Short Sale vs. Foreclosure – What’s the Difference
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Foreclosure Topics
Turf Battles: the Feds vs. the Attorneys General
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Bank of America – Doing What it Seems to Do Best
I took three different calls this past week from homeowners who have sought the assistance of Bank of America’s servicing subsidiary, BAC Home Loans Solutions, for a loan modification. What most unsuspecting homeowners do not realize is that BAC simply has no vested interest in actually making good on the false promises it continues to … [Read more…]
Bank of America in the Cross Hairs
Arizona Attorney General Terry Goddard announced that on December 17, 2010, his Office filed a lawsuit against Bank of America and its affiliated companies alleging violations of the Arizona Consumer Fraud Act and violations of the consent judgment entered in March 2009 between Arizona and the Countrywide companies owned by Bank of America. The lawsuit, … [Read more…]
Breathing Underwater
A great article by Don Lee – Tribune Washington Bureau – highlights how underwater mortgages are a serious contributor to the dismal performance of the national economy. It is estimated that there are 15 million homeowners who are undewater on their mortgages, many of whom can and continue to pay on their mortgage, but have … [Read more…]
Careful When You Close The Door Behind You
A San Diego police officer and his wife recently pleaded not guilty to accusations that they trashed their foreclosed home in Riverside County, taking $44,000 in appliances and fixtures with them when they moved out. Both have been charged with one felony count of damaging or carrying away items from a foreclosed property. Damage was … [Read more…]
Here Come the Feds
On October 20, 2010, the White House issued the following Fact Sheet: FACT SHEET: Federal Government Efforts to Support Accountability, Stability and Clarity in the Housing Market Today the Department of Housing and Urban Development, the Department of the Treasury, the Department of Justice, the Board of Governors of the Federal Reserve System, the Office … [Read more…]
MERS: The Risk of Efficiency
MERS or the Mortgage Electronic Registration Systems, little known before the foreclosure tsunami struck, was developed in the early 1990’s by a number of financial entities, including Bank of America, Countrywide, Fannie Mae, and Freddie Mac, allegedly to allow consumers to pay less for mortgage loans, streamline the mortgage process through electronic commerce, and eliminate … [Read more…]
Clamping Down on the “Foreclosure Consultants”
In an effort to curb the predatory practices of certain "loan modification" companies, claiming to offer loan modification services for an upfront fee, the Arizona Legislature recently passed several laws with some good sized teeth – codified at A.R.S. Sections 44-1378-1378.08. A.R.S. Section 44-1378.02, for example, prevents a "foreclosure consultant," as defined in A.R.S. Section 44-1378, … [Read more…]
Loan Modification Scam
Let’s start out with this – I’m incensed today. The newest cottage industry to crop up in the wake of the foreclosure tsunami are the loan modifiers. Many of the most notorious loan modification companies were headed by the same individuals that were all to happy to originate loans that never should have been considered … [Read more…]