Experiential Platform: foreclosure help

Fox News personality and former Gov. Mike Huckabee (R-AR) recently began appearing in television commercials calling for viewers to dial a 1-800 number to sign a repeal petition against health reform called “Repeal It Now.” The ad, a “project of Restore America’s Voice” (RAV), a political action committee run by Huckabee’s friend Ken Hoagland, also directs viewers to a website that solicits donations [...]

According to disclosures filed with the FEC, RAV’s campaign is managed by a firm called the 949 Media Group. 949 has been paid tens of thousands of dollars to set up RAV’s website and Google search optimization, and receives a regular commission of $10,000 for related media work from RAV. ThinkProgress spoke to a representative from RAV, who told us that 949 is run by an individual named Derek Oberholtzer. According to the representative, Oberholtzer has worked with RAV since the PAC formed in October.

Oberholtzer is well known as scam artist who has used a myriad of tricks to defraud people out of their money. In addition to 949 Media Group, he started a number of companies, including “Apply 2 Save” (A2S) and Giant Media Works. Consumer report websites are rife with complaints about Oberholtzer’s odious business practices. In one scheme, Oberholtzer paid for radio and other advertisements telling distressed homeowners to contact his company A2S to pay a flat $595 fee to receive assistance in renegotiating their loans or to block a bank foreclosure. The Federal Trade Commission has prosecuted Oberholtzer for deceptive practices. In numerous cases, Oberholtzer took the $595 payment, and never did anything to stop a foreclosure or even contact the mortgage company in question. In many instances he continued billing his customers further fees totaling nearly $1,000 without lifting a finger to actually renegotiate their mortgage or halt a foreclosure, as his “Apply 2 Save” company promised.

Often borrowers are confused about who actually owns their mortgage loan and who services their loan. This is certainly confusing for many home owners, because their bills are usually sent from a servicer not the actual investor who owns the loan. So companies like Bank of America, JP Morgan and Chase and many others may have their logo on the statement, but may not actually own the mortgage. Most mortgages are sold to investors as investments and usually get bundled together and sold off. That is why if you are in foreclosure and your notice is from Bank of New York or some other company and not the same company who sends you your mortgage statements this is the reason why.

So how does a new fee schedule going to affect you? For one thing it may actually be better for you because it may give the servicers the incentive they need to actually help struggling homeowners. Hence one of the main reasons why a lot of borrower’s are not getting the assistance they need. Some consumer advocates and some industry regulators say mortgage servicers do not have enough incentives to modify mortgage loans. Well, what a minute? Doesn’t the government’s Home Affordable program give the servicer about $1000 for every loan that they modify? That certainly seems like a good enough incentive doesn’t it?

Insiders say that Fannie Mae and Freddie Mac will enter into an initiative with the Department of Housing and Urban Development to consider new rules for mortgage servicers. Since they are the two biggest mortgage buyers and dominate the mortgage market, it is safe to say they will certainly set the industry standard. The housing market has been tossed around like a child tossing a wet noodle. Between bad loans, mortgage fraud, and now foreclosure fraud, it is no wonder home owners are sitting on the edge biting their nails wondering what else could possibly be tossed at them. According to Edward DeMarco, the acting director of Federal Housing Finance Authority (FHFA), the current compensation for loan servicers was not designed for our now current real estate market. Any new compensation structure would not take place until late 2012 as the agency will be seeking input from several mortgage companies.

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Monday, January 24, 2011

foreclosure help

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