No, the FDIC is NOT paying OneWest a bonus if they avoid loan modification. Despite the allegations of a recently circulated internet video, the FDIC agreement with OneWest Bank does not provide a financial incentive to encourage short sale rather than the modification of delinquent home loans. In fact, OneWest Bank is contractually required to [...]
Foreclosure Rescue Scams
If your property goes into foreclosure, you will find your mailbox (and sometimes even your phone, e-mail, and front oor) full of offers to “help” you. You may wonder how they know to contact you. The answer is simple–they data-mine the court files or any other public record created when a foreclosure is begun. You [...]
It seems that every time you turn on the radio or television in Southwest Florida, all you hear is a new advertisement from a mortgage modification company and how many modifications are getting done and how good the banks are doing at saving homes. If you call the latest scam company, they can help you [...]
How many times have you heard, “If it sounds too good to be true, it probably is”? With the push to save homes through mortgage modification, more companies are promising results that they cannot deliver. Twice in this last week, I have had potential clients come to me looking for help with mortgage modifications. Each [...]
Where are the 100,000 homes with modified mortgages that Bank of America is boasting of helping? The homeowners aren’t in Florida, Texas, California, Oregon, Maryland, Kansas, Missouri….could it be that the 100,000 homes just don’t exist? That BOA is counting phone calls as a successful modification? Consumer attorneys across the country are speaking out and reproving the mortgage companies as one after another, modifications are denied for their clients.
Short sales in Southwest Florida, especially Lehigh Acres, Cape Coral and Fort Myers are nothing new. We have been living with this problem for a while. The new trend is for buyers to put in multiple offers on different properties creating a kind of buying frenzy. This behavior may have been brought on by the [...]
