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arizona loan modification

California Loan Modification Firms Preying on Arizona Consumers

by Moe Bedard

A ban on up-front fees, Boucek said, will enable her office’s consumer fraud division to crack down on the scam artists. And she said the problem is getting worse, as almost all of the other states in the region already have such laws, including one adopted by California just last year.

“Since they passed that law [...]

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Arizona AG Joins Feds in Fight Against Loan Modification Scams

by Moe Bedard

Arizona’s top prosecutor is partnering with federal regulators to stop more loan-modification scams aimed at struggling homeowners.

Attorney General Terry Goddard said his office and federal prosecutors plan to work together to go after the firms that market help to homeowners facing foreclosure but instead “cheat homeowners out of their last bit of cash.”

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Some Homeowners See Loan Modification Success

by Moe Bedard

Mortgage counselors still caution that most troubled homeowners won’t qualify for a better loan deal, either because their finances aren’t solid enough or their lender isn’t willing to deal. But enough success stories are emerging to provide glimmers of hope.
Janet Davis of Mesa is one, having received a principal deferral on her main loan that [...]

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Post-Foreclosure Protections Back In Place for Arizonans

by Moe Bedard

Within 23 days, a bill to give lenders more leeway to sue former owners of foreclosed properties had been proposed, considered and approved by the Legislature.
But after hearing complaints about unintended consequences and a lawsuit, lawmakers beat a retreat: They repealed the changes they’d made to the law that generally bars lenders from suing homeowners [...]

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Hope for Homeowners Now Busted in Arizona Scam Sweep

by Moe Bedard

PHOENIX – A nationwide investigation is bringing down companies accused of preying on homeowners in desperate situations — offering home loan modifications to avoid foreclosure, all for a fee — but those homeowners didn’t get anything in return.
“Hope for Homeowners Now” in Glendale is one of two companies in Arizona caught in the sting.
Federal and [...]

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Struggling homeowners left in limbo

by Moe Bedard

Overall, about 15 percent of borrowers across the country who are eligible for the program have been offered help from their lender, according to a recent U.S. Treasury Department report. Of those homeowners, 9 percent have participated in a trial loan modification. President Barack Obama’s administration is calling for lenders to ramp up their efforts [...]

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