The North Carolina Office of the Commissioner of Banks announced new mortgage rules planned at reducing unnecessary foreclosures and stop foreclosure in North Carolina have been approved by the Rules Review Commission and will take effect for approved mortgage servicers on June 1, 2010.
The new rules were first planned by the NCCOB in November 2009 due to its distress that house owners face foreclosure when other solutions exist that would benefit both the house owner and mortgage company. With this new rules mortgage servicers will be necessary to stop foreclosure and efforts awaiting the concern of a request by the house owner.
Labels: Avoid Foreclosure, New mortgage rules to stop foreclosure in North Carolina, Sell your house fast, Stop foreclosure, we buy houses, We buy houses for cash
There are certain states in US where people feel happy to live in. Louisiana leads the list, but many researchers feel that the survey was started before Hurricane Katrina.
Happy states to live in are follows:
- Louisiana
- Hawaii
- Florida
- Tennessee
- Arizona
- Mississippi
- Montana
- South Corolina
- Alabama
- Maine
Labels: 10 happiest states to live in United States, Stop foreclosure
Home sales are increased, home records are decreased, prices are steady, and for many real estate experts it shows the market is in upturn. But some of them telling the crisis are not recovered.
Florida ranks 2 in November nationwide to the rate of foreclosures, with 1 in every 165 homes in threat of going to bank hold. It cashed the national trend, which has seen four months of foreclosure decreases, including an 8 percent drop in November compared with October. Statewide, Florida foreclosures increased 2% in November over October, and about 8 % compared on same time in 2008.
In Palm Beach County, 3,321 foreclosure filings were documented in November, equal to October, but a 26% raise over 2008.There is 306,627 homes had foreclosure filings nationwide in November. Almost 53,000 of them, or 1 in 6, were in Florida. Nevada ranked bad nationwide in November, with 1 in 119 homes with a foreclosure filing.
Analysts said the national trend in the reduction of foreclosures can be attributed to an increase in banks processing short sales, the first-time home buyer tax credit, which was expanded and extended through April, and loan modification efforts under the federal Making Home Affordable Program.
Today, the National Treasury Department announced loan modification report to November month. In October, 82,614 Florida loans were in a trial modification or had been permanently reduced. But these loan modifications are not a permanent solution.
Loan Modification helps only a portion of people to avoid foreclosure.
Labels: Florida ranked 2 in November for foreclosures filing, Stop foreclosure
At the request of the Federal Trade Commission, a federal court has halted a bogus mortgage foreclosure prevention operation that misrepresented both the "loss mitigation" services it offered and the earnings potential of the business opportunity it sold. The FTC seeks to end this deceptive scheme and make the defendants give up their ill-gotten gains.
According to the FTC's complaint, the defendants sold "loss mitigation" services to homeowners at risk of foreclosure, falsely claiming they could prevent foreclosure in 97 percent of cases and misrepresenting that they would make a full refund if they failed. Before performing any loss mitigation services, the defendants required homeowners to pay the equivalent of one month’s mortgage payment. Their contracts instructed homeowners not to contact lenders or their contract and its money-back guarantee would be voided. In some cases the defendants’ consultants told homeowners to stop making their mortgage payments while the defendants were working on their cases.
The FTC alleged that, contrary to the defendants claims, they completed loan modification in only about 6 percent of cases and routinely failed to return consumers repeated telephone calls. In numerous instances, the defendants had not contacted the consumers lenders or had made only non-substantive contacts with them, resulting in late fees, penalties, and other costs for the homeowners. After failing to secure loan modifications, the defendants also failed to honor their refund policies.
The FTC's complaint also alleges that the defendants sold a "loss mitigation consultant" business opportunity for up to $1,500, falsely claiming that purchasers ("consultants") could earn various amounts, including up to $6,000 per week, by referring homeowners to them and by recruiting new consultants. In fact, throughout the defendants’ entire operation, no consultant has earned that much money.
The defendants are charged with violating the FTC Act by misrepresenting that they would obtain a loan modification or stop foreclosure in all or virtually all instances; that they would give full refunds in all instances when they failed to obtain a loan modification or stop foreclosure; and that purchasers of their business opportunity could earn the levels of income claimed in their promotions.
The defendants are Freedom Foreclosure Prevention Services, LLC, Loss Mitigation Training Center of America, LLC, Jeffrey C. Segal, and Michael R. Workman. The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the District of Arizona. On June 1, 2009, the court entered a temporary restraining order against Freedom Foreclosure Prevention Services, Loss Mitigation Training Center of America, and Segal. The court entered a preliminary injunction against those defendants and defendant Michael Workman on June 18, 2009.
NOTE: The Commission authorizes the filing of a complaint when it has "reason to believe" that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendants have actually violated the law.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC's online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC's Web site provides free information on a variety of consumer topics.
- MEDIA CONTACT:
- Frank Dorman,
Office of Public Affairs
202-326-2674
- STAFF CONTACT:
- Lisa Schifferle,
Bureau of Consumer Protection
202-326-3377
Labels: Stop foreclosure
