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

Bank of America Holds Family Hostage According to Judge

October 19, 2017 – Article posted in Bloomberg.com. Bank of America seems to think they can bully a bankruptcy judge,  like they did a California couple in a nightmare foreclosure, but the judge is not standing for it.  For several months Bank of America attorneys have attempted to convince U.S. Bankruptcy Judge Christopher Klein to […]

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

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 & Servicers Are Not Your Friend

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 their homes are subject to a campaign […]

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 […]

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 […]

Nationstar Mortgage to Pay 1.7M For Failure to Report Accurate Loan Data

The Consumer Financial Protection Bureau (CFPB) took action against Nationstar Mortgage LLC for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014. The CFPB is requiring Nationstar to pay a $1.75 million civil penalty, improve its compliance management to prevent future violations, and review, […]

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