LoanModifications
The Obama administration is revamping a program that's designed to let more homeowners refinance their mortgages even if they don't have any equity. This isn't a new program, but instead attempts to turbo-charge an existing federal initiative called the Home Affordable Refinance Program. Here's a look at some frequently asked questions.
Nonprofit launches loan modification scam campaign
3:15PM 2/18/2010
Real Estate, Economy, Refinancing, Real Estate, Family Money
NeighborWorks, a national nonprofit created by Congress in 1974, has launched a campaign that is loan modification scam central: tips on how to spot scams, numbers to call if you suspect you are being scammed and poignant vignettes of people who have been scammed.
The timing for a national...
Investigation reveals banks illegally denied loan modifications
8:00AM 2/05/2010
An investigation by the nonprofit journalism operation, ProPublica, raises intriguing questions about reasons desperate homeowners are being turned away for the very government program aimed at helping them.
Some of the problems ProPublica uncovered echo complaints WalletPop heard when we wrote...
Every once in awhile -- and by every once in awhile I mean daily -- you come across a study that is so obvious in its conclusions that it's actually appalling that it made headlines.Friday's Wall Street Journal headlines says it all (subscription required): "Cutting financially troubled borrowers'...
Loan modification bureaucracy paves path for scammers
6:00PM 3/09/2009
Consumer fraud expert Bob Sullivan recently wrote about his efforts to help a woman who emailed him avoid getting scammed by one of the many "send us a check and we'll help you work with your lender to modify your loan" outfits that are popping up. He advised the lady to save her $3,000 and go with...
The banks are halting foreclosures, and some people across the country are sighing with relief. I know how they feel. Back in 2007, I was one of them.If you haven't heard the news, on Friday the 13th, a lot of unlucky people received some lucky news. Two of the country's biggest banks, J.P. Morgan...
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