My Business & Mortgage Blog

Borrowers can check eligibility for a loan mod, refi

By Inman News, Friday, March 20, 2009.

READ the attached :

http://www.inman.com/news/2009/03/20/feds-launch-home-affordable-site

These  can  help:

http://makinghomeaffordable.gov/

http://www.fanniemae.com/homeaffordable

http://www.freddiemac.com/avoidforeclosure

and  you might even check out:

http://www.hopenow.com/

 Let's have a Look at  this boys  line of B S

WASHINGTON - Federal and state officials are cracking down on mortgage modification scams, accusing “criminal actors” of preying on desperate borrowers caught up in the nation’s housing crisis.

Lets hope they pay more attention and know a little more than they bothered too when they allowed  this  all  to  happen...... 

Government officials said Monday that scammers are seeking to take advantage of borrowers in danger of default by charging them upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off.

Yes,  Let's  not  mention that there are Licensed people capable of knowing what their doing.  The  Government sat around with their head up their ass and  let this happen  and  now  will tell you not to seek professional help.. Get an overly caring  volunter  who  knows so  much they don't have a job...... I  wonder  who that might give advantage to.

The frauds often involve companies with official-sounding names designed to make borrowers think they are using the Obama administration’s efforts to help modify or refinance 7 million to 9 million mortgages.

So ....people  do  you  think it would be that hard to have your Licensed help  prove their Licensed and approved   ?????   Anyone that knows what their doing won't be using OBAMA's useless  Plan...  They'll  be dealing with reality....

“If you are struggling to make your mortgage payment, or if you are facing foreclosure, stay away from anyone who says that they will save your home for money upfront,” Illinois Attorney General Lisa Madigan told reporters in Washington.

They  would prefer to get ahold of that property for the Banks I guess.. One of my recent clients were told by Wells Fargo..  You  just  don't  make  enough  for  us to help you...  you  can't afford the payment...  Duh... We'll their  paying on that higher balance and  at  the  higher rate... so what is it that the bank really has on its mind......  BEND  OVER  :-)

Officials say such operations almost always are fraudulent, and that help is available for free from government-approved housing counselors.

Yes  the  Government  did  so  well  staying  on  top of things and making sure this didn't  happen..... Yes  Drink some more Kool-Aide

“These are predatory schemes designed to rob Americans of their savings and potentially their homes,” Treasury Secretary Timothy Geithner said. “We will shut down fraudulent companies more quickly than before. We will target companies that otherwise would have gone unnoticed under the radar.”

Yes  there  are predatory schemes out there just  like  the  predatory loans  that were being made  and  ignored by the Government that  caused this mess.........   So pay attention... be aware ....... get proff their legit....don't put your head in the sand  and wait for this administration to stroke you...

The Federal Trade Commission has sent warning letters to 71 companies it says were running suspicious advertisements. The agency also said it filed three new complaints against Northridge, Calif.-based Federal Loan Modification Law Center LLP, Newport Beach, Calif.-based Bailout.hud-gov.us, and Clearwater, Fla.-based Home Assure LLC, and the operators of those companies.

And  the list of approved companies  besides overworked volunters is.......

Bill Anz, founding partner of Federal Loan Modification Law Center, defended his operation, saying he will offer a refund to anyone who doesn’t get a modification. About 20 percent of the 5,000 customers have received a modification so far, he said, with more in the works.

“People might not like it,” Anz said, but “realistically, the problem is so large that the private sector must step in.”

Still, Anz, who advertises on television and radio stations nationwide, said he would be willing to changing his company’s name. He conceded the name “might be aggressive.” 

Yes  the  name  is way to agressive and extremly misleading.... and yes the private sector is needed and will do a better job...

Thomas Ryan, the operator of Bailout.hud-gov.us, has agreed to take the Web site down. Ryan said he still operates another site — which he would not name — that generates leads for foreclosure rescue operations. “They’re providing a legitimate service,” he said.

A federal judge last month granted the FTC’s request for a temporary restraining order against two New Jersey-based companies: Hope Now Modifications LLC and New Hope Modifications LLC. The government said the companies mimicked the Hope Now alliance, which runs the mortgage industry’s foreclosure prevention effort.

Good for them...

The FBI is investigating about 2,100 mortgage fraud cases, a 400 percent increase from five years ago, Attorney General Eric Holder said Monday.

2,100  out of millions...  isn't  that  just  great.... and are they bothering to help any of the poor homeowners....

“If you prey on vulnerable homeowners with fraudulent mortgage schemes or discriminate against borrowers, we will find you and we will punish you,” Holder said.

Well  that  is  a  start...

Homeowners do not have to pay to participate in the administration’s Making Home Affordable program, which seeks to prevent foreclosures by making mortgages affordable through refinancing or modified terms.

Actually  they  aren't  doing  much  of  anything    1)  105%  of  todays value  leaves  out  to large of a percentage of people... If  your struggling  and  can't  feed  your  family..  keep  it that way...  they  want to make sure your getting  screwed  for every last possible cent.. There's no help if your  not keeping your payment's current... in Obamas plan

The FTC said other signs of a mortgage scam are: promises to stop foreclosure or modify a loan; guarantees that your home will be saved and claims of a “97 percent success rate;” and use of official-sounding names.

One Internet ad uses an image of President Barack Obama with the text “Avoid Foreclosure. Qualify For Obama’s New Housing Rescue Plan.” Only by reading a fine print disclaimer can the consumer learn that the site is not sponsored by the government.

Over the past year homeowners have been flooding state attorneys general with complaints about for-profit loan modification consultants. Roadside billboards in places like Las Vegas scream, “Save my property!” and radio ads promise “expert help.” Some companies comb property records and send mail designed to look like it is from the homeowner’s lender.

Some of those offering help are former brokers, agents and appraisers who’ve seen their previous business evaporate. But consumer advocates say the legitimate consultants are no more effective than nonprofit credit counselors who also work with lenders at no charge.

Some of them are still current Brokers working in the industry like they always have.........

The shadiest operators, consumer advocates say, can actually force borrowers out of their homes by persuading them to sign over the title or grant power of attorney.

While not every loan modification business is fraudulent, “swimming around in those waters are a lot of sharks,” said Jim Carr, chief operating officer at the National Community Reinvestment Coalition in Washington.

Some states recently have toughened penalties for perpetrating foreclosure scams, and some prosecutors have used existing fraud statutes to bring criminal charges. But many state prosecutors have not filed criminal cases, instead proceeding with civil lawsuits.

Homeowners can locate free housing counselors at www.makinghomeaffordable.gov or by calling (888) 995-HOPE.

Give them a try first  :-)

HOME SALES DATA DIM RECOVERY HOPES

http://www.msnbc.msn.com/id/30367448

Food  For  thought :  Some Homeowners  Ready to give up

http://www.msnbc.msn.com/id/30235263

Friday, March 20, 2009

Mortgage rates are low. So are approval rates.

Mortgage interest rates are already flirting with record lows and the Federal Reserve's move to buy up government debt will send those rates even lower. But it doesn't look like it will get any easier for borrowers - even those with good credit.

Bankrate.com reported Thursday that the average interest rate on a 30-year fixed mortgage fell to 5.29%, compared with 5.37% in the prior week. In January, rates fell as low as 5.28%.

To read the entire article, please visit: http://money.cnn.com/2009/03/19/real_estate/rates_low_approvals_too/index.htm?postversion=2009032009

Friday, April 10, 2009

Fannie Mae Refinancing Volume Jumps to $77 Billion in March

Fannie Mae announced today that the company's refinancing volume jumped to $77 billion in March, nearly twice the refinancing volume the company experienced during the month of February and the company's largest refinance month since 2003.

"The volumes we are seeing are very encouraging," said Tom Lund, Executive Vice President, Single-Family Mortgage Business. "A majority of our business volume in March was in refinanced loans, and we anticipate that volumes will increase even more as millions of additional homeowners become eligible to refinance under the President's Making Home Affordable plan.

To read the entire article, please visit: http://www.fanniemae.com/newsreleases/2009/4666.jhtml?p=Media&s=News+Releases