After many years of strong pressure, varying litigation tactics, and a persistent desire for our clients to achieve justice, the Firm is pleased to see that the perpetrators of the Stonewood/Pacific Wealth scams are being held to account for the hundreds of millions caused in damage to the SW Riverside County real estate market. Hundreds of lives were affected and all neighborhoods in Temecula and Murrieta suffered at the hands of the alleged perpetrators. Following are the links to a number of stories on the fraud and its history. Witnesses are always welcome to come forward in our efforts to recover damages and other relief for the many victims of these alleged crimes:
The following is the order in SEC v. Duncan, et al.
Ackerman, Cowles & Associates has been working to provide information for the civil and criminal prosecution of the perpetrators of the Stonewood and Total Return Fund scams for some time now. Our office represents more than 80 victims and we have been instrumental in providing needed information to law enforcement. Unfortunately, Mr. Duncan is persistent in his questionable activities as can be seen from http://video.aol.com/video-detail/how-to-make-money-online-home-based-business/3829126988 . Be aware of this situation and act accordingly.
We sincerely appreciate the efforts of the SEC in taking action against the perpetrators of the biggest fraud in SW Riverside County's history.
Many questions have arisen as to whether lenders are required to actually modify loans. There are a number of "loan modification" scammers who are ready and willing to take your money for false promises about what they can do with a loan audit or will tell you that you can sue the lender and get your house for free. Much of the loan modification business is fraudulent and you need to be careful. See, http://www.avvo.com/legal-guides/ugc/loan-modification-guide .
If you want a lawyer's review of your loan documents, you should go to a law firm. Most of the loan modification programs are now being offered by nonlawyers who are not qualified to actually identify, analyze and act on any violations of law by your lender. Worse yet, these people are charging $2000.00 plus for providing consumers with opinions that are not lawful. If you need a lawyer to look at your loan situation or you've been taken in by one of these loan modification companies, please let us know and we will try to help you. You can find guidance on how to determine if loan fraud occurred by looking at: http://www.fdic.gov/regulations/resources/bankers/
Please do your research before hiring a "loan modification" specialist. Here is accurate information from the federal government concerning loan modification through federal programs:
If you have to think about whether you qualify or may need bankruptcy protection, give us a call. We may be able to help you after you have educated yourself about what your options or lack of options may be.
Basic Consumer Facts about the HOPE for Homeowners Program What is the HOPE for Homeowners Program? This is a new program for borrowers at risk of default and foreclosure. The program provides new, 30-year, fixed rate mortgages that are insured by the Federal Housing Administration (FHA).
It may help you refinance your mortgage into a more affordable payment.
H4H is voluntary. Both lender(s) and borrower(s) must agree to participate. When does H4H Begin? The program begins October 1, 2008 and ends September 30, 2011. Who is eligible? You should contact your lender to determine eligibility, but you may be eligible if, among other factors:
The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes.
Your existing mortgage was originated on or before January 1, 2008 and you have made at least six payments.
You are not able to pay your existing mortgage without help.
As of March 2008, your total monthly mortgage payments due were more than 31 percent of your gross monthly income.
You certify that you have not been convicted of fraud in the past 10 years, intentionally defaulted on debts; and did not knowingly or willingly provide material false information to obtain existing mortgage(s).
Who should I contact? FHA does not accept loan applications. Borrowers seeking help should contact their lender, another FHA-approved lender, or a housing counselor to apply or learn more about their options. How much can I borrow? Your new H4H mortgage will be no more than 90% of the new appraised value of your home with the lender essentially writing down your current mortgage to that amount. What costs do I have to pay?
The new mortgage, if approved, will replace all of the current mortgages on your home. You will not owe any payments, fees or debts on mortgages you now hold.
In addition to an upfront mortgage insurance payment of 3%, you will pay a 1.5% annual mortgage insurance premium on your outstanding mortgage balance. This premium will be included in your monthly payments.
You will need to pay closing costs on the loan. You will receive a Good Faith Estimate of these costs.
Will my new interest rate be lower than my current rate? The interest rate for the new mortgage will be based on current market interest rates and will be provided by the lender. I currently have a second mortgage. If needed, can I take out a second mortgage under this program? You cannot take out a second mortgage for the first five years of the loan, except under certain circumstances for emergency repairs. How can I learn more about the program and start the application process?
Review the Frequently Asked Questions page at www.fha.gov to learn more about the program.
Contact an FHA-approved lender to apply. You can find a list of lenders at www.fha.gov
Contact a Housing Counselor. A list of Housing Counselors can be found at www.fha.gov
