many of these people are now following Ann Minch’s lead and telling their credit card companies [...]

The bankers were criticized yesterday by U.S. Senator Richard Durbin of Illinois, the chamber’s No. 2 Democrat, who told protesters more regulation of the financial services industry is required. “We need to ensure that the robber barons that are responsible [...]

Prosecutors have charged five people in Los Angeles in the torturing and robbing of two men who operated a loan modification business. Apparently the two men had promised to save their home and when these promises failed, they sought revenge. [...]

Submitted unsolicited to LoanWorkout.org by a NACA Employee – Sure NACA can help restructure your home loan and they maybe able to stop a foreclosure or auction. Huh! you should here some of the horror stories for the 10’s of [...]

When foreclosed homes do not sell at auction, the aucioneers lower the price to entice potential home bidders. When the price goes as low as it can go, do they then just give these unsalebale homes away? My prediction in the next two years is that [...]

What if you had a home modification law that everyone ignored? In its 2009 legislative session the State of Nevada passed a law requiring loan modification companies to be licensed. The law, which recently took effect, not only required a [...]

Meanwhile, back on Main Street U.S.A., the picture is drastically different. Unemployment has doubled in a year, to 9.8% in September, and there are about six unemployed Americans for every job opening. Home foreclosure-related filings—including default notices, foreclosure auctions, and [...]

He stopped paying the mortgage, basically forcing the lender to take the condo off his hands through foreclosure. “I was able to pay off all my credit cards,” said Duque, who is biding his time in the condo, waiting until [...]

Unlike similar legal fields such as bankruptcy, foreclosure is rarely a full-time practice and is often handled by real estate attorneys or legal aid services agencies. Still, more than 3 million property foreclosures were filed in the U.S. last year; [...]

Beyond the marginally attached, who are included in U-5, involuntary part-time workers are included in U-6. The larger the difference between U-6 and U-5, then, the higher the incidence of underemployment. Oregon and California posted the largest gaps between their [...]

You can call it lazy, but in reality this is theft by deception. Attorneys using their licenses to steal under the guise of helping consumers avoid foreclosure are the lowest form of scum on the earth. They prey on the weak [...]