Obama Foreclosure Prevention plan details
The Federal Trade Commission and Treasury department announced yesterday that they were beginning a crack down on loan modification scams. They characterized everyone taking an advance fee as predatory. Are you kidding?
Where were these guys during the subprime boom that created this situation? Not all loan modification operations are a scam. While I am pleased that this may act as a deterrent for the scam artists, I am amazed at the misplaced anger in the mortgage mess. Subprime lenders and the banks behind them created this by misrepresenting the truth at every turn. Why didn’t we see this type of action then? I will tell you why, because the banks have the power in Washington, not the homeowner.
Think about it, they create the mess and are the first ones to get bailed out and cry foul when people try to work out fair payment plans? It’s the equivalent of an arsonist screaming “fire!” in a crowded theater after lighting the match! talk about the pot calling the kettle black. I am amazed at the temerity of the banking industry.
For the treasury secretary to paint everyone in the loan modification business with such a broad brush is clearly part of the corrupt bargain between lenders and the government. The banks don’t want to modify loans. The proof is in the pudding, how many lenders have signed up for the Obama loan modification plan? Zero, zilch, nada. That means none!
They claim help is free. Really? have you tried to contact a non-profit counselor? If you do not a have a Freddie or Fannie loan you are alone. reputable, proven loan modification companies will not go away…why? because people need help. Remember the worst nine words in the English language….”I’m from the government, and I’m here to help.”
Peter B Collins is one of the nation’s leading authorities on foreclosure prevention, Attorney Performed Loan Modifications and Loss Mitigation strategies. His firm, The Loan Modification Network counsels homeowners facing financial hardship and connects them with Attorney’s specializing in consumer debt solutions. Fore more information call 1-877-840-MODS (6637) or go to http://www.loan-mod-net.com
Loan Modification – The Obama Administration’s Plan
Five Times As Many Homeowners Bounced From Obama Plan To Slow Foreclosures As Granted New Relief
More than five times as many homeowners were kicked out of the Obama administration’s primary foreclosure-prevention program last month than were granted new relief, new data released Monday show.