Posts tagged as:

Home Loans

Loan Modification Numbers are Fantasy Land

by Moe Bedard

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 program is rapidly becoming: “I will pretend to modify your loan if you pretend that you [...]

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Linda woman fights bank so she can stay in her home

by Moe Bedard

They don’t have to worry about whether they’ll lose their homes, Linda resident Mary Carter said.
Former executives with the Bank of America and Countrywide, once the largest mortgage lender in the nation, who were involved in the financial crisis that first made national headlines last year, are safe from sharing her status.

Their homes aren’t threatened, [...]

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Despite Housing Slump, Mortgage Lenders Making Record Profits From Fees

by Moe Bedard

Never ones to let an opportunity go unexploited, mortgage lenders are taking advantage of a market fueled by low interest rates and massive government subsidies to turn record profits. Their secret: The return of “junk fees.”

The Mortgage Bankers Association recently announced that independent mortgage lenders made an average profit of about $1,100 per loan originated [...]

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Lack of Legal Help: One More Way the Deck Is Stacked Against Homeowners

by Moe Bedard

Having legal help can be the difference between people keeping their homes and being evicted. A lawyer can stop foreclosure proceedings or put enough pressure on lenders to get them to rework the terms of the loan. A lawyer can also intervene in other ways, such as enforcing consumer protection laws or spotting legal violations [...]

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3 Reasons Mortgage Modifications Are Failing

by Moe Bedard

Here is an article from Motley Fool and I thought it was pretty spot on. The media is finally catching on. Check it out when you get a chance.
1. They called your bluff
Modifications cost banks money.
2. They think you’re a lost cause
As I showed last month, the redefault rate on modifications is ghastly.
3. They’re basking [...]

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Pros and Cons of Home Improvement Loans

by Moe Bedard

Are you planning to make some repairs, adding a room, or simply making your home more attractive for the purpose of increasing its market value?
Performing some repairs is particularly wise if you have a home that is getting old because if you wait too long, major repair work would have to be done and this [...]

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Should I accept my loan modification offer or counter?

by Moe Bedard

For the past few years I have helped thousands of people by teaching them to help themselves through my blogs, forums and emails. I really enjoy assisting my fellow Americans in a time of need and have found a great new career working from home.
Since becoming a full time consumer advocate and blogger in 2007,  I have found that [...]

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What are you allowed to take when you are foreclosed on?

by Moe Bedard

More and more reports are coming out of foreclosed homeowners stripping their properties of anything of value before they bail on the bank.
In my forum over at LoanSafe.org, I am getting a lot of questions in regards to what I can take and what I can’t take. Often, these people used their own money to improve [...]

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Homeowners Not Receiving Promised Help

by Moe Bedard

I am glad to see major media publications starting to report the truth again. The facts are that homeowners  still are not getting the help they deserve from mortgage servicers.
Even with Obama, the US Treasury, OCC, OTC etc up their arses, these lenders and mortgage servicers operate like they don’t give a rat’s arse what anyone says. Where [...]

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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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Bank Failures Have Customers Wondering About FDIC Protection

by Moe Bedard

Aug. 8 (Bloomberg) — As U.S. regulators brace for more bank failures, consumers are wondering for the first time since the savings-and-loan crisis of the 1980s about the safety of their money.
Harry Newton, a former publisher who lives in New York City, moved $604,000 in cash to seven different banks last month after the seizure [...]

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Lenders Pledge to Increase Their Anti-Foreclosure & Loan Modification Efforts – LOL

by Moe Bedard

More lender propaganda, more media lip service, and as Jerry Seinfeld would say, “Yada, yada, yada.”
How can these guys do anything without the proper staffing? How can they truly handle all the loan workouts, and loan modifications that are needed to really increase their anti-foreclosure efforts?
The fact is, they CAN’T!
Think about this ladies and gentleman, please??!!!!!!!!!
Over the last few [...]

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Bank of America Buys Countrywide for $4 Billion

by Moe Bedard

This is huge news and it looks like Countrywide borrowers will now be dealing with Bank of America. I will get all the details I can on how this will affect Countrywide borrowers that are in the loan workout and loan modification process.
You need to know ASAP how this will affect you and what B [...]

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