There are opportunities right now even when you look at all the actions and law suits and multi-billion dollar settlements that the states and federal regulators are making. Federal regulators are making sluggish progress in their efforts to prod banks to help mortgage borrowers.

1. Zack Childress reviews -Is The
Mortgage Mess Over?

2. • Well I always say that there are opportunities where
other people may see disaster. In the real estate
space there are opportunities everywhere we look,
whether it’s a good market or a bad market.
• In this case I do want to express my opinion on
whether the mortgage mess is over or not. I also
want you to realize that where there is a mess, there
is always a need for clean up to help people.

3. • There are opportunities right now even when you look
at all the actions and law suits and multi-billion dollar
settlements that the states and federal regulators are
making. Federal regulators are making sluggish
progress in their efforts to prod banks to help
mortgage borrowers.
• What that really means is that even though everything
we have done over the last several years to get banks
to help, are they helping? Yes, they are. However, are
they helping at the rate that they should be?

4. • When you take into regard what is known as
the National Mortgage Settlement, no, they are not.
They are not doing what they are supposed to be
doing, or they are not doing what they agreed to do.
• You will read a case in here about a gentleman by
the name of Tate who lives in Plano, TX. He did all
the right paperwork to get his mortgage modified
which is most commonly known as a loan
modification.

5. • He got his mortgage payment dropped $250.00 a
month which was great for him until the bank started
filing Foreclosure on him saying that he was behind
on payments.
• It just goes to show us that the banks are still acting
fraudulently. It is not just banks in general, it is
actually state by state specific on how they are still
acting in these fraudulent ways.

6. Progress has been slow in
cleaning up mortgage mess
• After multiple enforcement actions, lawsuits and
multibillion-dollar settlements, state and federal regulators
are making sluggish progress in their efforts to prod banks
to help mortgage borrowers.
• But they apparently still have a lot of work to do. Just ask
Craig Tate.
• Like tens of thousands of homeowners trying to lower their
monthly payments, Tate, 43, and his wife were thrilled when
they got a letter from Bank of America in January
confirming that their loan modification had been approved.
The new mortgage payment on the Tate’s Plano, Texas,
home would save them about $250 a month.

7. • So the couple was confused when they started getting
collection letters saying they were behind on his
payments. When Tate offered to resubmit the paper work,
he said, the bank refused and demanded a check for $3,100
to bring his loan current and stop the foreclosure
proceeding.
• “My wife and I did everything they asked. We filled out all
the paperwork they asked for,” said Tate, the father of two
and a systems administrator. “But the cancellation letter
that they sent to us when they kicked us out the
modification process said that we elected to leave or we
declined their services, which in turn made our
modification process unappealable.”

8. • A Bank of America representative said that the
Tates didn’t sign on the right dotted lines, and that
because of those delays “the normal time frame
allocated for a permanent modification had elapsed
and the modification was declined.”
• After writing his senator, filing a complaint with the
Consumer Financial Protection Board and
contacting the media, Tate said he got a call this
week from Bank of America offering to restart the
modification process.

9. • “This process could have been done inside of three,
maybe six months—it should never have taken a year,”
he said. Five years after state and federal officials set out
to head off millions of home foreclosures, the Tates aren’t
alone in trying to navigate the often inscrutable process
of getting a lender to modify their loan.
• That’s not what 49 attorneys general and several federal
agencies were expecting when they signed the $26 billion
National Mortgage Settlement over a year ago with Bank
of America and four other big mortgage lenders: Wells
Fargo, Citibank, JPMorgan Chase and Ally Bank.

10. • The settlement was intended to cure a laundry list of
lenders’ rogue practices and procedures. They included
foreclosing on borrowers who weren’t in default, denying
modifications for borrowers who qualified, relying on
flawed account information and improperly executed
documents, misapplying mortgage payments,
overcharging fees, shuffling borrowers from one
representative to another, foreclosing on a loan when a
modification application was underway, and subjecting
homeowners to endless delays and repeated requests to
resubmit lost paperwork.
• (Read More : As Prices Rise, Bank Repossess More
Homes)

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