Archive for the ‘Loan Modification’ Category

Loan modification denial? Here are your next best moves!

Saturday, May 9th, 2015

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 […]


Wednesday, March 25th, 2015

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 […]

Battling Ocwen, NationStar and non-bank mortgage servicers

Sunday, November 23rd, 2014

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 […]

Why HAMP needs to be dissolved immediately!

Friday, August 22nd, 2014

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 […]

Do you have what it takes to battle through the loan modification process?

Tuesday, March 18th, 2014

After reviewing a recent article from fellow financial blogger –, 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 loan modification game is dead!

Saturday, November 2nd, 2013

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 […]

The now evil loan modification game.

Sunday, October 27th, 2013

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. […]

The California Home Owners Bill of Rights (CHOBR)

Sunday, February 10th, 2013

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. […]

Loan Mods and the Collection Game

Saturday, January 19th, 2013

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, […]

Thinking of using NACA for loan modification help?

Monday, July 2nd, 2012

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 […]

Top 10 Loan Mod Tips

Saturday, June 16th, 2012

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 […]

FTC investigating banks regarding “fake” loan mods

Monday, November 21st, 2011

I knew this was coming. Aurora Bank is the first of many banks to be investigated for “misleading” or “fake” loan modifications. 2008 & 2009 were the years many banks offered temporary loan modifications that had no end in sight. Make three payments to get final approval… make six payments….now make nine payments. Whoops….sorry, your […]

The Banks are being sued by the Federal Government

Wednesday, September 7th, 2011

We had a feeling this was coming down the line.  It has been nearly 4 years since the banks were bailed out….they have not cooperated with distressed home owners at all.  They have played games with the loan modification process…..denying loan modification applications left and right….trapping clients in foreclosure….misapplying payments.  They have used all of […]

Why won’t my mortgage lender cooperate with me?

Wednesday, August 31st, 2011

This is a question we are asked many times each day.  It seems very confusing to many home owners.  After all, it only seems logical that your mortgage lender wants to get paid….right??  They want to keep you in your house…..anything to avoid foreclosure….right??  Well….wrong.  There are three very distinct factors on why your lender […]

Beware of the banks’ “bait & switch” loan modification practices

Tuesday, August 23rd, 2011

I have written on this topic before.  However, I do feel that this problem is getting worse.  Many banks are still offering “teaser” temporary loan modifications.  They promise to make the loan modification whole once you complete the temporary payments.  However, the bank never has any intention of offering a permanent modification.  They simply use […]

Things to Consider if You’ve Thought of Filing Suit Against Your lender

Tuesday, August 23rd, 2011

Since the collapse of the housing market in 2007, many Americans have scrutinized the integrity of their home loans. Especially, as we step back and observe the never ending horror stories we read about every day. It is true; the negligence of the “Subprime Market” has us all paying the price in one way or […]

Temporary Modification? Fighting your way to the finish line!!

Sunday, August 21st, 2011

All lenders are notorious for offering temporary loan modifications.  Battling from the temporary program to the permanent modification finish line can be a very daunting challenge.  Here are a few tips to help you succeed. 1.  Never go past the trial payment period and proceed with payments.  NEVER.  I can’t stress this enough.  You need […]

**Job growth and upward market pressures

Saturday, May 8th, 2010

The economy added more jobs in April 2010 than any other month in the last 4 years. This is definitely great news. However, it does add some interesting upward pressures in the market. Primarily in credit markets. Banks have become less forgiving & more resistant when it comes to the loan modification process. They feel […]

Trying to do your loan modification on your own?

Thursday, January 14th, 2010

Better think again. The process continues to get tougher and tougher. Banks and mortgage servicers are NOT there to guide you throught the process on how to get the best loan modification ~ they simply give you a stack of papers & wish you good luck. Screw it up and you are kicked out of […]

$75 Billion down the drain!!

Tuesday, January 12th, 2010

It is time for the fed gov’t to keep their nose out of the foreclosure mess / loan modification game. $75 billion has been essentially wasted on gov’t programs launched in February 2009. The loan mod deals are not getting done ~ banks are playing games with the programs ~ twisting numbers to keep from […]

Chase Home Loan Modifications ~ Getting Tougher Every Day

Monday, January 11th, 2010

Chase Home Loans has recently joing the ranks of “tough” lenders on foreclosure prevention. Typically forcing clients into bad repayment plans & kicking out legitimate HAMP deals. Attorneys are typically needed to force through loan modification cases with Chase. Please feel free to to call me, Timothy Stull, at 877.297.7011 or email me at […]

Avoiding Loan Modification Scams

Monday, December 28th, 2009

Let it known ~ THERE IS NO ROOM IN THIS BUSINESS FOR SCAMMERS. My estimate is that about 65% of all individuals involved in the business are scam artists. Here is waht you need to look out for…. ~~Firms with no physical address. ~~You are speaking to represantive that can’t answer any of your questions. […]

Loan Modification Scams ~ A bank and government conspiracy

Monday, December 28th, 2009

Every day our firm gets the same phone calls. Clients calling desperate for help with their pending foreclosure situation. They can’t seem to get anything done on their own. “Banks and mortgage servicers love to hold clients over the barrel” says Derrick Spearman of The Mortgage Modification Law Group. “They use the aggressive tcollection tactics […]

Are you stuck in a rut on your loan modification?

Saturday, September 12th, 2009

Banks are playing games these days. You submit for your loan modification and your file goes to the collection department. They string you alone making think everything is OK and then they deny the claim….making lame excuse after lame excuse for the denial. The bottome line is that banks DON’T want to do the loan […]