Upside Down Mortgage

Archive for March, 2008

Loan Modification Chase

Question: does these fees sound right on a loan modification?

I request a loan modification to drop my interest rate at Chase. i have good credit and good equity. they are telling me the want to charge me $1700 + one point +title fee. i am just modifying down the rate from 5 7/8 to 4 3/4

Answer: Of course 4/34 is a better rate than 5/78 which is still a good rate. That is probably why they are not willing to reduce your interest unless you pay a Discount fee (points) for doing it. You have to consider if the costs to refinance outweigh the lower month payment. I don't know how many years you are into your mortgage, but you will be back to the same term unless you refinance at a lower term ....... ,,,like going from 30 years to 15. Of course a 15 year mortgage will mean higher monthly payments. If I were you I would give a lot of thought to what's best financially before you do anything.

Loan Modification Services

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Mortgage Fraud New Jersey

Identity theft is everywhere these days. No company or individual who has ever used a Mastercard online is safe from criminal hackers and social engineering burglars. And though giant companies could have the most info that identity thieves can target, smaller corporations can still yield hundreds or thousands of Visa card numbers.

One of the tactics these criminals use is to steal a massive list of credit card numbers and then begin making many little charges on each one of them. Many consumers might not recognize a sequence of charges for between $2 and $6 on their bank record. But a cash loan of $30 worth of charges over 1,000 credit cards is highly lucrative for thieves.

There is also virtually 0 risk in taking credit cards from online merchants and using them. While a lot of this kind of burglary goes unreported, even the cases that are reported to the police end up going nowhere. A client in Ohio may purchase something from a web site in California that is hacked by an individual in Tennessee who uses a card to initiate a fraudulent charge in New Jersey. Where do local authorities even start to address this?

Fed and state regulatory agencies are also ill-equipped to cope with such instances of credit card fraud. For $30 in disputed charges per account, the government can not spend hundreds of dollars per case. While there might be an even chance of catching the thieves, much of the cash might be gone, making tracking down small-time ID thieves a losing money offer for the govt.

Also disputing a whole list of charges to get them removed from a bank or card account is definitely a waste of your time for purchasers. The firms that took the fake charges won't answer telephones, not return voice mails, or refuse to reimburse the charge without a police report or other proof of crime. This is lots of work to get back $4.95, and many patrons will just not trouble to chase it.

While banks may accept disputes and refund money to consumers who are targets of these criminals, the banks most often recover nothing from the thieves. Instead, money is put aside in a reserve account to cover these cash advance losses. But the funds for the reserve show up in higher interest rates and charges for all banking patrons, as the expenses of I. D. theft are passed along to the consumers anyhow.

Sadly, it seems that it is less complicated to make money thru the drug trade, identity theft, and other black market endeavors . It's also just as dangerous as holding a normal job in these tough economic times. Being caught and facing monetary judgments or community service isn't truly all that worse than being laid off, foreclosed, and homeless. And while the costs of I. D. theft are passed along to customers, the expenses of foreclosure and job loss typically affect only local families and communities.

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Article Source: ArticlesBase.com - How to Protect Yourself from Identity Theft

NJ Haddon Heights Mayor Alexander 9/1/09 (part 3 of 4)

Mortgage Fraud Reporting

Question: Broken Oral Agreement, fraud, or misrepresentation?

2 years ago I co-signed for my aunt and uncle for them to buy a house. Earlier this year, I found out the house was foreclosed and was on my credit report (I never lived in the house). I was assured that I was only signing as a co-signer, but now Washington Mutual (where the mortgage was loaned) is saying I am a primary (there are 3 primary signers-- me, my aunt, and my uncle). I ordered the signed paperwork for the loan from Washinton Mutual and I did indeed sign as a primary, but I was just signing where the realtor told me to sign. When I call the realtor and my aunt and uncle now, they all tell me that I was only supposed to be a co-signer (and both groups try to blame each other claiming they do not know what is going on). Is this grounds to take any of them to court for breaking an oral agreement, misrepresentation, or fraud?

Answer: You signed it. It is your obligation to read what you are signing before you do. All adults know that you are legally bound by what you sign.

Anyway, what is the real difference between a co-signer and a 3rd primary on a loan? You are responsible for the loan either way if it is in default and it is on your credit either way. What good would a co-signer be if it didn't mean you were legally obligated for the debt?

LAS VEGAS REAL ESTATE UPDATE-BUILDER MORTGAGE FRAUD Pt. 1