The latest example of bad information on reverse mortgages is by Lisa Prevost, The New York Times, who promises to present “realities of reverse mortgages.” And then doesn't.... (Continue reading)
Ron Lieber has had years to learn about reverse mortgages, so unless we’re dealing with some sort of learning disability here there's no excuse for him writing this kind of article.... (Continue reading)
Type “extreme sports” into YouTube’s search bar today and you may not even believe what you see. There’s no question that extreme sports have gotten way more extreme than they’ve ever been in the past. In fact, some of what... (Continue reading)
Do you think you already know enough about reverse mortgages? Well, I promise... you don't. Listen to this and learn things you can't learn anywhere else. ... (Continue reading)
RealtyTrac has been telling the country about housing recovery and that there’s no bad time to buy a home… now they sound a lot like Mandelman Matters.... (Continue reading)
Congress recognized the important role that reverse mortgages play so in HERA they offered greater protections and increased utility to homeowners.... (Continue reading)
“I heard they cost $112,000.” I’m dumbfounded at how many talk about a reverse mortgage without mentioning that they don’t know what they’re talking about. ... (Continue reading)
The Fed has unquestionably made it clear that quantitative easing is coming in for a landing, so get ready everyone. Buckle your seat belts because we’re going to experience some turmoil ahead.... (Continue reading)
Tweet  It’s utterly amazing how this country has managed to adopt such a warped view of reverse mortgages. Somehow, we’ve managed to take a government insured mortgage that doesn’t require monthly payments and turn it into a bad thing.... (Continue reading)
What’s the worst case for Mr. Linza at this point? His loan was around $240,000 plus the arrearages, which I suppose could amount to six figures… but still. He can’t be more than $158,000 behind, right? So, assuming that’s true,... (Continue reading)
Is it even possible to be financially prepared for thirty years of living without getting a paycheck from work? The answer is simple: INCOME. And even without savings it can be done.... (Continue reading)
FHFA director Mel Watt, not ironically speaking while in Las Vegas, offered government’s desperate response to help housing… the only thing they can think of to do at this point. ... (Continue reading)
We have 97 billionaires, each with over $5 billion. After this generation is gone, that number will likely double. We creating aristocracies. Inequality USA.... (Continue reading)
Latest GAO Report once again has recommended that Treasury improve its capability to track and analyze data related to HAMP loan modifications. Again and again.... (Continue reading)
We have to take steps to put an end to foreclosures caused by the meltdown… not slow them down with another bandage, but actually make a commitment to stop the bleeding. We have to come to realize what’s still happening... (Continue reading)
What compelled me to write after reading the Origination News article was that it told a story that I’ve longed to read for a long time… finally, the mortgage industry was taking over my job these last six years, by... (Continue reading)
If you’re over 62, you have to ask yourself what you’d do in the event your income dropped or your expenses rose unexpectedly? You could tap your savings, but that's not something you want to do because spending your nest... (Continue reading)
Okay, Ben you blew it on reverse mortgages, but I feel certain that you’ll try very hard not to let it happen again. It’s important, because if you get it wrong, you might end up writing something that ends... (Continue reading)
MIFR and Group Trust are clearly scamming homeowners, and should be shut down. And what CFLA’s website claims about their people and their audits, and what can be found out about their performance in the real world are as... (Continue reading)
I really want to know how you're feeling and what you're thinking. If you wouldn't mind taking a few minutes to answer these 12 questions, it would really help me understand what's going on out there. And I'd... (Continue reading)
Tweet According to a new report from Harvard University’s Joint Center for Housing Studies, as of 2010, “40 percent of households 65 and up were still paying a mortgage.” In 1992, according to the report, there were only about 18 percent... (Continue reading)
Do you qualify for a HAMP loan modification? It’s worth noting that prior to 2008, I would have to say that the question of qualifying for a loan modification had never been asked of anyone, because for all intents... (Continue reading)
More and more Americans are finding retirement more of an impossible dream than an American one. Baby boomers are delaying retirement or working through it, and most are woefully short of the amounts they'd need to retire. But... (Continue reading)
Reverse mortgages can help us deal with the Black Swan event we’re most familiar with today... the meltdown in home prices that began in 2007 and left tens of millions of American homeowners “underwater,” or in other words, owing more... (Continue reading)
Or, let’s be honest about this… a more accurate way to describe what happened here, would be to say that the Robinsons didn’t want to notify MERS, because they wanted the default judgment that was likely to result from only... (Continue reading)
Frankly, I’m both tired of being proven right and shocked that it hasn't happened sooner and by someone with even more intellectual prominence. Derwood Blomquist just assured the nation that the foreclosure crisis was… what were the exact words... (Continue reading)
Reverse mortgages are an extremely important financial tool for millions of Americans... and more and more every day. When Dave Ramsey writes about them, he needs to be accurate... and he's not. And that's a problem. ... (Continue reading)
Professor Johnson was actually primarily motivated to study and write about reverse mortgages by the the media's horribly slanted and generally inaccurate coverage of reverse mortgages, and he shares some examples that will make you cringe. A GREAT INTERVIEW FOR... (Continue reading)
Here are my 12 RULES for Contacting Servicers... Getting your loan modified is easier today than its ever been… that’s a fact. But coming to the table with the baggage of whatever happened last time will only increase the... (Continue reading)
If you’ve been reading what I’ve been writing about reverse mortgages over this past year, it should be becoming clear that they are incredibly flexible and can be used for many purposes… from protecting a home from foreclosure in the... (Continue reading)
It’s been six years since this crisis began, and it’s shocking how far we haven’t come as far as loan modifications are concerned. But, at this point it’s not the servicers that are causing most of the problems… it’s... (Continue reading)
Now, you tell me… why doesn’t every single Realtor in the country know about this older-buyer assistance program from HUD? I know it’s relatively new… since 2009… but that’s still five years ago. How long should it take... (Continue reading)
I just want to point out that California homeowners should not be in any sort of hurry to follow in the footsteps of Robinson v. MERS. While I understand why many homeowners would describe this case in positive terms…... (Continue reading)
Now, I’m not saying that anyone should have known about any of this. The fact is that his article, and others I’ve written in the recent past, appear to be the first in the country to propose switching to... (Continue reading)
So, the mortgage industry has seen originations fall in a single year by 60-70 percent, but the housing markets are okay, in fact they’re recovering all around us every day, and prices are up. ... (Continue reading)
In fact, by doing it with a HECM mortgage, you increase your chances of being able to leave your home to your kids free and clear because you’ve eliminated the risk that you’ll end up in foreclosure because you couldn't... (Continue reading)
And reverse mortgages keep homes safe from foreclosure, and millions of seniors have lost homes from foreclosure over the last five years. Many were denied loan modifications because they had equity in their homes. I can’t help but... (Continue reading)
The real danger of mass joinder lawsuit scams is that the homeowners wouldn’t find out for several years that they’d been scammed, when finally a court dismissed their suits, and they were harder for authorities to police and shut down... (Continue reading)
But, make no mistake about it… that evening back in the late 60’s… Mom let him live. She let him off with a song about a Kenmore dishwasher from Sears… a song that sounded a lot like “Home on... (Continue reading)
If you switch your traditional mortgage to a reverse mortgage and you miss a payment, no one cares… if you miss three payments, no one cares… want to take the whole year off and make no mortgage payments… perfectly fine…... (Continue reading)
I know what sorts of headlines run rampant through the media these days. It’s nothing new… it’s been going on non-stop since at least 2008. It’s also utter and complete nonsense.... (Continue reading)
Having saved $2 million in your retirement nest egg is a wonderful accomplishment, and if you’ve done so, you are to be commended. But, it does not mean that you have nothing to worry about when facing what could... (Continue reading)
If a company was misinforming seniors about reverse mortgages with deceptive advertising in order to sell them on reverse mortgages, everyone would be disgusted and demand that it stop. So, why would anyone be any less outraged with U.S.... (Continue reading)
This is not the first decision that punished a servicer for mistreating a homeowner in the loan modification process, in fact this past year there have been a dozen or more around the country. I think it's safe to... (Continue reading)
The last thing I wanted to do, however, was write about the decision as being some sort of major victory for homeowners, only to find out that the decision was overturned on appeal next year, because frankly...... (Continue reading)
The homeowner below who wrote to me a couple of days ago to thank me for helping her get her Bank of America/SPS loan modified, is one of the homeowners that I hope I know forever. Because Margaret Saizan... (Continue reading)
Okay, so I decided that I would do it… I’d bring up the topic of the ongoing foreclosure crisis. These were my peeps and it’s not like I don’t know a thing or two about the subject matter… maybe... (Continue reading)
Thank you Martin in helping us to secure a favorable home loan modification with Bank of America by qualifying our intentions, commitment and ability to meet the new loan obligations as well as assist us to elevate our application to... (Continue reading)
The NYS MAP program will be available in Long Island only starting on September 15th, and elsewhere in the State of New York as of October 15th. Loans made under the program can, among other things, be used to... (Continue reading)
Doesn’t anyone think it’s bad form to misinform senior citizens… to scare older Americans away from a source of money that could easily be a couple hundred thousand dollars or more by feeding them inaccurate and misleading garbage disguised as... (Continue reading)
However, as it turns out, Newark’s housing market isn’t in the worst shape of any U.S. city. To visit the city with that distinction, you need to head north from Newark about 125 miles… and when you get to... (Continue reading)
How would you like to find out that no one had told you that you had easy access to several hundred thousand dollars, and so not knowing, you made other plans that you didn’t want to make and wouldn’t have... (Continue reading)
The program would allow homeowners trapped in certain type of mortgage, known as a Private Label Security or PLS Loans, to voluntarily participate in a program where the City purchases these mortgages from investors and repackages them at terms homeowners... (Continue reading)
Can we connect these dots? Housing market takes a dive, consumer spending craters causing retail earnings to collapse, with underlying employment numbers somewhere south of ghastly.... (Continue reading)
All they wanted to do was save their home, which seemed to me to be a reasonable thing for them to want since there was no question that they had enough income to make their mortgage payment. They never... (Continue reading)
In other words, the housing market hasn’t recovered, and won’t recover because it can’t recover until the underlying fundamentals change, and that won’t happen for a long, long time. It certainly won’t happen as long as we refuse to... (Continue reading)
So, if you take the property legally, you cannot use FHA… but if you foreclose illegally and sell it to a bona fide third party, that buyer certainly can use FHA. And if that makes any sense whatsoever to... (Continue reading)
So, why does Cordray make it sound like he’s describing a problem with reverse mortgages when he’s actually not? Why is he scaring seniors away from a reverse mortgage, when it could transform their lives, or save their homes,... (Continue reading)
I can’t help but wonder how many seniors have made less favorable decisions as a result of biased and wholly inaccurate reporting on reverse mortgages, but it’s impossible for me to believe that it’s not quite a few. How... (Continue reading)
All we ever wanted was a fixed loan. Between Martin and Nathan Fransen's time and dedication to my family we received a loan modification. The part that to this day will bring tears to my eyes is... (Continue reading)
We need programs that stop foreclosures and provide reasonable resolutions for borrowers faster than one at a time. I don’t want to see another optimistic forecast, like the ones I’ve been shown every single year since the crisis began,... (Continue reading)
If you’ve seen one article about the “risks" or "perils" or "nightmares," associated with reverse mortgages, you’ve quite literally seen them all. It feels almost like one writer started a chain letter on the subject, and the rest of... (Continue reading)
I’m constantly amazed at the negative press and misconceptions surrounding reverse mortgages, because the bottom-line is they are an absolutely wonderful product that almost everyone over 62 years old should have, and yet in a year of talking to seniors... (Continue reading)
So, I went to visit Richmond, California, so I could see what the town looked like, and to sit and talk face to face with the CEO of Mortgage Resolution Partners. Join me below and I'll take you on... (Continue reading)
So, if Wells Fargo was now willing to allow Arthur to sell the home he’d built and lived in since 1988 for $375,000… why not sell the home to Arthur for $375,000, and Arthur would use a reverse mortgage for... (Continue reading)
The thing is that no one wants to think that the horror show we’ve all witnessed these last five years hasn’t been part of a nefarious plot to steal homes and take over the world somehow. That would at... (Continue reading)
Steven Gluckstern is the Executive Chairman of Mortgage Resolution Partners ("MRP"), the company that has been advising cities and municipalities all over the country, and most notably Richmond, California, in their use of eminent domain to take over underwater loans... (Continue reading)
If Professor Robert Hockett is the man behind the plan to use eminent domain to take over underwater loans and write them down for homeowners, Tom Deutsch is his arch nemesis. This is an opportunity to hear how the... (Continue reading)
ObamaCare's out of pocket maximums established by the IRS for 2014 are $6,350 for an individual and $12,700 for a family… so that means that we’ll all pay coinsurance, copays and deductibles up to those out-of-pocket limit amounts… $6350 for... (Continue reading)
It was an honor to help Arlie Matthews get his loan modified with Bank of America. At the times when I sit and wonder why I've done what I've done, and how I can possibly continue doing it for... (Continue reading)
I was not involved in her foreclosure battle. She wrote to me because she wanted to tell other homeowners what she came to discover about Mandelman Matters after going through the same sort of journey that far to many... (Continue reading)
The reverse mortgage is the only vehicle that allows the flexibility of repayment terms that includes no repayment at all until after the death of the second spouse. There’s nothing else like the HECM reverse mortgage... we should all... (Continue reading)
Tweet When it comes to legal theories related to foreclosure, Neil Garfield’s Living Lies Blog would have to be considered nothing short of jam packed. An attorney, now practicing law in Florida, his ideas about foreclosure defense could be... (Continue reading)
I’m actually relieved that the White House knows about the millions of delinquencies, underwater and effectively underwater loans… that sales have been “slowing” since last July, but slowing even more so since the first of the year. I’m so... (Continue reading)
I asked Craig to be my guest on this Mandelman Matters Podcast not only because he knows everything about ObamaCare, but because he is exceptionally good at explaining complicated subjects, and with decades of experience in health care benefit plans,... (Continue reading)
HousingWire posted Tom's response to Chris' piece, Chris responded with another post on HousingWire... then Tom came back with a post on Naked Capitalism, with commentary by Yves, and somewhere in there Adam Levitin responded too. Lord only knows... (Continue reading)
Tweet So, here’s how my day went today… It started with Christopher Whalen quoting me in his article on HousingWire. Chris had told me yesterday that he was planning on quoting me in an article, but I didn’t know... (Continue reading)
Using a Zestimate to determine a home’s value is almost like trying to make your mortgage payment using Monopoly money. And yet, homeowners and others involved in loan modifications from around the country have confirmed being told by Chase,... (Continue reading)
While demand for mortgages and homes has declined, in the years ahead the demand for credit restoration services is expected to be one of the fastest growing industries in the country. And I can’t think of a better way... (Continue reading)
Call reluctance isn’t some psychological problem that you can cure by talking to yourself or by being coached to pick up the phone within 30 minutes. You know why you’re not calling your prospects… it’s because you have nothing... (Continue reading)
Dayen’s article is still an outstanding piece of work that I very much appreciated. It saved me from having to read Smith’s final report, and he wrote it in such a way that I think it represents the perfect... (Continue reading)
Today was a BIG day for Frank and Brian over at the National Real Estate Post... they have officially proclaimed that the mortgage lending industry HAS CHANGED. Not IS changing, but HAS changed... they were shocked, by the way.... (Continue reading)
The man who wrote the plan to use eminent domain to take over underwater loans and write them down for homeowners that started in Richmond in earnest, but is now being considered in one form or another by something... (Continue reading)
HAMP modifications are about to start seeing rates reset higher, and Treasury says more foreclosures will be the result. ... (Continue reading)
Rush Limbaugh has admitted that Republicans won't work with Obama because he's black. Remember when Barack Obama was running against Hillary Clinton for president in 2008? So, remember the question that was on everyone’s mind in 2008? ... (Continue reading)
How about if we start a contest? I’d love to promote the, “Sell your home at the Zillow price and win your mortgage payments for a year” contest. It’s not like we’d need any money to do it…... (Continue reading)
Unfortunately, as so many homeowners have learned the hard way, it’s not easy to figure out what’s right and what’s not about your loan modification application, and so many homeowners fail when they could have succeeded had they known what... (Continue reading)
Is the use of eminent domain to take over underwater loans and write them down for homeowners unconstitutional? Will the financial services industry tie up the plan to use eminent domain in the courts for years? Find out... (Continue reading)
There should be no question in anyone’s mind that because our housing markets have not recovered neither has our economy. It’s not that we need jobs to improve the housing markets, it’s that we need to fix housing in... (Continue reading)
Do the math and it’s easy to conclude that the number of homeowners unable or unwilling to move is high. If 30 percent are actually underwater, after adding sales commissions, moving expenses, and the need for a 20 percent... (Continue reading)
I see loans get modified every day, and the people I see haven’t paid anyone for anything, or if they did, it was hundreds, not thousands of dollars. At the same time, I’ve seen people who absolutely needed someone... (Continue reading)
During the past 12 months, the rights to service millions of home loans have been shifted from large banks like Bank of America, Wells Fargo, Citigroup and Chase to specialty loan servicers like Ocwen Home Loan Servicing, Nationstar and SPS,... (Continue reading)
On any given day, the numbers of contradictory headlines about housing markets and foreclosures are enough to present a serious health risk to anyone reading them. ... (Continue reading)
And I have to admit that when I received the letter below, it brought a few tears to my eyes... and felt really good to know I had been able to help, but the credit really belongs to JPMorgan Chase... (Continue reading)
It’s remarkable, if you think about it, how many people are supposedly trying to pay off your underwater mortgage once you’ve stopped making your mortgage payments. It’s like there’s a rush to pay off your mortgage once you default on... (Continue reading)
A large part of this protracted recession it said is due to households trying to reduce their debt levels, which in turn leads to less spending in the economy, driving the recession deeper and further.... (Continue reading)
So, if you add it all up, there's only one way that U.S. housing markets are recovering… Magical thinking!... (Continue reading)
Now there are scammers masquerading as banks, offering FAKE LOAN MODIFICATIONS... and if that weren't bad enough, the fake mods require homeowners to pay thousands of dollars for nothing.... (Continue reading)
Once a mortgage is underwater… should you get hit with a life event such as a divorce, illness, injury, job loss or income reduction… you can’t sell your home… and you can’t borrow against it to help you get through... (Continue reading)
Eminent domain means taking over underwater loans and writing them down for homeowners. Professor Robert Hockett authored the plan, and is consulting with cities all over the country now considering using eminent domain to save their cities from becoming...... (Continue reading)