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By Stephanie Armour, USA TODAY A new federal rule this year requiring mortgage lenders to give borrowers reliable estimates of closing costs appears to be working — whether it's also costing borrowers more money is uncertain. A recent survey by Bankrate.com found that, on average, origination and third-party fees on a $200,000 purchase mortgage added up to $3,741 — a 37% jump over last year's average of $2,739. |
Showing posts with label fraud. Show all posts
Showing posts with label fraud. Show all posts
Tuesday, August 31, 2010
Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications
Tuesday, August 17, 2010
Celebrity Foreclosures
Several high profile foreclosures are coming down the pike.. Here are a few links to information about them.
Teresa Giudice: Real Housewives
and there is more: the Father of the Olsen Twins, Damon Dash,
Chamillionaire, Jose Conseco, Evander Holyfield, Michael Jackson's include some of the last few years of auctions. The list is much larger.
Last year I wrote about Hollywood or Celebrities in foreclosure for Examiner.com Here are a few articles from last year. Enjoy knowing that you are not drowning underwater all
alone. Even the rich can be foreclosed on. Fraud and deceit knows no social boundaries.
Nicholas Cage, LaToya Jackson , Toni Braxton and Latrell Sprewell: this article starts with information on mortgage modifications
Saturday, June 12, 2010
How to find MORTGAGE and LOAN Fraud
Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications
Do you wonder if you have loan fraud?
Get out those closing documents!
1) Loan Rescission Notice - Many loans in 2006 did not receive copies of this important notice. If there is more than one person on the loan, each party is to have received a copy.
2) TILA law violations - TILA is the Truth In Lending Act check the link for laws and compare to your documents. You may want to pay for a forensic audit. If you need an audit email me alrady40@yahoo.com and I can refer you to reliable auditor. Did you know that if your loan closed less than 3 years ago you can rescind your loan fairly easily?????? A sister law to this is FDCA, Fair Debt Collections Act.
3) Amounts owing are in error or do not add up. A difference of just 65 bucks makes a HUGE difference and is a red flag to challenge the loan.
4) HOEPA I just recently learned about is that loans under 150,000 or interest rates of 8% or more, or points and fees in excess of $583 are red flags. This can be in violation of HOEPA,Home Ownership and Equity Protection Act. Many self employed people were given higher interest rates. We had a high rate but it did not qualify. FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.
DO You Need Help Reading Your Documents?
If you want a forensic audit you can have one done free through NACA.com. I have not used them and cannot vouch for how well they perform. I do have a forensic auditor I recommend to those that email me. The cost is reasonable and probably less than you pay for one months mortgage.
Finding fraud can help to fight foreclosure, save your home and give you the ammunition to modify that loan to benefit you and not the bank.
Saturday, May 15, 2010
Housing Bubble - MORE Foreclosures Coming
Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications
May 11th, 2010
Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in the foreclosure process.
To put it bluntly, the U.S. housing market today is in deep water. Nothing exemplifies the transfer of risk to the public from the private investment banks more than the deep losses at Fannie Mae and Freddie Mac. Fannie Mae announced a stunning first quarter loss of $13.1 billion while Freddie Mac lost $8 billion. At the same time, toxic mortgage superstar JP Morgan Chase announced a $3.3 billion profit for Q1. This reversal of fortunes has been orchestrated perfectly by Wall Street. Since the toxic assets were never marked to market, the big losses have been funneled to the big GSEs (and as we will show in this article, now makes up 96.5 percent of the entire mortgage market). In other words, banks are making profits gambling on Wall Street while pushing out mortgages that are completely backed by the government.
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