Saturday 18th May
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It’s a Matter of Principal – HAMP’s New PRA
Written on 6 Aug, 2010 at 7:31
And NPV 4.0 is what drives the PRA, which is a “deferred principal reduction program” that allows the homeowner to earn a principal reduction over a three-year timeframe by making all payments in accordance with the loan’s modified terms. According... (Continue reading)
Greenspan Says Housing is Nowhere Near Bottom
Written on 26 Jul, 2010 at 22:13
It's amazing how different it is when you're the Chairman of the Federal Reserve, as opposed to being the retired Chairman of the Federal Reserve. ... (Continue reading)
I Think It’s Now Safe for Me to Speak Out About Loan Modifications and the Secret NPV
Written on 24 Jul, 2010 at 9:51
I’ve been waiting for this day for almost a year. The day I could stop beating around the bush and come right out and talk about the “secret” NPV and loan modifications. Because I’ve known about the “secret”... (Continue reading)
California Court Rules: MERS Can’t Foreclose, Citibank Can’t Collect
Written on 16 Jul, 2010 at 3:39
This decision means that if a foreclosing party in California, that is not the original lender, claims that payment is due under the note, and that they have the right to foreclose on the basis of a MERS assignment, they’re... (Continue reading)
15 Texas Homeowners Sue Bank of America for Abusive Practices – Don’t Mess With Texas
Written on 12 Jul, 2010 at 4:02
RESPA is a federal statute so I would think that this sort of thing could be happening all over the place… like in all 50 states. And it’s also worth mentioning that what Bank of America is accused of... (Continue reading)
MANDELMAN’S MONTHLY MUSELETTER – VERSION 8.0
Written on 30 Jun, 2010 at 9:05
This month in Mandelman's Monthly Museletter: 1. Oregon Woman Accuses Vice President Al Gore of Sexual Misconduct in 2006. 2. Fear Deflation, Pray for Inflation. 3. The latest from Nobel Prize Winning Economist, Paul Krugman. 4. HAMP's UP Program... (Continue reading)
HAMP. IT’S A REAL CLASS ACTion
Written on 14 Jun, 2010 at 23:03
Yes, you read that right. NCLC, et al, are suing the banks over the travesty that is HAMP. We’ve all been waiting for this day for a long time now, and it finally arrived. So, don’t rush... (Continue reading)
Court Rules Private Right of Action Exists for Violations of CA Civil Code 2923.5 – Homeowners Can Now File Suit Against Lenders
Written on 11 Jun, 2010 at 7:00
The thing about this court decision is that, even if I think the law itself is marginal at best in what it offers, there is now a “private cause of action” attached to it. And that means that homeowners... (Continue reading)
Homeowner tells Mandelman Matters of SCOVIS LAW GROUP, and I am DISGUSTED
Written on 7 Jun, 2010 at 10:03
Hey, McDevitt… you have no idea what you’re talking about most of the time, do you. Expert? Published author? As seen on television? What were you on T.V. for… oh yeah… were you one of the... (Continue reading)
ABA and More Than a Dozen State Bars Ask Congress for Lawyer Exemption on Loan Modification Rule
Written on 4 Jun, 2010 at 7:03
“A growing list of more than a dozen state bars and the ABA have asked for changes in congressional legislation aimed at protecting consumers from financial fraud because it contains language so broad that the everyday work of lawyers in... (Continue reading)
The Article that Started it All: Pigs, Puppets and People in Peril
Written on 4 Jun, 2010 at 4:50
Here it is... the first article I ever wrote for The Niche report magazine. Click the linked title below: Pigs, Puppets & People in Peril. Seems like soooo long ago... ... (Continue reading)
Every Time a Judge Cancels a Mortgage a Homeowner Gets His or Her Wings
Written on 26 May, 2010 at 2:45
Judge Bailey also reprimanded Huffman: “Some day, this foreclosure crisis is going to be over, and you need to decide what kind of lawyer you are going to be. Because at the end of the day, you are responsible... (Continue reading)
INTRODUCING: Freddie Mac’s New HAMP Backup Modification Plan
Written on 21 May, 2010 at 1:19
So, it would seem that the HAMP Backup Modification is an option for homeowners who were in a HAMP trial modification based on having stated their income, but then were turned down because they lacked documentation or failed other underwriting... (Continue reading)
Here We Go… It’s HAMP Confusion Day
Written on 19 May, 2010 at 7:08
The real estate industry is positively pathetic in their apparent willingness to simultaneously all agree that the emperor’s clothes are entirely magnificent. And the real estate industry’s reporting today includes the performance numbers related to the foreclosure crisis and loan... (Continue reading)
What Others Have Written About the NPV Test You Need to Pass to Get a HAMP Loan Modification
Written on 16 May, 2010 at 6:17
Last week, which was about a week after he had sent his REST Report to his lender, he received a response from his servicer... and they were offering him a loan modification in line with one of the alternative strategies... (Continue reading)
My Year in A-Trance: What I’ve Learned About Loan Modifications
Written on 4 May, 2010 at 1:50
Why the banking lobby starts to look downright puny next to millions of American homeowners all shouting at the same time… “Congress better take note! We intend to use our VOTE!” Yep, after that the foreclosure crisis would... (Continue reading)
MANDELMAN’S MONTHLY MUSELETTER VERSION 7.0
Written on 13 Apr, 2010 at 7:57
1. Wells Fargo - Out of frying pan into fire. 2. Nicholas Cage Looses Home to Foreclosure and No One Bids at Auction. 3.Arizona Homeowners at Meeting on Stopping the Foreclosure. 5. Two Women Sentenced for Scamming... (Continue reading)
HAMP’s New Enhancements are Stupid and I’m Getting Tired of Stupid
Written on 10 Apr, 2010 at 20:43
They did it again, damn it. The Harvard contingent that’s packed in like sardines in this administration once again demonstrated that they have no idea what they’re doing when it comes to the foreclosure crisis.... (Continue reading)
The secret NPV formula used to qualify for HAMP loan modifications that no one is allowed to know. Transparency at it’s finest.
Written on 7 Apr, 2010 at 5:12
If your report says you don’t qualify for HAMP, then you won’t have to go down a path that requires you to make months of trial payments only to find your home in foreclosure anyway. At least you’ll know... (Continue reading)
What We All Should Have Learned by Now About Loan Modifications
Written on 7 Apr, 2010 at 4:33
Okay class... if you've been keeping up with your reading assignments, then the following should be no problem for you to keep up with... but it also may cause motion sickness.... (Continue reading)
Obama Administration to Announce Expansion of HAMP – Principal Reductions and Help for Unemployed
Written on 25 Mar, 2010 at 20:33
On Friday, the White House is expected to announce an expansion of the president’s Making Home Affordable loan modification program to include reducing the mortgage loan balances for some homeowners, and providing additional temporary assistance to unemployed homeowners. ... (Continue reading)
After One Year, Obama Plan to Help Modify Second Mortgages Modifies NONE… Nada, Ziperino!
Written on 25 Mar, 2010 at 6:17
The plan was announced last April. Treasury released guidelines in August. And five weeks ago, Bank of America, with three million seconds, signed up. Five weeks ago. Stop it… they’ve been busy.... (Continue reading)
As Pressure Mounts, Bank of America Plans Principal Reductions for Underwater Homeowners
Written on 24 Mar, 2010 at 14:44
Bank of America will offer qualified homeowners an interest-free forbearance of principal that the homeowner can turn into forgiven principal annually over five years, provided they stay current on their mortgage payments. Over the five-year period, homeowner can bring... (Continue reading)
Green Credit & Me
Written on 24 Mar, 2010 at 2:00
If the guys in Sacramento or Washington D.C. think that I view ANYTHING they’ve done to-date as being even remotely competent, let me be oh so clear… I DON’T. As far as I’m concerned, our government is functioning just... (Continue reading)
Fox Business Reports: Leaked Document Shows Obama Considering Changes to HAMP Loan Modification Program
Written on 21 Feb, 2010 at 8:29
Clearly, these proposed rules are being considered, assuming that they are in fact being considered, in response to our nation's lenders' and mortgage servicers' flagrant and total disrespect and disregard for the federal government's Making Home Affordable Program... (Continue reading)
WANTED: One Lawyer Scamming Homeowners
Written on 13 Feb, 2010 at 13:22
After all... It's All the News That Fits, We Print. ... (Continue reading)
SPOTLIGHT ON: The Law Offices of Kenneth E. Gertz
Written on 10 Feb, 2010 at 5:50
I’ve gotten to know Ken well over the last six months and I’ve had the opportunity to see how he works. First of all, Ken takes on a relatively small number of clients each month. He’s no assembly... (Continue reading)
FTC Considering Wrong Approach to Protecting Homeowners in Foreclosure from Loan Modification Scams
Written on 7 Feb, 2010 at 9:14
How long did it take you guys to come up with this dazzling piece of regulatory virtuosity anyway? Don’t tell me this wasn’t the first idea that came up at meeting one, because there’s no way I’m buying. ... (Continue reading)
MANDELMAN’S MONTHLY MUSELETTER ISSUE 6.0
Written on 3 Feb, 2010 at 15:54
1. Obama Administration touts success with housing. 2. Quotes about Goldman Sachs. 3. HAMP Waiver 4. FHA is Going Down 5. Florida Bankers Draft Legislation... (Continue reading)
ONCE AND FOR ALL, THE ANSWER IS YES. Water is wet, the sky is blue, and you need a lawyer… Period.
Written on 31 Jan, 2010 at 22:02
So, when an attorney fails to get a bank to agree that it would make more sense to modify a loan… when it would, by the way… and the bank forecloses anyway… let’s blame the people that are actually to... (Continue reading)
BREAKING NEWS: Treasury Announces Much-Awaited Major Improvements to HAMP Loan Modifications
Written on 28 Jan, 2010 at 23:15
Recognizing that the Making Home Affordable and HAMP loan modification plan are ridiculous failures, President Obama and Secretary Geithner worked tirelessly and today announced how they've fixed the problems.... (Continue reading)
Journalists on Crack: Are Lawyers Turning to Crime in Tough Times?
Written on 25 Jan, 2010 at 6:35
Oh for Christ’s sake Miller, don’t you have anything better to do than to scare people out of hiring a lawyer when at risk of losing their home? Because that’s all this kind of crap is accomplishing, don’t you... (Continue reading)
Today’s Weather in India – Low 80s, Not a Cloud in the Sky.
Written on 25 Jan, 2010 at 3:00
So, I bet you’re wondering how this whole thing happened. Funny story… I was actually trying to get my mortgage modified and since President Obama announced that there was now a fabulous government help-line phone number I could call,... (Continue reading)
OC Lawyer Arrested for Defrauding 400 Homeowners with Promises of Loan Modifications – DA Presses Criminal Charges
Written on 22 Jan, 2010 at 21:30
awyers that “scam” people harm their victims, harm the profession, and harm our nation. They scare homeowners from seeking legitimate representation. We are entering a period in which we as homeowners, will need to depend on lawyers to... (Continue reading)
Look What Alan Zibel of Associated Press Finally Figured Out
Written on 18 Jan, 2010 at 12:41
Alan, what are you babbling about… a recovery in the housing market last summer? Are you a crack smoker, Alan? I’m so sick of this kind of propaganda being espoused by know-nothing journalists that it’s making me physically... (Continue reading)
CNBC’s Diana Olick’s Husband is More Than Just a Little Scared Tonight…
Written on 8 Jan, 2010 at 5:31
The idea behind principal reductions is to prevent the United States banking system from imploding, and to prevent the deflationary spiral we’ve been in for the last two years from becoming a full scale depression from which we are unlikely... (Continue reading)
Treasury Buys More Time for HAMP Modifications… I’m Not Surprised
Written on 24 Dec, 2009 at 16:51
In other words, unless you applied for a loan modification related to an apartment building or something like that, you can’t be cancelled before the end of January.... (Continue reading)
Mortgages Over $1 Million Now Defaulting at TWICE the National Average
Written on 18 Dec, 2009 at 19:08
Those words hold true whether you’re living in a three bedroom, two baths in Stockton, or a 7,500 square foot palace overlooking the ocean in Newport Beach. In fact, Bloomberg reported yesterday that mortgages over $1 million are now... (Continue reading)
Spotlight On: Mark Zanides, Attorney at Law
Written on 7 Dec, 2009 at 3:46
Tweet Mark Zanides Attorney at Law Attorney Mark Zanides is the managing partner of a firm he started to help other lawyers process and negotiate loan modification agreements with lenders and servicers. He also takes on some number of clients... (Continue reading)
Making Home Affordable Program: Treasury Finally Admits IT’S A DUD!
Written on 6 Dec, 2009 at 8:27
As a nation, we don’t want to modify mortgages for the benefit of those in foreclosure, we need to modify mortgages for the benefit of those not yet in foreclosure. Or in other words, don’t modify my neighbor’s mortgage... (Continue reading)
THE JURY IS IN: Obama’s Foreclosure Program Run by Morons… and Trial Modifications are the Biggest Loan Mod Scam Ever
Written on 3 Dec, 2009 at 19:11
I don’t know about you, but 1700 out of 650,000 makes me want to believe that the 1700 were mistakes that slipped through. It makes more sense to think that the HAMP program was designed to create foreclosures… and... (Continue reading)
Loan Modifications: Obama’s Part of Problem, Not Solution
Written on 29 Nov, 2009 at 6:53
President Obama… we haven’t heard from you on the housing and foreclosure crisis since last spring when you gave a speech to adoring and cheering crowds. You set their expectations way above what your program delivers, your administration has... (Continue reading)
Speech By Asst. Treasury Sec. Barr on President’s Plan to Strengthen Housing Sector… with commentary by Mandelman
Written on 29 Nov, 2009 at 0:52
Barr’s predominantly an academic. He taught at the University of Michigan Law School, was a Senior Fellow at the Center for American Progress and at the Brookings Institute, and it looks like he’s co-written a couple of books with... (Continue reading)
Why Banks Are Better at Making Loans Than Modifying Them
Written on 26 Nov, 2009 at 4:51
I thanked my new present value oriented friend and hung up. Next I would need to find a homeowner whose loan had been modified directly by the bank as a result of their request. This wasn't easy. Lots of refinancing,... (Continue reading)
JUDGING INDYMAC – New York Supreme Court Judge Finds IndyMac’s behavior “repugnant, shocking, repulsive and completely devoid of good faith”.
Written on 24 Nov, 2009 at 12:52
IndyMac/One West Bank… Mortifying abuse… completely devoid of good faith… harsh, repugnant, shocking and repulsive. Bravo, Judge Spinner… Bravo! When I read it for the first time, it literally brought tears to my eyes. ... (Continue reading)
We INTERRUPT this FORECLOSURE CRISIS for a COMMERCIAL Message
Written on 14 Nov, 2009 at 22:15
Okay, so does anybody have any questions about what’s going on here? Commercial real estate, a couple of trillion worth, is now circling the drain and soon we’re all going to hear that loud flushing sound we’ve all come... (Continue reading)
MANDELMAN’S MONTHLY MUSELETTER – ISSUE 5.0
Written on 10 Nov, 2009 at 0:47
1. University of Miami Law School says homeowners should hire lawyers if at risk of foreclosure. 2. Is the Great Recession Over in the Headlines? 3. ABC's Bob Weir and Truth. 4. House painting as a career choice. ... (Continue reading)
A Tale of Four Trial Modifications at IndyMac Bank
Written on 3 Nov, 2009 at 0:28
I’m announcing today that I will write and publish every story I receive about a homeowner being jerked around by IndyMac/One West Bank. Every single one. Write to me and I’ll put it out there. ... (Continue reading)
Chris Adams, McClatchy Newspapers, Gets It! Servicers Suck!
Written on 31 Oct, 2009 at 12:59
The motive, he said, was simple: force people into foreclosure as a way to earn higher bonuses. "We would call the customers and ask them what bridge they were going to live under," Ocwen's Ron Davis testified. ... (Continue reading)
Loan Modifications: 500,000 or 1200? All right… ENOUGH is ENOUGH.
Written on 31 Oct, 2009 at 7:29
Of course, I’m no real estate expert, but maybe… just maybe… our government should step in and do something about the crimes being perpetrated by banks and mortgage servicers against homeowners and our nation every day in this country. ... (Continue reading)
BREAKING NEWS! CA STATE BAR PUBLISHES GUIDANCE FOR LAW FIRMS ON SB 94
Written on 30 Oct, 2009 at 18:32
Tweet Wading through ambiguities in language in order to interpret the legislative intent of a new law isn’t easy, but the moral of the story is that it can be done, and thanks to the combined efforts of the attorneys... (Continue reading)
California Bar Journal Runs Ads for Loan Mod Firms? Seriously??
Written on 20 Oct, 2009 at 8:34
So, come to find out that the California Bar Journal is running ads for a company called “Nice Mod,” a DRE licensed company that presumably accepts no money until the client’s mortgage has been modified, paid off in full, and... (Continue reading)
Massachusetts Judge Rules Against Wells Fargo and U.S. Bank – Threatens Millions of Foreclosures
Written on 15 Oct, 2009 at 18:25
The judge also said that fixing the documents after the fact, which is what Wells Fargo and U.S. Bank did in the case he was ruling on, isn’t kosher, and I can’t believe that Wells or U.S. Bank would think... (Continue reading)
Gov. Arnold Rips the California Bar a New One: Refuses to Sign SB 641
Written on 14 Oct, 2009 at 3:05
There’s no question now, but that the Bar is going to have to fix up their own glass house before their going to be allowed to collect dues from their members, and since they’ve been spending so much of their... (Continue reading)
SPOTLIGHT ON LAS VEGAS: Paladin Legal Advocacy Center
Written on 14 Oct, 2009 at 1:46
There are lots of options available to homeowners in financial trouble today, and the most important point, according to both Zach and Rory, is that foreclosure is never the right choice.... (Continue reading)
SPOTLIGHT ON ARIZONA FIRM: Real Estate Consulting Services
Written on 13 Oct, 2009 at 2:02
All in all, I wanted to list REC because I've heard from quite a few people that its become hard to tell who you can trust in the Phoenix area, and when you need a loan modification, the last thing... (Continue reading)
Gov. Schwarzenegger Does the Right Thing: Signs SB 94 and Vetoes AB 764
Written on 12 Oct, 2009 at 18:21
I have to say that I was not originally in favor of SB 94's provisions on advance fees, as I saw the language and what I thought to be the original intent as being harmful to homeowners as I saw... (Continue reading)
Norma Garcia, Consumer Reports Magazine: Stupid is as Stupid Does
Written on 9 Oct, 2009 at 3:27
Does it bother you to realize how much more time you’ve dedicated to caring about who loses three grand, as compared with how much time to spend worrying about who is losing a house at this very minute? Did... (Continue reading)
Mandelman’s Monthly Museletter: Issue 4.0
Written on 2 Oct, 2009 at 5:02
1. A Trial Period Modification is NOT a Modification 2. Mandelman’s Mandates… 3. Bernanke Blathers… 4. A Deflationary Spiral That Dreams of Being a Standstill 5. How’s the President Doing With His Whole Loan Modification Thing? 6. How About a Principal Reduction? Why yes,... (Continue reading)
The California Bar’s Scarlet Lawyer List
Written on 30 Sep, 2009 at 6:50
In the press release issued by the State Bar on Friday, Weiner said that the lawyers listed have “allegedly taken fees for promised services and then failed to perform those services, communicate with their clients or return the unearned fees.”... (Continue reading)
Investor Tired of Servicers Not Modifying Take Action
Written on 22 Sep, 2009 at 16:24
Well, as it turns out, one investor, Impac Funding/Impac Holdings, has run a calculator on this and discovered that you’ve been right all along. They would in fact be better off modifying… but they can’t seem to get servicers... (Continue reading)
The Unbelievable Price Being Paid by the Prices: SLS and US Bank Need to Be Taught Some Manners
Written on 21 Sep, 2009 at 8:13
And just to add further insult to life-threatening injury, Ms. Reed also received an email from the attorney for U.S. Bank. Apparently, US Bank doesn’t even want to see checks. They simply and unequivocally reject any extension to... (Continue reading)
CALPIRG’s Morillas Proves His Ignorance on Loan Modifications
Written on 19 Sep, 2009 at 17:42
Being a modification service is a hard and thankless job, in part because of dolts like you who stand willing to open your mouth and speak about a subject you know absolutely nothing about in the press. It’s unbelievable,... (Continue reading)
Superior Court Judge Says: HAMP Has NO TEETH
Written on 18 Sep, 2009 at 6:07
The NPV formula is also, according to the HAMP guidelines, to be disclosed and transparent… the two things it’s never been close to being, and which, I’ve been told by a very credible source who didn’t want to be identified... (Continue reading)
UNBELIEVABLE BREAKING NEWS: Senior Couple Being Screwed Royally By Mortgage Servicer – Specialized Loan Servicers
Written on 16 Sep, 2009 at 13:56
You can just imagine what happened next. The Prices began calling the servicer asking to speak with the three representatives that had been speaking with over the last several months… the ones that had told them about the waiver... (Continue reading)
Liberal Billionaire George Soros… Major Shareholder in IndyMac/One West Bank
Written on 12 Sep, 2009 at 23:21
They declined to participate. Am I the only one that feels like a 5 year-old just told me he or she wasn’t going to take a bath as requested? Oh really? Get in the damn tub now…... (Continue reading)
Wells Fargo’s Exec Forecloses on $12 Million Malibu Beach House – Then Moves in for Summer Fun. And why not?
Written on 12 Sep, 2009 at 19:59
First of all… I’m sure the house-sitting Wells executive that hosted parties throughout the summer never invited anyone from Wells Fargo… or B of A… or Chase, IndyMac, etcetera, etcetera, etcetera. I’m sure most of the exec’s friends are... (Continue reading)
The Commission on Homeowner Representation Moves Ahead
Written on 8 Sep, 2009 at 1:25
Regardless, the Commission has determined that there is an acceptable way to work under SB 94, AT LEAST UNTIL THE LAW CAN BE CHALLENGED IN THE COURTS. And the thirty-some firms will soon be forty-some and then fifty-some. ... (Continue reading)
Mandelman’s Monthly Museletter Issue #3.0
Written on 7 Sep, 2009 at 3:03
The HOPE NOW people reported a six percent jump in homeowners delinquent by 60-days plus. That means that 3.1 million more Americans are now behind on their mortgage payments, one step closer to losing their homes.... (Continue reading)
Lies and Damn Lies About Getting a Loan Modification
Written on 1 Sep, 2009 at 22:32
Months ago we weren’t sure of many of these things and so you could say just about anything related to the loan mod process and no one could call you on it. Now the jury has come in. Guess you’ll... (Continue reading)
A Bill in California Will Establish That Lawyers Cannot Be Trusted
Written on 30 Aug, 2009 at 3:15
Yet, here in California, the legislature is dangerously close to passing a bill that would establish quite clearly that lawyers… all lawyers… are individuals not to be trusted. And even more so, that attorneys in large number are the... (Continue reading)
A Day in the Life: Four Homeowners
Written on 30 Aug, 2009 at 2:55
It was the worst of times… it was the worst of times. Okay, so go ahead… tell me your story… Homeowners #1 – The Smiths We bought our home in 2002 for $700,000. By 2005 it appraised for $1.1 million. We... (Continue reading)
Another Victim of the Foreclosure Crisis
Written on 27 Aug, 2009 at 12:58
Today, his mother said: "Now the bank will get what they wanted... his house."... (Continue reading)
Arizona Judge Orders Wells Fargo to Testify on Loan Modification Practices
Written on 24 Aug, 2009 at 10:28
So, now a federal bankruptcy judge in Phoenix, Judge Randolph Haines, has ordered that a top Wells Fargo executive must come and testify about the bank's loan modification policies. ... (Continue reading)
Did Attorneys “TURN BAD” in 2009? What… Is There Something in the Water?
Written on 21 Aug, 2009 at 0:54
In 2009, not only did all of that happen… and more, but more importantly, in 2009 we all started to realize that our way of life… the one we’ve come to know over the last thirty years, would not be... (Continue reading)
Attorney Files Suit Alleges California Bar Violated American With Disabilities Act
Written on 7 Aug, 2009 at 7:24
“A loan modification is the result of a renegotiation of the terms of an existing legally binding contract, which results in the revision of some of the material terms of that contract. To think that every consumer is going... (Continue reading)
Federal Reserve Recommends Consumers Contact an Attorney to Resolve Contract Disputes With Banks
Written on 6 Aug, 2009 at 16:12
I’ve got it now… so, the Federal Reserve recommends that consumers contact an attorney when involved in contract disputes with banks, but the California legislature is about to pass a law saying that lawyers can’t charge a client a fair... (Continue reading)
First State Licensed Loan Mod Professional in the Country Goes to Work Today
Written on 6 Aug, 2009 at 11:52
When the Nevada legislature began discussing a proposed bill that threatened the very existence of the private sector loan modification firms, Mandy wasn't dissuaded for a moment. Although she had never considered a career lobbying government before, she... (Continue reading)
Suits Filed Against Sleazy Servicers – Treasury Knew
Written on 6 Aug, 2009 at 2:34
Another servicer, Ocwen, is apparently in line to receive more than $500 million from the Treasury, but is defending a federal class-action suit for harassing homeowners, charging illegal fees, and adding unnecessary insurance premiums to borrowers' bills. The complaint... (Continue reading)
Mandelman’s Monthly Museletter – ISSUE #2.0
Written on 5 Aug, 2009 at 18:39
HERE IT IS... Issue #2 of Mandelman's Monthly Museletter! INSIDE THIS MONTH'S ISSUE: Scammer Servicers, JPMChase Mods Begin at Home, The Servicers Pledge, Countrywide's Lying Again, Barney's Pissed, 1/10 in CA, Banker Bonuses, FTC's Hunt, Mod Performance, New... (Continue reading)
Feldman Law Center Goes Above and Beyond the Call…
Written on 3 Aug, 2009 at 7:46
When the client walked into Feldman’s law offices with his documents in hand, Steve had been told that the man had a sale date that was two days away, but very quickly found that the sale date was that same... (Continue reading)
A Complaint By Any Other Name…
Written on 2 Aug, 2009 at 22:48
People are losing their homes. And they feel let down. Let down by their banks, let down by their government, let down by society. Many still blame them for having created the situation in which they now... (Continue reading)
CNN.com Reports Receiving “Overwhelming Number” of Negative Reviews of Obama Housing Plan
Written on 29 Jul, 2009 at 13:10
Servicers charging loan modification fees? See, I had thought President Obama said that no one should ever have to pay for a loan modification. No? No kidding… I was almost positive that’s what he said. ... (Continue reading)
SPOTLIGHT ON: Mortgage Restructuring Solutions
Written on 27 Jul, 2009 at 13:06
Obviously, I like Harvey Garte a lot. He's like an uncle of mine that always tells me when I have something stuck in my teeth, or that my hair is sticking up. And if you ask me, I... (Continue reading)
So, It Wasn’t the Subprimers After All… What Do You Know About That?
Written on 20 Jul, 2009 at 15:18
Sub-prime borrowers hate moving… especially their refrigerators. They can't afford fancy moving companies who come pack everything up and unpack it at the next homestead. They call friends like me who are stupid enough to always own a truck. The... (Continue reading)
ISSUE #1.0 of Mandelman’s Monthly Museletter!
Written on 20 Jul, 2009 at 0:37
Subscribe to the Mandelman Muse by clicking the SUBSCRIBE tab and you'll receive my electronic "Museletter" at least once a month... and maybe more often than that... but I'm not promising. Do it today!... (Continue reading)
Matt Padilla… Again? Matt, Matt, Matt…
Written on 15 Jul, 2009 at 17:22
Tweet Matt Padilla of the Orange County Register has done it yet again… reported a story about loan modifications without having the foggiest idea what’s actually going on. I don’t know about everyone else, but it’s getting annoying, as far... (Continue reading)
Mandelman vs. Matt Padilla of the Orange County Register
Written on 13 Jul, 2009 at 3:06
Matt... all articles like this one do is hurt homeowners. People read them... and as a result they don't hire a firm to represent them in the negotiations with their bank... and they lose their home as a result,... (Continue reading)
Lucas Law Center Reports Saving 500 Homes Before FTC Files Injunction to Temporarily Close Firm
Written on 10 Jul, 2009 at 13:28
Tweet At just after 9:00 AM this morning, the FTC (Federal Trade Commission), served a temporary injunction requiring Lucas Law Center in Aliso Viejo, California to cease operations until the firm appears in federal court next week to defend itself... (Continue reading)
LOAN MODIFICATIONS: IS THIS WHAT I’M SUPPOSED TO BELIEVE??
Written on 2 Jul, 2009 at 1:13
USE YOUR HEAD. THIS MESS WASN'T YOUR FAULT. POOR PEOPLE WHO WANTED HOMES DIDN'T CAUSE THE WORLD'S BANKING SYSTEM AND WALL ST. TO FAIL. DON’T BE A SUCKER FOR THE BANKS... AGAIN.... (Continue reading)
ALL LOAN MOD FIRMS NEED TO RESPOND TO THIS IMMEDIATELY!
Written on 21 Jun, 2009 at 3:01
So, here's the deal... It's costing me a fortune to find you. And it's taking far too long. We've now been asked AGAIN by legislators and regulators at the federal and state levels for the data we have... (Continue reading)
NY’s Attorney General Cuomo & The Loan Modification Industry
Written on 13 Jun, 2009 at 17:01
Then, proving to me that he was completely ignorant and insensitive about the situation he is investigating, Cuomo said: "No one has to pay for this service."
 Well, alrighty then. At 48 years old I have just been shown the country’s... (Continue reading)
New Federal Law Would Prohibit Advance Fees in all 50 States
Written on 6 Jun, 2009 at 22:53
3. The bill prohibits mortgage foreclosure rescue and loan modification services from requesting or receiving ANY funds until any such services have been fully performed AND the results have been achieved AND the services and results have been documented to... (Continue reading)
California Attorney General Brown Issues Directive to Foreclosure Consultants
Written on 1 Jun, 2009 at 20:12
Tweet Attorney General Edmund G. Brown Jr. issued a directive today that forces “foreclosure consultants” to register with the Attorney General’s office and post a $100,000 bond by July 1, 2009. According to the press release issued by the AG’s... (Continue reading)
CA DRE Orders T.N.L.M.A. Owner to Desist and Refrain
Written on 26 May, 2009 at 23:09
Tweet According to The National Loss Mitigation Association’s (“TNLMA”) website, its mission is: “to promote integrity, ethical business practices and responsible regulation that inspires public confidence in the loss mitigation industry.” That might sound good, especially in an industry that’s... (Continue reading)
CALIFORNIA HOMEOWNERS SHOULD KNOW: Loan Modification Companies To Be Avoided
Written on 24 May, 2009 at 19:31
Tweet When I spoke with the California Department of Real Estate a few weeks ago, they told me that they would soon be publishing information related to the problematic companies and “scammers” involved in loan modifications. Here it is… The... (Continue reading)
Loan Modifications and the Right to Representation
Written on 19 May, 2009 at 9:26
Is it really so difficult to imagine that homeowners, scared to death that they will lose their homes to foreclosure, would agree to terms before they should have in an effort to "save" their most highly valued asset? I think... (Continue reading)
CALLING ALL LOAN MOD FIRMS: A Family in LA Needs Help NOW!
Written on 16 May, 2009 at 14:08
Tweet CBS just reported that the Arteaga family of Winnetka has been left homeless as a result of being scammed by someone who said he could get their loan modified. THEY NEED YOUR HELP TODAY! Â DO IT NOW! The family... (Continue reading)
LA Ordinance No. 180675: MORTGAGE MODIFICATION CONSULTANTS
Written on 11 May, 2009 at 8:31
Tweet Well, here it is… the City of Los Angeles, acting on almost no reliable information as to the extent of the problem, or the solution, passed this stunning piece of work a few weeks back. Anyone feel like reading... (Continue reading)
Treasury Gives Banks Guidance on Loan Modification/Foreclosure Rescue Scams
Written on 8 May, 2009 at 17:50
Tweet The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has issued what they refer to as “guidance” to financial institutions related to the practice of using Suspicious Activity Reports (“SARs”) to report loan modification and foreclosure rescue scams. The guidance... (Continue reading)
