NowWhatDoYouDo.com weekly Podcast, hosted by Benjamin Dover: 02.15.08
Feb 15th, 2008 by nowwhatdoyoudo
Lookout distressed homeowners! The government’s most recent scheme, blessed by the mortgage industry, may sound like a good idea, but after Benjamin Dover explains why biting on offers to fix your mortgage mess via “Project Lifeline” could be the biggest mistake you’ve made since you signed-the-line in the first place. Find out how you could be waiving your rights to substantial financial awards and remedies if your lender violated your rights protected by two under-utilized federal laws: The Fair Housing & Truth In Lending Acts. Dover will explain how the subprime mortgage world engaged in massive acts of fraud and misrepresentation and Predatory Lending practices since the late 20th century, and why you’d better not jump on offers to fix your mess until you know what your rights and alternatives are.
Topics covered include: Ben Bernanke, Sheila Bair, President George Bush, HopeNow, Project Lifeline, Countrywide, Wells Fargo, CitiMortgage, Chase Home Finance, Washington Mutual and Bank of America, Consumer Credit Counseling Service, CCCS, credit counseling, counselors, debt collectors, ARMs, adjustable rate mortgages, workouts, recast, restructure, bankruptcy, foreclosure.
(c) 2008 NowWhatDoYouDo.com
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Great job Benjamin on relaying the TRUTH about this second time around “failed the first time” program dubbed “Project Lifeline” Another tid bit of info. is that when the borrowers call into the hotline they get a debt collector take their budget and a month later the lender finaly sends them a letter offering a Forbearance. NOT GOOD! That is not a good option for the consumer, just the lenders! Here is why…when a consumer agrees to a forbearance plan, the lenders put everything that is owed on a pay back plan on the back of the loan. The one thing the Lenders NEVER tell them is that the borrowers will have a ROLLING 30 day late on the credit report EVERY month, compliments of the Lender, or until all that was owed in penalty’s and late fees put on the back of the loan is paid back. NEVER!!!! Well that just ruined the borrowers chance of refinancing with 30 day late’s on their credit report. 30 Day Lates DECREASE your score on average 60-90 Points!!!!! Thanks again Benjamin and keep them coming!!!!
Pat