Bank of America Corp Chief Executive Brian Moynihan has announced that a quick settlement of the 50-state attorneys general probe of the foreclosure crisis is the best solution for all involved. Oh really? Well let's take a look at some of the facts; very real homeowners lost their homes fraudulently because of this robo-signing scam. [...]
When Bank of America purchased Countrywide in 2008 for $4 billion it consolidated its power and dominance in the mortgage industry; but with the purchase came the many problems that has some speculating that BofA may put Countrywide into a Chapter 11 bankruptcy to protect the rest of its assets. Credit Agricole Securities analyst Mike [...]
Edward DeMarco, who heads the Federal Housing Finance Agency, doesn't want to make any harsh moves against the mortgage industry which has proven itself incompetent and untrustworthy. Instead he wants to avoid rocking the boat too much in his efforts to prevent further harm to the housing industry. DeMarco said in an interview that officials [...]
U.S. bankruptcy trustee Locke Barkley has joined forces with a Chapter 13 bankruptcy family who lost their home to foreclosure . The family and the bankruptcy trustee are suing a mortgage servicer accusing them of allegedly charging the family fees that were improper, illegal and not properly disclosed to the bankruptcy court. The couple alleged [...]
As the foreclosure crisis presses on, there have been many lawsuits related to mortgage companies acting in bad faith when homeowners attempt to get mortgage modifications under the HAMP program. The vast majority of those lawsuits revolve around the idea that mortgage companies are deliberately deceiving, misleading and manipulating homeowners facing foreclosure for their own [...]
Many debtors choose to surrender their home before or during bankruptcy so they can get a complete financial start without all the mortgage debt associated with their home. But what are some of the things a debtor must do before they surrender their home? Below are a few tips: If you are surrendering your home [...]
JPMorgan Chase & Co., Bank of America Corp. and Ally Financial Inc. are defending allegations of fraudulent home foreclosures from customers, several attorney generals and Congress. Authorities in at least seven states are probing whether lenders used false documents and signatures to justify hundreds of thousands of foreclosures, and the number of these inquiries will [...]
Thousands of people showed up in the wee hours of the morning to get help from a homeowner advocacy group dedicated to helping homeowners avoid foreclosure . The program, called "Save The Dream" is set up almost like a job fair; but instead of jobs, it is home mortgage modifications that homeowners are looking to [...]
Every so-called cure to the foreclosure mess is not a true remedy. As many homeowners have discovered, some medicine is actually worse than the disease. This is proving to be more fact than fiction in the foreclosure crisis than ever before; so-called foreclosure prevention programs are destroying financial lives. Below are three foreclosure prevention traps [...]
The decision to allow your home to go into foreclosure is a very serious one; but sometimes holding onto a home facing foreclosure could in fact being doing more financial harm than good. Below are a few signs that your avoidance of foreclosure could be a form of slow financial suicide: Your home is worth [...]