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Mortgage Help Directory
March 30, 2009 By Leave a Comment
Subprime Swindlers Reconnect to Homeowners in Scams
March 30, 2009 By Leave a Comment
In early 2008, Cheryl Ann Montero, a California mortgage broker, held a series of free seminars in the clubhouse of the Lone Tree Golf Course in Contra Costa County, a suburban area near San Francisco. The attendees, homeowners facing foreclosure, were desperate for a rescue from their woes. Using a PowerPoint presentation, Montero delivered one.
She said her firm, Freedom Financial Solutions, could pressure lenders to stop foreclosures by challenging the legality of loan agreements, according to court records. Her fee: $2,500 upfront and a $2,000 monthly payment to cover legal costs.
Read more about subprime scams…
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Repayment Risk Shifts Back to Mortgage Lenders
March 29, 2009 By Leave a Comment
March 27 (Bloomberg) — The repayment risk on exotic mortgages would have to be shared by the lenders under a law proposed by Democrats in the U.S. House of Representatives.
The legislation would prohibit lenders from “directly or indirectly” hedging or transferring a minimum retained credit risk on most nontraditional mortgages, including some loans that have adjustable interest rates or require little documentation of a borrower’s income. The bill, introduced yesterday, is being sponsored by Representatives Barney Frank of Massachusetts, and Melvin Watt and Brad Miller of North Carolina. Read more about repayment risk legislation…
Homeowners Seek Help at Foreclosure Clinic
March 29, 2009 By Leave a Comment
For David Folts, the trouble started in September when he was forced to close the doors of his Bluffton ice cream shop. He walked away owing more money to his creditors than he had in the bank.
The wages from a full-time job he got at Outback Steakhouse were just enough to cover his mortgage payment and utility bills. Folts was thankful for the paycheck, though a few times he couldn’t afford groceries and had to pick up a free box of food from a Sun City Hilton Head church. Read more about the foreclosure clinic…
