"Rescue" Scams Add to Homeowner Woes
- By:
- MortgageLoan.com | April 12, 2008
Crooks, hustlers, con artists...call them what you will, but a new breed of opportunists have crawled out of the woodwork to steal what little cash, troubled home owners may still have left.
Cases have emerged of persons posing as "foreclosure-rescue" companies who claim to be able to help beleaguered homeowners stave off the threat of foreclosure for a one-off fee, normally ranging between $1,000 and $3,000. For those, desperate enough to fall for the scam it means the loss of any liquid capital they had remaining.
Some foreclosure-rescue companies are legit, but many others are not, so being able to spot the difference has been challenging for some obviously disgruntled home owners.
"I got calls all day from people saying they could save my home," said Huston Julian, a 54 year old from Eastpointe, Michigan who almost fell victim to one such scam
Banks are usually required to file default and foreclosure notices with a local court or the county clerk's office. Such filings quickly become part of the "public record" that everyone can view, including scam artists looking for new prey. This year, the FBI says it expects 60,000 Suspicious Activity Reports related to mortgage fraud, up from 47,000 in 2007 and just 7,000 in 2003.
For advice on coping with the subprime fallout, contact the federally approved Hope Now Alliance, a group comprised of home owner-counseling agencies, banks and other financial institutions. You can call, toll-free on (888) 995-4673, or visit www.hopenow.com. Alternatively, you could also contact your local financial adviser or a counseling agency near you for further advice.
Bankruptcy Reform Back on the Table
- By:
- Bill Rice - MortgageLoan.com | November 21, 2008
One of the earliest ideas for helping homeowners facing mounting mortgage debt and potential foreclosure on their home was to reform bankruptcy laws. The concept is now officially back on the table, introduced into the Congressional lame-duck session by Senator Richard Durbin (D-IL).
TARP is Closed for Relief Until Further Notice
- By:
- Bill Rice - MortgageLoan.com | November 20, 2008
Remember what a crisis the $700 billion mortgage market bailout was--the very existence of the American financial order hung in the balance.
Fixing the Housing Market, Lots of Ideas...Any Answers?
- By:
- Bill Rice - MortgageLoan.com | November 19, 2008
Almost a year into the dawning of the housing crisis (many chronologist are setting that around the January 2008 crumbling of Countrywide) ideas continue to flow, but few seem to be the answer. In fact, this seems to be the growing consensus--there is no silver bullet.
G-20 Lots of Motion, Will There Be Action?
- By:
- Bill Rice - MortgageLoan.com | November 18, 2008
The 20 most powerful industrial nations, and now the caretakers of an unprecedented global financial crisis, assembled in Washington DC over the weekend. Their mandate was broad and daunting--stabilize world markets.
FDIC Challenges Treasury with New Loan Modification Proposal
- By:
- Bill Rice - MortgageLoan.com | November 17, 2008
On the heels of the Treasury and Federal Housing Finance Agency's (FHFA) loan modification plan for Fannie Mae and Freddie Mac, the FDIC releases their own proposal. In this unprecedented, unilateral, and aggressive move by a Federal agency the FDIC is essential fighting a very public political battle directly with the Treasury and the current Administration.
Mortgage Rates Drop for Second Straight Week
- By:
- Bill Rice - MortgageLoan.com | November 14, 2008
Another week of dismal economic data have again pushed down mortgage rates. Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.14 percent, down from 6.20 percent last week. This demonstrates a steep decline from 6.46 percent two weeks prior.
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