Bankruptcy Article


Horne Issues National Mortgage Settlement Consumer Alert to Arizonans

*Please be advised that the article below remains on the site for informational purposes only and may contain information that is no longer current.


PHOENIX (Tuesday, April 24, 2012)  --  As the National Mortgage Settlement between Arizona and 48 other states, the federal government, and the country’s five largest residential mortgage loan servicers goes into effect, Arizona Attorney General Tom Horne is alerting Arizona consumers looking for mortgage relief to beware of scam artists.

“Consumers should be aware that scammers are already using the media coverage of the settlement to exploit homeowners by promising quicker assistance in obtaining the refinancing, principal reduction, or cash payments available to eligible consumers under the settlement,” Horne said. “If you receive an unsolicited contact regarding the mortgage settlement, you need to protect yourself.”

Attorney General Horne’s alert includes these tips:   

  • Beware of anyone who claims they can speed up the assistance you might be eligible for under the settlement for a fee.  You will not be charged a fee to obtain relief under the settlement.
  • Beware of anyone who calls claiming to be from your mortgage servicer or the government and asks to confirm personal or financial information to speed up your relief under the settlement.  Neither your bank nor the government will ever ask for your routing number, checking account number, or other financial information over the phone.
  • You may receive legitimate mail from your servicer regarding the settlement if your mortgage loan is serviced by Bank of America, JP Morgan Chase, Wells Fargo, Citi, or GMAC/Ally.  If you do receive a call or mail regarding the settlement, examine it closely to determine whether it is from the same entity you make your mortgage payments to.  Scammers often use company names very close to another company to confuse and deceive consumers.  (For example, instead of a letter from GMAC, you may receive a letter from GAMC).
  • If you are unsure whether a caller is legitimate, ask for the person's name and title and tell them you are going to call your bank and confirm.  Make sure to use the official contact information listed below, not a number the caller provides.
    • Bank of America: 877-488-7814
    • JP Morgan Chase: 866-372-6901
    • Wells Fargo: 800-288-3212
    • CitiBank: 866-272-4749
    • GMAC/Ally: 800-766-4622
  • If you are looking to refinance or get a loan modification, remember that it is against state and federal law to charge upfront fees for mortgage-related assistance in most cases.

Consumers who feel they have been a victim of mortgage fraud, or who would like to report consumer fraud, may file a consumer complaint with our Office.  To file a complaint online, consumers can visit:www.azag.gov/consumer/complaintform.html

For more information about the national mortgage settlement, visit www.azag.gov/consumer/foreclosure/settlement.html or contact the Attorney General’s Mortgage Settlement Team at 602-542-1797 or 1 (855) 256-2834 toll free or [email protected]

To find out if you are eligible for relief under the national mortgage settlement, contact your mortgage servicer at the number listed above, or a HUD-certified housing counselor.

Attached Document


Comments:

QUESTIONS

  • I am a single mother(one child) and living on a Teacher's salary. I have a mortgage and a considerable amount of credit debt, plus student loans. I can make my house payment but am struggling to make any of the credit payments. Question is: Can I file Bankruptcy ( ch7) and keep my house. None of the debt was secured with my home.
  • I have more than $10k outstanding debt (student, loan, credit card, hospital bills, etc.) that I am unable to pay on my income(11,760) gross annually. What would be my best move to eliminate the debt, and restore credit.
  • I made a personal loan of 20k to a friend that was due October 30, 2012. It is in writing. He lives in Flagstaff,AZ, and I live in Hawthorne, CA. He says he wants to pay me back, but cant afford it. I want my money. He may have filed bankruptcy in Flagstaff and that is what I am trying to find out. I as a creditor was never notified if he did. Can I for free find out if he filed sometime from 2008-present??? I want to recover my money, and hoping bankruptcy law will not get in the way. Thanks!
  • how can i find out if the lien has been perfected on my vehicle title ?
  • My debts, including my first and second mortgages were discharged in Ch. 7 bankruptcy in 2011. After BK, I contacted my landlord (BBVA Compass), to see if they would agree I stay in my house in exchange for reduced payments. They said OK, but said they couldn't provide me with any receipt or written communication of any kind. However, they are considering the second mortgage in the total owed, despite that debts like these are considered UNSECURED. Should I accept this agreement where I won't have a paper trail to rely on in case of a dispute later? Thanks!
  • I only have one car loan as far as debt. I only get child support as far as income ($300). I go to school full time. A year ago the house I was renting burnt down. It was an accident on my son's(17) part. I have received a bill for about $170,000 to repay the damages. Would Bankruptcy be an option? Can I file with only having this one bill? Would I lose my car since that is all I own now? Do I wait till the bill is older since I just got it?
  • How do I find out if a potential client has filed for bankruptcy in the past 5 years?
  • Who is the filing fee made out to?
  • Does your (401K ERISA) remain exempt when filing BK7 if you pledged it as collateral to a private loan you made with someone?
  • Can I file without an attorney all I have is credit card debit. and where can I get the paperwork?

STORIES

  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • Age discrimination in the workplace. . .
  • He told me that I could actually get all the money I needed by using my home as collateral. . .

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