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Loan modification company banned from doing business in Oregon

Steve Anderson bought a house at the height of the real estate market and now he’s upside down.

“It’s scary, it puts you in a quandry. You can’t unload it,” said Anderson.

One television infomercials says it’s no problem to be upside down on your mortgage. USMAC Law Group, the company behind that infomercial, can no longer do loan modification work in the state of Oregon.

“This company was offering to modify loans but charging very large up-front fees and that’s actually illegal under Oregon law,” said Attorney General John Kroger.

Oregon sued the California based company and it agreed to stop doing business in Oregon and refund consumers. Most paid about $4,000 in illegal up-front fees.

Mike Rockwood has modified five of his own loans, including his personal residence and investment property. He has created a top-notch workbook to walk you through the steps of fighting to get the best terms on your loan modification.

Click here to get proven help with your home loan modification

“The important thing for Oregonians to know is if they’re worried about losing their home or not making mortgage payments we have mortgage counselors to work with them for no charge or at a very small charge,” said Kroger.

However, many unscrupulous companies continue to target desperate homeowners desperate for an easy out. It’s a problem that’s exploded in foreclosure filled Oregon in the past year.

“So many companies are getting creative in this strange housing environment, but that makes it even scarier because you really don’t know what you’re getting into,” said Anderson who chose not to remodify his loan.

Instead, he’s doing his best to hang on and is now crossing his fingers that the housing market will recover quickly. Paul Reza with USMAC Law Group said his company is working to comply with laws in every state and is cooperating with the Oregon Attorney General’s Office.
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Source: http://www.kgw.com/news/business/Loan-Modification-Company-Busted-for-Breaking-Oregon-Law-80957787.html

Homeowners – Need Some Sound Advice?
Get Out of Debt Workbook Seasoned debt expert shares several little known but highly effective techniques guaranteed to get you out of debt fast – no matter how much you currently owe.	Stop Foreclosure Get more help on fighting to stop a foreclosure with one of 7 options. For example, if a loan modification is not an option learn about a little-known government program that will stop a foreclosure in less than a day without an expensive attorney. Also get the latest foreclosure news around the country, read Q&As and other resources. Read more…

Banks may be forced to resort to a remedy they’ve been trying to avoid — principal reductions — as another wave of foreclosures looms and payments on risky loans rise

Efforts by U.S. banks to help distressed homeowners have focused mainly on temporary fixes such as interest-rate reductions that may only put off the day of reckoning, despite policy makers wanting them to do more.

While interest-rate reductions or extending loan terms reduce homeowners’ monthly payments, they don’t give much comfort to borrowers who owe more on their homes than their properties are worth. Borrowers who don’t have equity in their homes are more likely to hand over the keys when they run into trouble.

“The evidence is irrefutable,” Laurie Goodman, senior managing director of Amherst Securities Group in New York, testified before the U.S. House Financial Services Committee on Dec. 8. “Negative equity is the most important predictor of default.”

Mike Rockwood has modified five of his own loans, including his personal residence and investment property. He has created a top-notch workbook to walk you through the steps of fighting to get the best terms on your loan modification.

Click here to get proven help with your home loan modification

The 25 percent plunge in residential real estate prices from their 2006 peak has left homeowners underwater by $745 billion, according to research firm First American CoreLogic –a number that tops the government’s $700 billion bailout for banks.

That’s why Federal Deposit Insurance Corp. Chairman Sheila Bair is considering incentives for lenders to cut the principal on as much as $45 billion of mortgages acquired from seized banks. “We’re looking now at whether we should provide some further loss-sharing for principal writedowns,” says Bair. “Now you’re in a situation where even the good mortgages are going bad because people are losing their jobs.”

Deepening Crisis

The foreclosure crisis is likely to deepen this year in part because payments on many adjustable-rate mortgages are set to balloon. Unless there’s a sharp recovery in property values or a change in lenders’ willingness to cut principal, at least 7 million borrowers currently behind on their payments will lose their homes, Goodman estimates.

Some lenders may be coming around to the idea of principal reduction. “If you can right-size the mortgage and return to an equity situation, the incentive is to stay,” says Micah Green, an attorney at Patton Boggs in Washington and a lobbyist for a coalition of mortgage bond investors.

Banks can either forgive principal outright or defer it. In deferrals the borrower must pay back the full amount on the original mortgage when he sells the property; if the ultimate sales price doesn’t cover the principal, the homeowner has to pay the difference, making it a less effective tool.

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