Homes in Foreclosure Break All Time Record

The continued job losses being experienced across the nation are driving up delinquencies to all time record highs.  The number of loans in foreclosure at the end of the 3rd quarter measured a record 14.41% , which are at least one payment past due or in some stage of foreclosure.
This is attributed to increasing job [...]

SCAMMED BY A LOAN MOD COMPANY OR LAW FIRM?

Can you imagine not even having enough money to pay your mortgage, and then scraping up two or three thousand dollars on the promise of someone guaranteeing you they can make your problems go away and keep you in your home, and then finding out you’ve been ripped off? The knowledge that not only have you lost your money to a con artist, but that your home is about to be sold, is devastating to people. Yet, it is sadly happening everyday. Men, women and children are being forced from their homes and often, it’s after being scammed by a loan modification company or even a loan modification law firm.

How To Stop Foreclosure Now By Telling Your Bank To ‘Produce The Note’

Foreclosures are skyrocketing; families are being forced from their homes and in many cases, the banks forcibly kicking families out of their homes, do not have the legal right to do so! In fact, banks across the Nation are foreclosing on homeowners with no proof that they even have the right to take a payment from these homeowners whom they are foreclosing on!

Negative Amortization Loans Race To Higher Levels of Default

It now looks like the coming wave of foreclosures will be headed by homeowners stuck in an Option Arm, Negative Amortization (Neg Am) loan. These are mortgage loans whereby the homeowner has the option of paying less than an interest only payment and the difference is added onto the principle balance. In a short period of time, this causes the principle balance to balloon upward; often to as much as 120-125% of the original loan balance.

Is FHA The New Sub-Prime?

Independent Auditor says FHA reserves have fallen below the 2% minimum reserve required by law.

Presidents of Regional Fed Banks Warn Unemployment to Stay High

In recent, separate speeches, the Presidents of the San Francisco and Atlanta regional Federal Banks said essentially the same thing. They confirmed the recovery is weak (what recovery?), and this will result in continuing high unemployment for a considerable time to come.

Bailed Out Banks Now Failing!

Five more banks, including a California-based institution that reportedly received federal bailout funds in 2008, were closed Friday by regulators, bringing the 2009 total to 120 failed banks.

Torture Charged in LA Area Mortgage Rescue Case

For those of you who have previously paid money to a foreclosure consultant or loan modification company, there may have been times when you felt nothing was being done on your case, that perhaps you had been scammed, and thoughts of revenge entered your mind.

More Mortgage Scandals out of Countrywide/Bank of America!

It has just been revealed that this past Friday, October 26, 2009, the Chairman of the House Oversight and Government Reform Committee, Rep. Edolphus Towns, D-N.Y., has issued a subpoena to Countrywide Financial Corp., now owned by Bank of America Corp.

How To Do A Short Refi Into A Reverse Mortgage: With Scott Tucker

This is a special interview I conducted with Scott Tucker, a leader in reverse mortgages. He has help save many seniors from losing their homes to foreclosure through the use of a short-refinace into a reverse mortgage. Learn his secrets on this interview!

Loan Modification Companies & Attorneys Are Now Breaking The Law!

In California, Florida and other States across the country, it is now illegal to charge homeowners a fee prior to the completion of all loan modification services! In California, legislation which became effective this week (October 14, 2009) makes it a crime to receive a fee for providing loan modification services until after the completion of all agreed upon services.

7,000,000 More Foreclosures Coming – Banks Ready to Foreclosure on 7 Million More Families

According to the analysts at Amherst Securities Group that there are seven million foreclosures that banks are likely to take over in the coming year.

Cash For Keys: Homeowners Get Paid To Move By Bank Foreclosing on Them

I just read a really interesting article in the Chicago Sun-Times. It’s talking about the fact that when a lot of people are being foreclosed on and they’re forced out of their homes, they end up stripping the home of everything valuable.

No More Upfront Fees For Loan Modifications Says FTC

The FTC, the Federal Trade Commission, has just announced that they’re planning on doing a nationwide ban on upfront fees for loan modifications.

Foreclosure Mediation Does Not Work – Loan Modifications Less Likely To Happen

Watch out, everyone. Your sneaky politicians are at it again!

I just read a great article in the Wall Street Journal. It was based on a report put out by the National Consumer Law Center. The National Consumer Law Center is a non-profit advocacy group that advocates for low-income Americans. What they did was they reviewed 25 different mediation programs in fourteen different states.

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