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I have been investing in real estate since the 1980’s. Over the years I have learned a great deal about foreclosure. I have become very familiar with the law and learned how people in foreclosure can use the law to their advantage in taking charge
Recent Posts Tagged With 'avoid foreclosure'
High Noon in Ohio – Attorney General and American Home Mortgage Servicing Inc. Square off Against Each Other
On November 5, 2009 the gloves came off in the state of Ohio. At stake is how much control can a state have over the way a mortgage company modifies loans for people facing foreclosure in that state. Up until now mortgage companies have run the...
U S Treasury Takes Next Step to Prod Mortgage Companies to Help Struggling Home Owners
Ever since the start of the Making Home Affordable Modification the mortgage companies have been slow in processing applications for loan modifications for people facing foreclosure. Numerous times in past posts here on my blog I have commented on ...
How Important Is It To Be Represented by an Expert in Loan Modifications?
You probably know already. I recommend that people who are facing foreclosure and who want to save their homes get help from either a lawyer or an expert skilled in loan modifications. The reason I do this is simple. Represented People Are More L...
Couple Gets Fantastic Present from Angry Judge
On Thursday, November 19, a judge in Suffolk County New York handed down a decision which shocked the mortgage industry to its core. The judge wiped out the $525,000 payments a couple owed on their mortgage. As a result of his decision, they now ...
Important Notice for People with Trial Loan Modifications Starting Before 10/1/09
There is an important notice on the website for the Making Home Affordable Modification Program that I needed to bring to your attention. If you applied for a loan modification under this program and were approved for a trial loan modification prio...
How Could This Happen?
Many times I have commented on how poorly mortgage companies are handling the applications for loan modifications for people facing foreclosure. Here is a new one. Arizona Couple’s Home Wrongfully Sold Recently a couple in Phoenix, Arizona came h...
Protestors Demand Goldman Sachs Donate Bonuses to Help People Facing Foreclosure
Many people and organizations in the United States are getting frustrated with banks and financial institutions giving executives and key management personnel bonuses in the midst of the foreclosure crisis gripping this country. We all have seen or...
People Facing Foreclosure Not Legally Entitled To Loan Modifications
A decision by a federal judge in Minnesota this past week will have ramifications on loan modifications throughout the country. A lawsuit had been filed alleging that the Making Home Affordable Modification program violated the constitutional rights ...
Mortgage Companies Lower Expectations for Loan Modifications
At a conference of the Mortgage Bankers Association in October mortgage companies started to warn that the results of loan modifications in the Making Home Affordable Modification Program may not be as good as expected. As of the end of September t...
Bank of America Reneges on Countrywide Loan Modification – Ohio Couple Sue
In a recent post I told you about the spin Bank of America is putting on their performance in the Making Home Affordable Modification Program. If you have not read that, please go and read it now before you read this post. You will see what I am ...
Mortgage Lenders Start to Lower Principal Balances in Loan Modifications
Historically when mortgage companies have reduced monthly payments in loan modifications to help people facing foreclosure save their homes, they have done it by either reducing the interest rate or extending the remaining period of time over which t...
The Devastating Impact of Foreclosures on Cities
Foreclosures are having a disastrous impact on our large cities. Many of us have heard how they have decimated Detroit. Yet it is hard to picture how bad the problem is by just reading about it and not actually seeing firsthand what is happening....
Most People Facing Foreclosure Lack Adequate Representation
It never ceases to amaze me. Here we are in the second year of this foreclosure crisis. We have heard these horror stories of how people who are facing foreclosure have been taken advantage of by their mortgage companies. They have filed applications...
Bank of America’s Spin on Their Efforts in the Making Home Affordable Modification Program
Prior to elections every year we hear politicians putting their own spin on the truth. Well, let me tell you – mortgage companies are doing it too. If you read the posts on this blog regularly you know that I have been very critical of Bank of ...
Two Ladies in California Fight JPMorgan Chase for Loan Modification
Jude Elliott and Joanne Hexom are at the end of their rope. Their mortgage company, JPMorgan Chase, is not helping. They have owned their home in California for eight years. During that time they made every monthly mortgage payment on time. Jud...
The Missing Foreclosed Homes
There was an interesting article on www.realytrac.com in mid October that I have to tell you about. It was about the variance between the number of homes on which foreclosures have been finalized and the number which have been listed for sale. In n...
Wachovia Delays Helping People Facing Foreclosure
If you look at the September report of the Making Home Affordable Modification Program you will see that Wachovia Mortgage only has authorized trial modifications on 2.7% of the estimated loans that they have which are eligible for such modifications...
New York Law Intended to Help Certain People Facing Foreclosure Is a Bust
Just because a state passes a law which looks like it will help people facing foreclosure does not mean that the law will actually do that. That is what has happened in New York. Let Me Tell You About It In August of 2008 a law was passed in New Yo...
Foreclosure’s Impact on the Middle Class and the Poor
At the end of September I read an article about the impact of this recession on the people in the United States. Middle Income and Poorest Families Hardest Hit The article reported that the middle income and poorest families have been hardest hit b...
Elderly Man Robs Bank for Money to Save Home
This foreclosure crisis is impacting many people in different ways. Those hardest hit are the elderly who suddenly find themselves facing foreclosure. They are on a fixed income and quickly realize that there is no way that they will be able to c...
The IRS Moves to Save Commercial Loans from Foreclosure
While our main focus on this Blog has been on people facing foreclosures on loans on single family homes, condos and town houses, this financial crisis has also hit commercial properties as well. On a daily basis I am sure that you pass by apartment ...
Oregon Passes Law to Help People Facing Foreclosure
Have you realized that while mortgage companies have been slow in helping people facing foreclosure to save their homes, more and more states, courts and local organizations have taken action to get the mortgage companies to respond? The latest sta...
Letter From Chief Economist For FDIC Takes Exception to Wall Street Journal Article on Failure of Loan Modifications
In a recent Blog Post I commented about how frustrated I was with an article in the Wall Street Journal, “Mortgage Modifying Fails to Halt Defaults.” This article commented on a Fitch Report that 65 to 75% of subprime loans which were mod...
The First Progress Report on The Making Home Affordable Modification Program
I don’t know if you saw or heard this last week. The U S Treasury Department and the Department of Housing and Urban Development (HUD) issued a progress report on the impact of the Making Home Affordable Modification Program. This is the program to...
Wells Fargo – The Villain - Versus a Massachusetts Man and His Two Teenage Daughters
I saw this last week and I just had to let you know about it. It’s another story about how a mortgage company gets a black eye for not working with people who really need help. Thomas and Raquel Quinn bought a home in Massachusetts in 1998. In 2003...
Chase Has Set Up Regional Home Ownership Centers to Help People with Mortgages Through Them, Washington Mutual or EMC Who Are Facing Foreclosure
In case you have not heard. If you have a mortgage through Chase, Washington Mutual or EMC and are facing foreclosure, JP Morgan Chase has set up 26 Regional Home Ownership centers in various parts of the country. These centers are designed to help p...
When It Comes to a Loan Modification, Have a Lawyer or an Expert in the Field Represent You
If you have been reading my Blog, you know that I regularly emphasize that anyone facing foreclosure get the help of a lawyer or an expert in the foreclosure field to represent them. I do not encourage them to deal with their mortgage company on thei...
The Tidal Wave Is Coming
I suggest that you sit down as you read this. What am I about to tell you is really troubling. I just did some research. I went back and looked at the number of foreclosures in the United States on a yearly basis since 2005. In 2005 there were 850,00...
One Hole in Making Home Affordable Program Filled – Automatic Modifications to Second Mortgages
On April 28, the Obama Administration addressed one of the shortcomings of the Making Home Affordable Modification Program. The original program was announced in early March. In this program the interest rates and the monthly payments for people fa...
Don’t Jump At the First Offer You Get
You may be able to make your mortgage payments right now. However, money is getting tighter and tighter. You have found it necessary to take money out of your savings to pay your mortgage. The amount in your savings account is decreasing quickly and ...
