Loans Owned by MTGLQ Investors
In April of 2016, Goldman Sachs reached a $5.06 billion settlement with the US Justice Department in connection to its sale of residential mortgage-backed securities between 2005 and 2007. As a result, they were ordered to pay billions in fines by granting principle reduction loan modifications, including forgiving arrears, principle, and missed payments.
However, as Goldman Sachs does not own or services any mortgages itself, they have been buying pools of non-performing loans, including many from Fannie Mae and Freddie Mac, under the name MTGLQ Investors, L.P. and granting principal reduction loan modifications on them.
If you have a loan owned by MTGLQ Investors, we can help you find out if your loan is eligible for a principal reduction loan modification.
“Pick-A-Payment” Loans Owned By World Savings Bank
A similar situation is happening with a company called World Savings Bank, which was bought by Wachovia, which merged with Wells Fargo in 2008. World Savings Bank was providing what they called “Pick-A-Payment” loans, where borrowers had a choice of payment amount each month. However, the borrowers were never informed that if they picked the lowest payment, the amount of the loan was actually increasing each month, and Wells Fargo, who inherited these loans after the merger, was penalized as a result.
Wells Fargo reached a nationwide settlement in 2010 requiring them to grant loan modifications to homeowners who took out these loans. If you have one of these loans, we can help you find out if your loan is eligible for a principal reduction loan modification.
Contact Ira Metrick Today
If you took out a “Pick-A-Payment’ loan with World Savings Bank, or have a loan currently owned by MTGLQ Investors, contact Ira J. Metrick today so we can discuss your situation and help you find out if your loan is eligible for a principal reduction loan modification.