A loan modification amends the original loan agreement. The terms of the modification must be agreed to by the parties.

Wells Fargo

Wells Fargo Pays $108 Million for “Allegedly” Overcharged Veterans

Wells Fargo is on the front page AGAIN – this time for “allegedly” over charging military veterans for refinance loans. In an article published by Housingwire, author Ben Lane, Wells Fargo announced that it will pay $108 million to the federal government to settle allegations that the bank overcharged military veterans for refinance loans.

mortgage lenders

Mortgage Lenders & Servicers Are Not Your Friend

When Mortgage Lenders Monkey With Your Loan By Bill Purdy The following are some excerpts from a very informative blog on a well-known consumer bankruptcy advocate’s web site: www.BankruptcySoapBox.com. Spoiler Alert:  As a borrower, you are an expendable resource in home loan servicing to be exploited for fees and charges. Borrowers just trying to keep […]

Wells Fargo

Wells Fargo in Trouble Again & Again

According to an article in USA Today “Wells Fargo faces new accusations that it tried to capitalize financially on its customers without their permission — this time by allegedly modifying mortgage terms for people who had filed for bankruptcy protection. With the smoke still lingering from the firestorm that erupted from the bank’s opening of fake […]

Mortgage Modification

2017 – New Loan Modification Program for FNMA & FREDDIE Mac

By Geoff Walsh, a staff attorney at the National Consumer Law Center (NCLC) who focuses on foreclosure prevention, consumer bankruptcy, and other consumer credit issues.  An active member of the National Association of Consumer Bankruptcy Attorneys. Walsh is co-author of Foreclosures and Mortgage Servicing, Consumer Bankruptcy Law and Practice, Foreclosure Prevention Counseling, Student Loan Law, and […]

Another Loan Workout Nightmare, plus Resources for Saving Your Home: Arizona

Yet another loan workout or modification scam.  I am disgusted by the number of calls we receive every week detailing a company or lawyer who takes someone’s hard earned money and fails to deliver on their promise to modify the home mortgage.

CFPB Issues Guidance on Housing Counselor Requirements

Housing counselors can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. Advice from housing counselors can be provided at little or no cost to consumers.

Fannie Mae Auctions “Sour” Mortgage Loans

According to Bloomberg News: Fannie Mae will begin bulk auctions of mortgages, including some sales targeted for non-profit groups and small investors, as Fannie Mae moves to reduce the number of non-performing loans “sour mortgages” on its books.

Consumer advisory: Don’t fall for a foreclosure relief scam or bogus legal help

Feds Announce Litigation Against Law firms for Deceptive Loan Modification Practices

$16.2 Million Jury Verdict Against PHH Mortgage for Botched Loan Modification

The story is one that thousands of homeowners have experienced over the last 8 years: job loss, financial collapse, and possible bankruptcy.  The homeowner diligently works with the lender to reduce payments, following the lender/servicer’s instructions only to find complete mismanagement by the lender/servicer to properly document agreements and then the initiation of a foreclosure. […]