… has failed to deliver and many homeowners and legislators are ready to get more aggressive with mortgage lenders.  Last year it seemed almost certain that legislation would pass allowing homeowners to modify their toxic mortgages during bankruptcy; but the measure fell 15 votes short of passage in the Senate.  The bankruptcy bill had strong support amongst ordinary Americans; but banking giants and their supporters strongly opposed the measure claiming that it would lead to high interest …

Comment by Jim Ince: … to the mortgage companies!

Tags: Bankruptcy foreclosure Mortgage

Permalink: /bankruptcy/legislators-consider-mortgage-modification-during-bankruptcy-again/

… has been sentenced to over 3 years in a federal prison and ordered to $751,075 for falsifying mortgage documents sent to the U.S. Department of Housing and Urban Development.

Lynn Anne Ingle, 36, of Burleson is the second person to admit guilt in a scheme that cost HUD $964,814 after 21 mortgages defaulted, according to HUD and court documents.

Ingle was accused of creating false documents that enabled people to get mortgages for homes in Fort Worth, Arlington and Haltom City, …

Tags: Foreclosures Fraud Mortgage

Permalink: /foreclosures/mortgage-fraud-could-cause-more-foreclosures/

In the bankruptcy case DiMare, Donna M.; In re (DiMare v. Ameriquest Mortgage Co., et al.), the debtor filed Chapter 13 bankruptcy and sued their original mortgage lender under the Truth In Lending Act.  The bankruptcy court sided with the lender and issued a summary judgment in the lender’s favor.

The details of the bankruptcy case and lawsuit:

On Feb. 20, 2004, the debtor refinanced the mortgage on her home in order to remove her ex-husband’s name …

Tags: Delinquent Mortgage Truth in Lending Act

Permalink: /lawsuits/debtor-loses-in-fight-over-missing-mortgage-documents/

… County grand jury indicted five people, including a home builder, for allegedly engaging in mortgage fraud involving loans worth $13 million.  Chekeelah Phelps, 45, of Mansfield; Clayton Bennett, 66, of DeSoto; Munzer Kawasmi, 30, of Arlington; Deborah Fernie, 48, of Keller; and Kelvin Kidd, 50, of Mansfield are all charged with hatching an elaborate scheme that mostly involved falsified loan documents originating in the subprime mortgage market.

The case stems from an anonymous …

Tags: Chekeelah Phelps Fraud Mortgage Subprime Loans

Permalink: /loans-mortgages/five-accused-of-mortgage-fraud-in-texas/

… facing foreclosure and considering bankruptcy are significantly delinquent on their mortgage payments.  But whether you’re 1 month behind on your mortgage payment or 6 months behind, Chapter 13 bankruptcy can help you catch up with your payments and return your mortgage to good standing. Here’s how it works:

When you file bankruptcy you will include your mortgage lender’s information and tell your bankruptcy attorney how far behind you are on payments. …

Tags: Chapter 13 Bankruptcy Loan Payments Mortgage

Permalink: /chapter_13_bankruptcy/how-do-i-catch-up-on-my-mortgage-in-bankruptcy/

… modification there is a possibility that it may have a negative impact on their credit report.  Mortgage modifications are reported to the credit bureaus in one of two ways:

Settled or charged off. If you were fighting foreclosure and received a mortgage modification that decreased the principal of your original mortgage, the lender will probably report the original mortgage as settled/charged off. A settled/charged off account is a large negative mark on your …

Tags: Credit Report Debt Mortgage modification

Permalink: /managing-your-finances/how-mortgage-modifications-impact-your-credit-report/

Shhh! Mortgage bankers don’t want you to file bankruptcy. They don’t want you to file bankruptcy and they definitely don’t want you to have the power to modify a toxic mortgage in bankruptcy.  In a letter from The Mortgage Bankers Association to Congressional leaders, mortgage bankers expressed their outright opposition to a mortgage bankruptcy “cram-down” amendment in the Wall Street …

Tags: foreclosure Mortgage Bankers Association

Permalink: /foreclosures/mortgage-bankers-association-battles-homeowners-facing-foreclosure/

… it goals.  According to a Treasury Department report, 27 percent of homeowners taking part in mortgage modification trails are delinquent on their mortgage payments.  And while the foreclosure prevention plan was designed to help millions of homeowners facing foreclosure, only about 650,000 borrowers are currently participating in the trail phase of the loan modification program.  A pithy 1,711 homeowners battling to avoid foreclosure have converted their loan modifications to a …

Tags: foreclosure Loan Making Home Affordable Mortgage modification

Permalink: /foreclosures/27-percent-of-homeowners-in-making-home-affordable-program-are-delinquent-on-mortgage/

… hoping that this time legislators will give American homeowners a fighting chance to battle mortgage lenders who are not responsive under the voluntary modification programs.

UPDATE: Take Action Now!!

Contact Your Representative to Support this Legislation!

To contact your representative:

1. Phone toll free at: 877.354.4958

2. Put in your zip code

3. When you reach the receptionist:

State your name

Say that you are a constituent

Ask the …

Tags: Bankruptcy foreclosure Law Mortgage modification The Wall Street Reform and Consumer Protection Act United States

Permalink: /dallas_bankruptcy/mortgage-modifications-in-bankruptcy-maybe-this-time-around/

Has it been 3 weeks, 6 months or a year since you first applied for mortgage modification so that you could avoid foreclosure ?  Has your mortgage servicer lost important documents?  Have they left you on hold for 30 minutes—an hour or “accidentally” dropped the line?  What about the quality of information you receive about avoiding foreclosure?  Is it correct? Timely?  If not, it could be because the person you’re dealing with on the other end …

Tags: Bank Bank of America Mortgage modification

Permalink: /loans-mortgages/mortgage-modification-workers-have-no-previous-banking-experience/

… article in Reuters, the National Consumer Law Center (NCLC) just released a report finding that mortgage servicers have favored foreclosure over loan modification because it’s cheaper and even more profitable to the servicer.

The article said:

“Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan modification faces the prospect of near certain loss if the loan is modified, and no penalty, but potential profit, if the …

Tags: foreclosure Loan Mortgage Profits

Permalink: /loans-mortgages/nclc-reports-mortgage-servicers-profit-from-foreclosure/

… 3 to 4 million Americans facing foreclosure; but so far only 360,000 homeowners have received mortgage modifications on a three month trial basis. Why is that? .

The truth of the matter is that the mortgage industry has no incentive to modify mortgage so that struggling homeowners can avoid foreclosure.  They are the prime reason that we are in the foreclosure crisis and have so far escaped any consequences for their actions.  A matter of fact, they have received numerous bailouts …

Tags: Financial services foreclosure Mortgage United States

Permalink: /bankruptcy/voluntary-mortgage-modification-program-fails-america-time-for-bankruptcy-cramdowns/