Bank of America Makes Major Loan Modification Changes; The “Nationstar Experience”

After recent allegations by former employees and whistleblowers regarding serious loan modification abuses by Bank of America, it appears substantial changes have been made.  Most notably, a huge portion of Bank of America’s loan portfolio has been transferred to Nationstar.  Bank of America and Nationstar were most likely working on the deal to transfer loans […]

Streamlined Modification Initiative

California Real Estate

Struggling borrowers should be on the look-out for relief in the mail.  Under the new Streamlined Modification Initiative offered through the Federal Housing Finance Agency, mortgage servicers must (you read that correctly MUST)  now offer borrowers who are 3 to 24 months delinquent a plan to help avoid foreclosure….a little vague, but we’ll take it. […]

Stopping Foreclosure in California

Most homeowners believe the reason they’re behind on mortgage payments is important to their lender, but it is not.  Stopping foreclosure in California really has very little to do with why the homeowner stopped making payments.  It is much more about exercising legal rights, and working within the lenders guidelines to get the sale date […]

Bank of America Former Employees Speak Out

Although we had assumed this was this case, we had hoped it was not true. This week our fears were confirmed. Six former employees of Bank of America spoke out about the financial incentives they had received for delaying and denying modifications for homeowners. “We were told to lie to customers,” said Simone Gordon, who […]

Lending Institutions Getting More Rigid with Loan Qualifications

As regulators crack down on shady lending practices, banks and lending institutions are getting more and more rigid with loan qualifications. In fact, a recent New York Times article detailed one retiree’s struggle to obtain a mortgage even with excellent credit history and healthy retirement and brokerage accounts. In addition to demands for the usual […]

Attorney Kamala Harris

Last week, Attorney General Kamala Harris, who has fought for California homeowners and against big banks, was named one of the 100 most influential people in the world by TIME Magazine. Harris is 48 years old and is the first female, the first African American, and the first South Asian to ever be elected as […]