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Mountain Mortgage Guy: Beware of debt-relief companies that will ruin your credit (column)

Sometimes consumers get in over their heads in debt. Living with constant phone calls and past-due notices and trying to pay a huge chunk of your paycheck every month just to the minimum payments can seem daunting.

There are "debt-relief" companies out there that tout their services in terms of claiming to negotiate debt settlements and reduced payment plans as an alternative to bankruptcy. Unfortunately, many consumers who do have the ability to pay their bills are sucked into the pitch as an easy way to dump some of their debt. For others who don't have the ability to pay, there may be other options that will cost them less and leave them with better credit afterward, including, in some cases, bankruptcy.

How these companies work is first they tell you to quit paying on probably everything but your mortgage or your car loan (because your car can be repossessed and your home foreclosed on). This immediately nukes your credit rating, which can impact issues such as the price you pay for car insurance or your ability to secure a rental home.

In the Spotlight with Francesca Carlesi, Molo

We spoke to Francesca Carlesi, CEO of Molo, about the firm's launch plans, what Molo will offer, and how ‘digital mortgages’ will continue to evolve.

FR: Molo is gearing up for launch – can you give us an overview of the products and services you will offer and what your aims and focuses will be?

Absolutely! this is a very exciting moment for us as you might imagine.

At launch we will focus on providing buy-to-let mortgages through a fully digital instant proposition. This is something revolutionary in the market, currently not available in the UK and in Europe.

In short what this means is that we will offer customers the ability to secure home financing online, digitally, in a few minutes without having to fill in cumbersome paper-based applications, scheduling appointments or calls that usually take weeks to happen.

Whilst we are focusing our offer on buy-to-let landlords in the beginning, we will soon be developing our proposition and expanding the offering to the residential owner-occupied space, i.e. the majority of people that typically buy a house to live in.

Has anyone had success with a principle reduction in California with Wells Fargo home mortgage?I am being?

reviewed for a modification and was wondering if a principle reduction would be available with Wells Fargo? Or what service did they use to complete the principle reduction. Thanks.


Who is your investor? Fannie Mae is the only investor that I am aware of that is currently allowing principle forgiveness, but of course you would have to qualify. As someone else stated, under Hamp, you can be given a Princple Forebearance or Setaside.