Credit Repair After Bankruptcy Or Foreclosure: The Secrets They Don’t Want You To Know

If you are among the millions of Americans who are drowning in credit card debt or facing foreclosure, there is one thing you need to know…..there is light at the end of the tunnel. You can rebuild you credit and get back on your feet!

Newspapers, radio, TV and the internet are filled with ads that promise to erase all negative information in your credit report in exchange, of course, for a fee. Companies, marketers, attorney affiliated individuals, attorneys, real estate agents, books, etc., boast about their savvy or legal credit repair services.

However, the truth is Read more

June 1st, 2010 · Filed Under Credit Information, Credit Repair scams

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Bank Employees, Real Estate Agents, Mortgage Broker, And Others In The Bay Area Arrested by The FBI

Last week eighteen (18) individuals in the Bay Area received a rude awakening by FBI agents. Starting at 6 a.m., FBI agents began arresting the suspects of mortgage fraud schemes that led to the loss of more than $10 million.

The charges for the various suspects include bank fraud, conspiracy to commit mail fraud, and conspiracy to commit wire fraud, according to the U.S. Attorney’s Office.

Authorities believe the suspects Read more

April 24th, 2010 · Filed Under Real Estate & Mortgage FRAUD

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Former Mortgage Broker Sentenced for Tax Fraud and Paying Kickbacks

U.S. District Judge William B. Shubb sentenced Former Mortgage Broker, William T. Bridge (license record), 43, of Cambria, California, for tax fraud and paying kickbacks in real estate transactions. Bridge pleaded guilty on June 16, 2008.

This case is the product of a joint investigation by the FBI and the IRS – Criminal Investigation.

According to Assistant U.S. Attorney Laurel Loomis Rimon, Read more

April 22nd, 2010 · Filed Under Real Estate & Mortgage FRAUD

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Loan Modification Firm, Broker, and Agent Offering Legal Representation Surrender License to DRE

The Irvine loan modification firm Green Credit Solutions Inc (license record – Green Credit), its designated broker Jeffrey Alan Chiuminatta (license record), and real estate salesperson Curtis James Melone (license record) have surrendered their real estate licenses rather than fight charges of fraud and dishonest dealing (PDF format) filed by the Department of Real Estate (DRE).

In an action filed last June, the DRE accused Read more

March 25th, 2010 · Filed Under Real Estate & Mortgage FRAUD

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Lenders Slowly Signing On To The Second Lien Modification Program – 2MP

Yesterday, Wells Fargo announced that it has agreed to participate in the Treasury Department’s Second Lien Modification Program (2MP) which is a supplemental program to the Home Affordable Modification Program (HAMP).

So far, Wells Fargo is only the second major servicer to sign on to the 2MP since it was introduced last year. The first servicer to sign on was Bank of America only a couple of months ago, in January.

[Update March 22, 2010: Chase is Latest Lender to Offer 2nd Lien Foreclosure Rescue]
[Update March 25, 2010: Citigroup agrees to modify some second mortgages under 2MP]

This supplemental program 2MP was designed so that Read more

March 18th, 2010 · Filed Under Loan Modifications

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HUD: Homeowners Can Report Scammers to National Complaint Database

In the midst of the current economic turmoil and foreclosure crisis, millions of distressed homeowners have become vulnerable targets to unscrupulous and sometimes criminal third-party scammers, con-artists, and thieves. These fraudulent individuals are highly mobile and easily able to move from one community to another.

To further strengthen the fight against these scammers, support existing efforts at the national, state and local levels, the Read more

March 1st, 2010 · Filed Under Loan Modifications, Real Estate & Mortgage FRAUD

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Should You Trust A Forensic Loan Audit?

Attorney General Edmund G. Brown Jr., the California Department of Real Estate (DRE), and the State Bar of California have been warning homeowners against foreclosure rescue scams for quite some time. It seems to me, however, that they are always one step behind these individuals and businesses taking advantage of financially strapped homeowners.

Today, the office of the Attorney General released Read more

February 22nd, 2010 · Filed Under Loan Modifications, Real Estate & Mortgage FRAUD

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Tax-Refund Loans Are Taxpayer Rip-offs But There Are Alternatives

Tax season is quickly approaching and Attorney General Edmund G Brown Jr. urges Californians to avoid high-cost tax-refund-anticipation loans (RAL) and any company or person who advertises these loans.

RAL’s are obtained by filing electronically with a tax preparer who works directly with a bank to advance the refund as a loan, but don’t expect to get the full amount of your tax refund owe to you.

The amount you receive will be minus Read more

February 1st, 2010 · Filed Under UnReal Estate posts

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SB 94: D.O.A. Loan Modifications

The buzz around Senate Bill 94 (SB 94) being the “Death Of All Loan Modifications” faded away just as fast as the controversy T-Pain caused with his comments about Jay-Z and his lead single “D.O.A. (Death of Auto-Tune).”

Jay-Z’s critical lyrics from his lead single sure made artists think twice before using the audio processor to alter their voice imperfections. The use of Auto-Tune, however, will continue to be widely used as long as music fans are willing to buy pitch altered albums.

In the same manner, when SB94 was signed into law it made loan modification scam artists think twice about getting involved in modifications again. Most scammers, however, will continue to defraud homeowners as long as consumers are willing to belief their sales pitches.

The FBI has said that Read more

December 22nd, 2009 · Filed Under Loan Modifications

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Back For The Second Time in One Year: Foreclosure Help Resource Fair

The Santa Clara County Association of REALTORS(R) has partnered with the City of San Jose in their efforts to stem the tide of foreclosures by educating at-risk homeowners. The goal is to provide assistance and counseling to help keep families from losing their homes.

With that, the “Foreclosure Help – Preserving Our Community” group will be holding another one-day foreclosure help resource fair on October 21st from 1-7pm. There is no cost to attend the fair and there will be no fees charged for the assistance provided.

The fair will be held at Read more

October 17th, 2009 · Filed Under Loan Modifications

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Eight Years Ago But “It’s No Less The Pain”

It happened 8yrs ago today. It is hard to believe it’s been so long, yet the images sit clear in our memories and the pain fresh in our hearts.

It feels that way because the infamous acts that took place that day touched us all in one way or another. No matter where or what everyone was doing, it affected us all.

I remember receiving a frantic call from my mother and then Read more

September 11th, 2009 · Filed Under UnReal Estate posts

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Tenants In Foreclosure: Protections Under Federal Law S.896

Homeowners as well as tenants are having a hard time understanding what they should do and what their rights are when facing foreclosure.

Depending on state laws and city ordinances, tenants generally could be evicted for failure to pay the rent or for breaching the lease contract conditions. Nevertheless, tenants were given 60 day to vacate the property before the landlord could begin the eviction process.

In a property that is being foreclosed, however, tenants more often than not end up with the short end of the stick. In many cases the tenant continues Read more

September 3rd, 2009 · Filed Under Foreclosure-Short Sale Information, Real Estate Information

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Foreclosure Help – Preserving Our Community

Save April 23, 2009 on your calendar for foreclosure help. Keep reading for the details:

In last week’s press conference, San Jose City Mayor Chuck Reed along with San Jose Director of Housing Leslye Krutko and several members of the “Foreclosure Help – Preserving Our Community” program presented to the public and the media a plan designed to tackle the foreclosure problems the city of San Jose is facing.

The plan presented yesterday will Read more

April 16th, 2009 · Filed Under Loan Modifications

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Understanding Obama’s Making Home Affordable REFINANCE plan

Last week the US Treasury Department released some of the guidelines for the “Homeowner Affordability and Stability plan;” however, the details for refinances and modifications created some confusion even among the professionals in the real estate industry.

[Update April 28, 2009: Home Affordable Refinance Program (HARP) is extended to June 30, 2011]

Much of the confusion came from the belief that the refinance and modifications under “Making Home Affordable” (MHA) program were one of the same.

To make matter worse, loan modification “so called experts” are yapping on the radio and TV spots telling everyone that this plan won’t work or that they can qualify clients directly with their lenders for a fast approval.

Well, of course they are going to say that!

It is in their best interest to keep homeowners ignorant about the “Making Home Affordable” programs and keep charging them illegal upfront fees for modifications.

MAKING HOME AFFORDABLE REFINANCE

Looking at the “Making Home Affordable Refinance,” it will provide Read more

March 10th, 2009 · Filed Under Foreclosure-Short Sale Information

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Understanding Obama’s Making Home Affordable MODIFICATION plan

Yesterday, the Treasury Department released some of the detailed guidelines for the “Homeowner Affordability and Stability Plan.” The plan includes $75 billion in incentives for lenders to modify the loans of struggling homeowners which will run through December 31, 2012. These incentives are under the “Making Home Affordable Modification” program.

[Update April 28, 2009: The inclusion of second mortgage loan modification within the MHA modification plan has been added]

MAKING HOME AFFORDABLE MODIFICATION

The “Making Home Affordable Modification” is not mandatory for all investors and mortgage services/lenders; however, it will serve homeowners as an incentive for loan servicers/lenders to generate loan modifications. Nevertheless, financial institutions that accept future “bail out” funding from the Treasury’s Financial Stability Program must participate in the “Making Home Affordable” (MHA) program.

Servicers who decide to participate will Read more

March 5th, 2009 · Filed Under Foreclosure-Short Sale Information, Loan Modifications

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Would You Like Paper or Plastic For a Quarter?

While President Barack Obama is pushing for cleaner, more efficient cars by possibly allowing California and other states to impose tougher auto emission standards on carmakers, the City of San Jose is also looking to Read more

January 28th, 2009 · Filed Under UnReal Estate posts

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Pimps and Whores of the Loan Modification Industry

There are individuals doing loan modifications legally but there are many more doing it illegally. This is a hot business and it is exposing homeowners to fraud now more than ever.

“It’s becoming an issue. As always, people get very clever when they see an opportunity,” said California Department of Real Estate spokesman Tom Pool.

Figuratively speaking there are “pimps and whores” in the loan modification business claiming to be advocates of the people, claiming to be legit, and claiming to be experts. Some go as far as Read more

January 12th, 2009 · Filed Under Loan Modifications, Real Estate & Mortgage FRAUD

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Some Food for Thought: Seven Pounds

Yesterday, after watching the new Will Smith movie “Seven Pounds,” I was curious to hear the movie critics. Some liked it others did not.

My suggestion for you is not to listen to the movie critics because their job is to critic the movie. And their criticism is narrowly focused on Read more

December 19th, 2008 · Filed Under UnReal Estate posts

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Subprime Wolves are Howling About Mortgage Rates and the Fed Funds Rate Reduction

Yesterday’s reduction of the Federal Funds rate to a range of 0.000 to 0.250 percent is the lowest record level in history. This news is certainly in the minds of many consumers but, as also explained by Dan Green, it is for the wrong reasons!

Every time the Federal Reserve reduces interest rates, I hear radio and television personalities (i.e.: agents and broker) rambling about how “The Fed reduced rates today and that translates into lower mortgage rates so now you can refinance/buy with an even lower rate.” Well….they are either a lying to you with that sales pitch, they don’t know how mortgage rates work, or both.

Now, let’s look at how all these rates really work so you don’t have to rely on a wolf howling to refinance your home. Read more

December 17th, 2008 · Filed Under Mortgage - Loan Information

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Some Food for Thought: Why Should We Give Thanks If We Have so Many Problems?

We are facing the worst economic crisis we’ve seen in years. Our economy is getting closer and closer to a full blown recession. Deflation is affecting every business and as a result we may be receiving the so dreaded “pink slip.” We are all loosing our homes even though we’ve tried so hard to negotiate a loan modification or minimize the banks’ loses by doing a short sale. We are seeing our retirement accounts loose money every day.

All these thoughts are probably running through the minds of many people today (partly because these are the popular headline news). So if we have so many problems, why should we be thankful for anything?

I will tell you why we Read more

November 27th, 2008 · Filed Under UnReal Estate posts

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