Archive for March, 2010

J.P. Morgan Chase Chase Paid 3 Cents on the Dollar for Foreclosed Loans

In its most recent quarter, J.P. Morgan’s profit more than quadrupled to $3.3 billion. J.P. Morgan got a great deal on WaMu, which it bought out of receivership for 3 cents on the dollar. Every time WaMu does a foreclosure, J.P. Morgan makes money. With this in mind there is plenty of room in their business plan to have a conscience that can make a good profit, safely, without creating fabricated excuses to deny permanent modifications and to through families and children out on the streets.

Making Home Affordable vs. Making Foreclosure More Profitable for Lenders?

When interest rates are going down, banks are faster than speeding bullets at closing mortgages. Before the advent of the computer, no one was better at not losing paperwork than banks. When it comes to permanent loan modifications, timing = profit or loss. Manipulating the timing work to affect profit is not the goal. The name states the goal well: Making Home Affordable. But should it be renamed: Making Foreclosure More Profitable for Lenders? Let’s keep the program goal in our sights.

Foreclosure Lawyer Rip Offs to Avoid

HUD ADVANCES FIGHT AGAINST LOAN MODIFICATION SCAMS. National Coalition Launches Online Scam Reporting Tool

Foreclosure Scam Lawyers and Consultants Steal Homes and Money

Why are foreclosure consultants and attorneys teaming up to defraud homeowners experiencing mortgage-related distress? Individuals acting as “foreclosure consultants” are not entitled to receive payment until their loan modification work is completed. However, attorneys are permitted to accept advance fees for providing typical legal services.

How hard is it to get a loan modification?

People ask: Can I get a loan modification. Looking at the numbers below, it looks like about  only 2.3% of borrowers who need help actually get it from permanent  loan modifications: More than 5 million U.S. households are behind on their mortgages, and a government-sponsored program in which banks reduce monthly payments voluntarily has, by […]

Do Banks Wait to See if Interest rises or Trustee Company Can Find Buyer, BEFORE modifying loan?

As a society we learn to point fingers at social injustice around the world. And that’s not a bad thing. But it is when the person pointing fails to see his own faults. From shark fin soup to the movie The Cove, we pride ourselves on our good taste in fashionable morals. How we decide […]