From the category archives:

Loan Workouts

FICO Says New Loan Modification Reporting Will Not Affect Credit Scores

by Moe Bedard

Jasmine Bendon of Ventura says her FICO scores dropped from the mid-700s to the low-600s after her lender put her on a trial modification and reported it as a partial payment. On the plus side, the trial modification has cut her monthly payment by $1,300.
New reporting plan
Starting today, lenders have a new, more benign way [...]

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5 reasons why loan modifications are not happening

by Moe Bedard

1. Why servicers foreclose when they should modify: The National Consumer Law Center takes a look into why loan servicers – the people who actually control most mortgages – aren’t helping home owners when they should. The report goes into a fair bit of depth over 60 pages. The report says that “servicers remain largely [...]

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Three sides to every loan modification story

by Moe Bedard

The first article in the WSJ states that on October 8th the federal government said that 500,000 financially troubled homeowners had begun trial loan modifications. It cites Treasury Secretary Tim Geithner as saying that the rate of modifications is rising faster than the rate of the people needing them for the first time since the [...]

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Mountain of modifications

by Moe Bedard

Millions of homeowners are struggling to make their monthly mortgage payments and the continued deterioration in the job market guarantees millions more will be at risk in the coming months.
That is putting a huge burden on mortgage-modification programs, both those run by the government and an increasing number operated by private industry, which are in [...]

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It is too soon to know how many trial loan modifications are failing

by Moe Bedard

But economists said the true test will be how many trial modifications become permanent and how many borrowers default on their new loan arrangements.
“What has surprised us is the numbers that have made three, four, or even five payments, but still haven’t gone to close because the final documents aren’t in place,” Bisenius said. It [...]

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Honorable Judges of Kansas: “MERS had no right to the underlying debt repayment secured by the mortgage”

by Moe Bedard

SYLLABUS BY THE KANSAS SUPREME COURT
1. A party is not contingently necessary in a mortgage-foreclosure lawsuit when that party is called the mortgagee in a mortgage but is not the lender, has no right to the repayment of the underlying debt, and has no role in handling mortgage payments.
2. In a mortgage-foreclosure lawsuit, a district [...]

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As lenders clamp down, credit scores take a hit

by Moe Bedard

Even though some consumers have seen their credit scores improve as they trim their debt, others have seen their scores drop significantly because of late payments on bills, foreclosures and rising credit card debt.
Meanwhile, lenders’ actions during the recession are delivering another blow to borrowers — even some with pristine credit. Lenders are closing credit [...]

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Many mortgage modifications push payments …. higher

by Moe Bedard

Tens of thousands of financially strapped homeowners who have asked lenders to lower their mortgage payments are instead winding up with higher monthly payments and larger debts on their homes.
Homeowners who were hoping for lower payments are discovering to their dismay that lenders roll late fees, back taxes or other costs into the principal, sometimes [...]

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Mortgage modifications make things worse for some

by Moe Bedard

Tens of thousands of financially strapped homeowners who have asked lenders to lower their mortgage payments are instead winding up with higher monthly payments and larger debts on their homes.
Homeowners who were hoping for lower payments are discovering to their dismay that lenders roll late fees, back taxes or other costs into the principal, sometimes [...]

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Proof of bank shadow inventory: Banks take months to market foreclosures

by Moe Bedard

Here is further proof of what I have been writing about for quite sometime. The facts are that banks are delaying placing homes on the market, loan modifications, short sales etc. in order to pump up their books for quarterly earning reports and investors. In addition, the purpose is to stabilize home values by releasing [...]

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Voluntary Foreclosure Prevention: Better, But Still Not Working

by Moe Bedard

WASHINGTON, Sept. 9 /PRNewswire-USNewswire/ — The following is a statement by Michael Calhoun, President, Center for Responsible Lending:
The federal report card on the mortgage industry’s voluntary effort to stop foreclosures shows a growing number of families have received a loan modification. That’s good news, but hardly enough. Given the magnitude of serious delinquencies and projected [...]

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Take that kitchen sink, go straight to prison

by Moe Bedard

More and more reports are coming out of homeowners who are stripping their homes before they are foreclosed on. Some are taking a few light fixtures and the water softener. Others are taking everything down to the kitchen sink.
I am warning homeowners out there that the consequences of doing this can land you in jail and [...]

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Attention FED MOD & Federal Loan Modification Center clients

by Moe Bedard

During their hey day, Federal Loan Modification Center (AKA Fed Mod) may have been the largest foreclosure rescue operation on the West Coast. I don’t think there wasn’t a time in 2008 or early 2009 when I would turn on my TV and see thier cheesy loan modification commercials with paid D list actors.
Word on the street was [...]

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Barbara Desoer to take the helm at Bank of America?

by Moe Bedard

Getting rid of Ken Lewis was one of the best PR moves that Bank of America has done lately and it looks like they may make another great move by replacing Lewis with Barbara Desoer, current President of the Mortgage Division at B of A.
Barbara Desoer has made great strides in the loss mitigation departments at B [...]

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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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Why Didn’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization

by Moe Bedard

We document the fact that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started in 2007, having performed payment-reducing modifications on only about 3 percent of seriously delinquent loans.
We show that this reluctance does not result from securitization: servicers renegotiate similarly small fractions of loans that they hold in their portfolios. Our [...]

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So Many Foreclosures, So Little Logic

by Moe Bedard

Mr. White found that mortgage modifications peaked in February and have declined in all but one month since. While servicers modified 23,749 loans in these trusts in February, they changed only 19,041 in May and 18,179 in June. This is exactly when servicers were supposed to be responding to the government’s loan modification urgings.
Foreclosures, meanwhile, [...]

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Number of Hotel Foreclosures, Defaults Increasing

by Moe Bedard

TOURISM: Values Have Declined 50% to 80% in Last 3 Years, Broker Says
The number of California hotels that are in default on their loans or have gone into foreclosure has jumped a whopping 125 percent in the past 60 days.
There were 32 properties in foreclosure and 174 in default, according to a June 28 report [...]

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When the FDIC is away, the new Indymac owners will play

by Moe Bedard

I wrote about this last month and it seems to be picking up steam in the media. Which is great for Indymac borrowers because a loan modification spot light needs to be shined on these new creeps who bought Indymac on the cheap from the FDIC after the bank failed in early 2008.
Here’s an excerpt [...]

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OCC and OTS Release Mortgage Metrics Report for First Quarter 2009

by Moe Bedard

WASHINGTON — Delinquencies and foreclosures on first-lien mortgages continued to increase during the first quarter of this year, but loan modifications also increased and the trend continued toward more sustainable modifications with lower monthly payments, according to a report issued today by the Office of the Comptroller of the Currency (OCC) and the Office of [...]

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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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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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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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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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Now that the FDIC is gone, are the new owners of Indymac abusing homeowners?

by Moe Bedard

When the government leaves and Wall Street takes over, we have Main Street problems. Haven’t we already made this fantastic business discovery America?
The failed Indymac and subsequent takeover by the FDIC has garnished a lot of press, fan fare and accolades for the great Sheila Bair and her agency. They came in, shaped up the [...]

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California Foreclosure Moratorium

by Moe Bedard

Attention homeowners! We have yet, another mortgage assistance bill to supposedly help you out and impose restrictions on mortgage servicers who “do not have” a loan modification program in place. Well, last time I checked (daily), almost every single lender and mortgage servicer has some type of shitty program in place.
Yes, I said shitty.
Meaning their [...]

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The FTC Sues The Rodis Law Group Inc., America’s Law Group Inc., and The Financial Group Inc. for Contempt

by Moe Bedard

This Bryan D’Antonio is a total scum bag that has scammed struggling Americans for years and has already served 4 years in prison for similar offenses. This is the 2ND time he has stole money from mass amounts of people and he should go to prison for a looooooooong time!
According to the FTC, Bryan D’Antonio and [...]

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How do I negotiate a mortgage refinance if I lost my job?

by Moe Bedard

This email just came in my inbox and sometimes I am surprised that not everyone has heard of a loan modification or loan workout. Many homeowners think that a traditional mortgage refinance is the only way to help them out of their current dilemma.
The problem that you are going to have when you lost your [...]

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Loans for People in Foreclosure

by Moe Bedard

Millions of homeowners such as yourself are suffering financially and they are desperatelylooking for mortgage help on the internet. You need to be really careful when searching for lender who offers loans for people in foreclosure because of the many scams that are out there.
What you do need to understand is that there’s no shame in [...]

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SEC Charges Former Countrywide Executives With Fraud

by Moe Bedard

Former CEO Angelo Mozilo Additionally Charged With Insider Trading
Washington, D.C., June 4, 2009 — The Securities and Exchange Commission today charged former Countrywide Financial CEO Angelo Mozilo and two other former executives with securities fraud for deliberately misleading investors about the significant credit risks being taken in efforts to build and maintain the company’s market [...]

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SEC Charges Countrywide CEO, Angelo With Fraud

by Moe Bedard

Ladies and gentleman, the infamous CEO from Countrywide Home Loans, Angelo Mozilo and three of his partners in financial crime have finally been sued for fraud by the Securities and Exchange Commission (SEC).
I think Mr. Mozilo recieved email training from the cast of a dumb and dumber because it looks like Angelo’s poor handling of [...]

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First American Title is Trying to Hijack My Website, LoanSafe.org

by Moe Bedard

This will be the first post in a series chronicling my new fight against another lending industry Goliath, First American Title. They are claiming that I am violating their trademark for LoanSafe for some type of lender software.
They want me to take down my website www.LoanSafe.org by Friday June 5, 2009 or the billion dollar company is going [...]

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Home Prices Decline While Mortgage Debt Remains High: The Case For Principle Reduction.

by Nathan Fransen Esq.

Home prices have dropped, and dropped big. According to The S&P/Case-Shiller National Home Price index, home prices are almost 20% lower than one year ago. This represents the largest price decline ever recorded by the Case-Shiller Index. According to the Index, prices have basically been in a freefall since reaching their peak in early 2006. [...]

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Free Loan Modification Book & Online Community

by Moe Bedard

Hi! My name is Moe Bedard and I am the founder of LoanWorkout.org and LoanSafe.org. I am also the author of a new free do it yourself loan modification book for homeowners called Saving the Dream. This book is dedicated to the millions of suffering homeowners out there on Main Street who need some help [...]

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Can the Federal Government really provide HOPE FOR HOMEOWNERS?

by Nathan Fransen Esq.

By Nathan Fransen Esq.
Early on in the foreclosure fiasco we are now knee deep in, the Federal government announced a program that was billed as a proactive measure that would provide needed relief to some 400,000 homeowners. The program basically propped up the Federal Housing Authority by insuring loans that otherwise were not insured or [...]

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Housing Starts at Record Lows

by Moe Bedard

A plunge in housing starts and permits is a key factor in today’s market malaise, with CNBC’s Diana Olick.

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FTC Obtains Court Order Halting Deceptive Mortgage Relief Internet Ads

by Moe Bedard

Marketers Falsely Claimed to Operate MakingHomeAffordable.gov
At the Federal Trade Commission’s request, a federal district court issued an order to stop an Internet-based operation that pretends to operate “MakingHomeAffordable.gov,” the official Web site of the federal Making Home Affordable program for free mortgage loan assistance. The FTC alleged that the defendants deceptively diverted consumers who searched [...]

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Stop Paying Your Credit Cards!

by Moe Bedard

By: Anthony E. Dietz, Esq.,MBA
“Focus on Making Your Mortgage Payment(s) First and Affordable-Stop Paying your Credit Cards!”
 
In the national best selling book “First Things First,” business management guru, Stephen Covey teaches his readers how important it is to budget their time on the things that matter most.  Homeowners who are in foreclosure or heading towards [...]

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Texas Attorney General Goes After Excel Loss Mitigation, United Servicing and Bell Investments

by Moe Bedard

Assets Belonging to Excel Loss Mitigation, United Servicing, others frozen by Attorney General
HOUSTON – A Harris County district judge froze several Houston firms’ assets after Texas Attorney General Greg Abbott charged the companies with running foreclosure “rescue” scams.
According to the state’s enforcement action, the defendants fraudulently charged their customers for worthless “rescue,” debt counseling and [...]

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Can all homeowners get free foreclosure help?

by Moe Bedard

There has been a great deal of negative press regarding paid foreclosure assistance and in particular, loan modifications.
The media has taken the loan modification ball and they are sounding the TV trumpets, mis-informing consumers by the millions, “DON’T PAY FOR LOAN MODIFICATION ASSISTANCE!” “If anyone asks for money to help you avoid foreclosure , run!” 
Personally, I [...]

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Finding a Fix for Housing

by Moe Bedard

Discussing what the obama administration can do to fix the housing crisis, with Gerald O’Driscoll, of the Cato Institute; Jonathan Cowan, of Third Way; and CNBC’s Diana Olick.

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Obama Administration Expands Loan Modification Plan

by Moe Bedard

“If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” Geithner said. “These are critical steps in stemming the foreclosure crisis and stabilizing the housing market.”
Homeowners  who do not qualify for a loan [...]

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