Banks with enormous caseloads. Unanswered calls. Repeated requests for documents. It’s no wonder that so many homeowners have given up on trying to get loan modifications. In a piece for HuffingtonPost.com , Attorney Richard Gaudreau offers some tips on how to get a better result. You may have additional ones.…
The lowest mortgage rates in nearly 40 years could give the economy the boost it needs to get back on track for solid growth in the next year, Wells Fargo Bank’s chief financial officer said today. Howard Atkins Many experts think the dramatic drop in 30-year fixed-rate mortgages to…
Chase is having a 5-day event in Costa Mesa to help struggling homeowners who have Chase, EMC or WaMu-serviced mortgages. The bank says loan advisors will offer counseling for homeowners applying for modifications, and for customers who are current on their mortgages but having a hard time keeping them…
Many borrowers are dropping out of the government’s Home Affordable Modification Program, prompting concern about another spike in foreclosures in the future. . HAMP was designed to lower borrowers’ monthly payments — cutting rates to as little as 2% for five years and extending loan terms to up to 40 years. But a…
An Orange County lawyer who signed retainer agreements with homeowners facing foreclosure but then “did little or nothing to help them” was placed on involuntary inactive enrollment, the State Bar of California announced. The Bar cited complaints from clients in 8 states against lawyer Brian Colombana, 29, of Lake Forest.…
Two operators of a foreclosure consulting firm operating in Orange County were each sentenced to a year in jail and ordered to repay dozens of homeowners who were swindled out of thousands of dollars in up-front fees for foreclosure-relief services that didn’t exist. . Marianne Curtis, 69, of Costa Mesa…
There’s new help for jobless and underwater borrowers in danger of losing their homes. . A program announced by the Obama administration today will allow lenders to cut monthly mortgage payments to 31% or less of the income of certain borrowers, or even let them miss some payments. The action, known as forbearance,…
Homeowners have sued Bank of America Corp, saying the bank failed to keep a promise to modify mortgages of homeowners in trouble as a condition of accepting $25 billion in bailout money. . In a lawsuit filed Monday in Seattle federal court, two Washington residents accuse the largest U.S. bank of favoring…
This just in from California Attorney General Jerry Brown’s office (RELEASE HERE) … The AG shut what it called “two fraudulent foreclosure-assistance companies” that gave its victims “false hope after paying upfront fees for nonexistent loan-modification services.” Last July 7, Brown sued two affiliated companies based in Orange County…
Wells Fargo this week becomes the 2nd bank, after Bank of America, to offer 2nd mortgage relief. The Associated Press reports: The program is part of the Obama administration’s mortgage modification program that is aimed at reducing monthly payments to help customers stay in their homes. The modification program offers…