Fresh-Start Articles

As a result of the Covid 19 Pandemic, millions of homeowners have been offered forbearance plans by their mortgage servicers.  The thought of “no payments” seemed very appealing to many up front, but the hidden long term agenda is very tricky.  Ultimately a forbearance plan is nothing more than “letting the bills” pile up….then what?  […]

DEFAULTED SECOND MORTGAGES – BRINGING SETTLEMENT TO THE CHAOS   Defaulted second mortgages are wreaking havoc for many home owners.  Collection agencies and collection law firms have serious interests in collecting on this debt.  The profit margins are high and the collection tools that can be used are vast.  This debt that once was considered […]

The simple answer to this is YES!  Contrary to what the general public has been led to believe, foreclosure action on second mortgages and HELOC’s are really big problem.  Mortgage servicers can foreclose, buy out your first mortgage and then proceed with eviction.  Since HELOC’s carry the same traits as credit card debts, open foreclosure […]

The foreclosure crisis that launched in 2007, hit a zenith in 2011 and continues to drag on, has new serious problems on the frontier.  As mortgage servicers try to figure out how to handle the problem of serious delinquent loans (12+ months late), the new age of “fraudulent loan modification agreements”  has surfaced.  Padded loan […]

The Federal Government mortgage relief programs, like many administration funded programs, is set to close out on 12.31.16.  The most notable relief program in that group is the HOME AFFORDABLE MODIFICATION PROGRAM, otherwise known as HAMP.  The HAMP program, which was launched in 2009, for the most part has been a colossal failure.  Though it […]

As the “loan modification” has become a household word over the last 8 years, the complaints from home owners surrounding the process have surged.  Lost paperwork, lack of process transparency and lack of cooperation are definitely at the top of the complaint list.  Keep in mind that both banks and non-bank servicers do NOT want […]

As a 28 year veteran of the financial and credit industries, I remember the days when banks originated a mortgage and collected interest to make their fortunes.  Those days are gone….long gone…their exodus has created a giant monster, known as the “non-bank mortgage servicer.”  Don’t get me wrong, non-bank servicers have been around for a […]

The aftermath of the 2008 financial crisis has left a myriad of problems on the foreclosure front. Home owners have been “brain washed” to believe that their lender is looking out for their best interest. The Federal Government has implemented a long series of loan modification programs designed to cure foreclosure crisis. The programs have […]

The perils of Chapter 7 bankruptcy and loan modifications The Great Recession that wreaked financial havoc on so many families, has left deep battle scares. Some of the most complex scars surround Chapter 7 bankruptcy and home ownership. Many home owners have been ill advised on the actual repercussions of mortgage loans and discharged debt. […]

This is a question that has baffled many distressed home owners for years.  You would think the answer to this question is a “no brainer” yes.  However, the contrary has really been the case per past record.  Though retaining an “attorney” allows you to flex your muscles somewhat, that flexing can be very short lived.  […]

Are you aware of why you’re constantly hearing this coined phrase, regarding any form of communication with the bank? “This is an attempt to collect on a debt, any information obtained will be used for that purpose!”  Let’s think about what that really means? The collector on the other end of the phone is paid […]

The term “loan modification” has become a household word over the last 8 years.  Spurred by the financial crisis and housing meltdown, the era of modifying mortgage loans has lingered on at a very high rate.  This particular era is something that nobody wants to deal with….the banks, homeowners, government & taxpayers all wish to […]

Make no mistake about it, the level of abuse on home owners has hit new highs when it comes to loan modifications.  Distorted account balances, padded escrow accounts, unnecessary balloon payments, missing amortization schedules, false or no truth in lending statements, phony trial plan offers and incorrect math calculations run wild within the industry.  These […]

It is hard to fathom how fast the non-bank mortgage service sector has grown, and how profitable it has become.  It is a business that essentially grew from nothing, based on defaulted mortgages and the financial crisis.  Essentially it has grown from the garbage….and the garbage man is making a fortune.  Firms such as Ocwen, […]

The non-bank mortgage service industry is in the line of fire right now.  It is under pressure, politically charged, but also a huge money machine.  Regulating the industry is on the forefront of many Government Agencies.  However, the topic of regulation is both complex and controversial.  Ultimately, regulation of the industry crosses the lines of […]

The mortgage and foreclosure crisis that stunned our economy in 2007, has yet to resolve itself.  Actually, the worst is yet to come.  The statement “worst” does relate to the volume of foreclosures…it really relates the intensity of the process.  The recent 2 year price spike in housing values, has pushed banks towards favoring repossessing […]

In the dead of Winter of 2009, our country was in the midst of the worst mortgage / financial crisis since the Great Depression.  Newly appointed President Obama launched a pilot program ~ Home Affordable Modification Program ~ HAMP for short.  This program was set in motion to save 8 million home owners.  The Federal […]

Are you in foreclosure limbo? This recent article in the New York Post ~ http://nypost.com/2014/03/01/many-nyers-living-sans-mortgage-bill/ ~ really hits the mark when it comes the new foreclosure limbo crisis looming.  Though the crisis explains the problem at hand, it does not explain the destructive elements tied into foreclosure limbo.  Banks and Federal Government have trained the […]

After reviewing a recent article from fellow financial blogger – http://networkedblogs.com/Uphet, I felt the need to dive deeper into real issues that need to be discussed.  Don’t get me wrong, I totally respect Mandelman and think his articles are great.  However, this on does not address the most important question ~ Do you have what […]

The Wall Street Journal has recently published a series of articles relating directly the current problems in the nonbank mortgage servicer arena ~http://online.wsj.com/article/BT-CO-20140212-711468.html.  These articles focus on the abuse that has accelerated by servicers like Ocwen, Nationstar, Walter Investment Corp & National Mortgage Holdings     Let us all keep one important thing in mind ~ […]

The loan modification game is dead…well it really never existed. All mortgage service providers or banks are nothing more than giant collection agencies. They have always used the loan mod “mask” to trick home owners into the collection trap. Most people on’t realize when they give up information over and over to the bank, they […]

In my extensive career in the loss mitigation industry, I have never seen such a brutal landscape.  Lenders and mortgage service firms are now playing a very evil game.  The days of the any type if voluntary cooperation have completely dissipated.  We now live in an era of bait n’ switch, contract loopholes & deception. […]

As an economist and a guy that really follows statistical leading indicators, I felt compelled to write this article.  I have helped thousands of families save their homes and settled billions of dollars in debt for my clients.  I worked in the legal collection industry from 1988 to 2000 ~ for large mortgage banks and […]

Since the great recession took a firm grip on the economy in 2007, many homeowners stopped paying on their second mortgage debt or HELOC debt.  At one point, there was an estimate that nearly 45% of this particular type of debt was in default.  The advice that was given by the banks & counselors during […]

Unless you have been living under a rock….you have realized that real estate values have been recovering rapidly.  The actual recovery started in Spring 2012 and has picked up a lot of steam.  I really think many home owners were in a state of shock….since prices declined consistently from the Fall of 2006 to Spring […]

Recently many questions have surfaced in our office about CHOBR.  What is it?  What can it do for me?  Who governs the program?  These questions carry very complex answers…..answers many people do not want to hear.  Though the intention of CHOBR was to ultimately protect the homeowner for abusive foreclosure tactics….it essentially harms more than it hurts. […]

I continue to look at mortgage delinquency statistics……they are alarming….12 million home owners are in severe default on their mortgage payments….nearly a 12% default ratio.  We are 6 six years into the housing crisis now & every program that has been launched by the Federal Government has been a huge failure.  All of their plans, […]

Well you better think twice.  First and foremost, you must undertand that I have “old school” business ethics…..straight from the Midwest….Milwaukee, WI to be specific.  We have an old business credo that we stick to ~ “keepin’ it real”.  Everything that NACA is doing is far from from “keepin’ it real”.  You see, in order […]

The word “loan modification”  has become a household word since the foreclosure crisis began in 2006.  However, everyone needs to realize that loan modification / loan work outs have been around for hundreds of years.  Any way you look at it, you asking the bank to modify the terms of your original mortgage & recapitalize […]

There is an old saying in  in business ~ ” You get what you pay for”.  This credo has been the focal point of many folks important business decisions.  The business of foreclosure prevention / loan restructuring is really no exception to the rule.  The US Government has developed a business model to restructure mortgage loans that […]