New Century Mortgage Goes Bankrupt

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Hooray for your wife. In reality a fixed mortgage may not be ****, but makes the most sense. It is not rocket science.

Don

That is a great idea “record an ongoing series of videos where Ponzi can explain to regular people how to read term sheets, mortgage finance papers, etc” and some content about the “used care sales man” approach many mortgage brokers engage in.

I did a refi two years ago and the whole process made me fell like a chump. The arrogance of the people I dealt with, the bait and switch, the talk talk talk until the customer can’t take it any more, the lies about about how much of a hurry they are in to get all of your paper work and then silence for a week only then to be asked for more paper work that they must have before some BS deadline and then silence, and the trick of getting you to use them to talk to your creditors so that if you back out of the crappy deal they can use the threat of sending your creditors after you.

The deregulation of American industry has created an environment where airlines leave people stuck in planes for 12 hours, where mortgage lenders engage in borderline fraud, and where creditors give lines of credit in your name to fraudsters and leave you with the mess. I wonder if this is what Regan had in mind when he started the deregulation craze 20 plus years ago?

it’s pretty funny that someone named for a con man (Charles Ponzi, father of the pyramid scheme) should work for a scam company……
Truth in advertising?

I would really appreciate it if Ponzi would record instruction videos on this subject. Real estate and insurance are two major scams.

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I would like to think myself and my associates are in the 2%.

I have recently moved into financial services. We have a “do no harm” ethic. I will not put a client into something that they don’t understand or can’t sustain for the long term. This is important, as when the client is educated and presented with some options, they will tell me how they want to set up their financial plan. There are those that think insurance is a lot like car sales, it is not. Cars are not good investments, your home and your life are.

Just like any contract, it takes two to agree on the terms. If you think the contract is a scam, I suggest you dissolve it immediately. I would also point out that insurance is not for your benefit, but for the benefit of others. Specifically, life insurance is to take care of the family that one
leaves behind. Mortgages and insurance are merely two of the tools to have money work for you.

Our mortgage broker can tell you some stories about fraudulent activities by all parties involved, the broker, the appraiser, and the client. So don’t shed a tear for those criminals, they new what they were doing.

With the cost of day-to-day living going up, anyone could see this train wreck coming. There is a reason these loans are called “sub-prime”.

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Ponzi! What are you waiting for????? This could be your next career move. I see this as an opportunity to bigger and better job offerings. You are already known in geekdom (I don’t know if this is a real word or not but you get the idea:). I mean if you got inside info, share.

G.

I worked as a mortgage processor for several months in 1986. the employer was one of the largest ibanks n the area; they worked their employees very hard, paid them very little, and made lots of money for their stockholders. I agree with the others that Ponzi should do on-line videos; I’m sure she’d get a lot of hits, or maybe your entrepreneurial spirit could find some way to make money out of this, if Ponzi didn’t want to do it as a public service.

Ponzi, do it girl. The world needs your insight and expirence in the mortgage business. Do you realize, how many “little” people you would help? No Ponzi, I’m not referring to nanuses.

Ponzi - I would be interested in your comments. My good friends are in the business and echo your sentiments that it is filled with some pretty borderline folks. They, like antoher person here noted, are making a concerted effort to conduct their business as above-board as possible… but even with two of them working together, they tell me it is a difficult task. There is much competition and back stabbing in a business where networking is an essential element to success.

Hi, I just happened to stumble upon this site while I was looking for some info about New Century Mortgage. My Dad told me the news today. I happen to have a house with them, which happens to be in foreclosure with an auction date of 24 April. I was wondering if anyone might know: Since they are filing bankruptcy now, will they be coming after me for the difference of the balance of the loan and what they net at the auction, or will that be written off?
Thanks

I obtained a NEW CENTURY mortgage after filling out application in reston,VA office- it was then processed for final signing in a private home, frederick,md, The whole scam involved waiting and waiting while the paperwork “churned” out a sheet at a time ( in random order) because of (as it was explained) a “new person” at the other end_ So we ended up signing page 12, wait 5 minutes then sign page 8, wait ten minutes , sign page 6, etc- THE FINAL PAGE for signing was the page with
interest rate and payment and after belatedly signing was shocked to see we had signed for a interest rate about 35% more than originally bargained for- I’m sure these people are all back in INDIA now or maybe own 7-11s in the area
JF

I know there are companies that provide home purchase loans to people with bad credit history. But, is it in the borrower’s best interest to get their mortgage from a bad credit lender… Related Content:The Real Home Loan GeniusNew Century Mortgage Goes BankruptFree Credit Report?Credit Score TipsIs Debt Consolidation Dumb?Free Skype CreditGlossary of Real Estate TermsCredit Report TipsBad Credit Report RepairHelp with Bad Credit Loans

I need to find the trustee fot new Mortgage to sign off of an Insurance check after a large hail loss. How do I find this person?

Does anyone know who bought New Century

Thank you for your site. I have found here much useful information…l

new century mortgage did a mortgage for my son and daughter
in law in pueblo colo. They never should have made the loan in
the first place.
They intentionally lied about the daughter in laws employment, said
she had worked in colo. for three years, when in fact she had only
just arrived there.
when they didnt make the first payment, and a year later was still
trying to do a short sale, the broker went out of business, and before
the new buyeer closed, they did something about the loans, there
were two, and the holder of the lesser 30 year loan was somehow
cheated out of any money from the sale, which was for an amount
almost equal to the two loans, but some how the smaller 20000 dollar
loan holder got nothing, as they reported to the irs. now the irs
wants the tax on that 20000 as it is income according to the irs.
trouble there was no 20000 short on the loan?????
now new century has filed bankruptcy,
I think there should be a class action lawsuit against new century
and check who owns the company, that bought their loans,
carington mortgage, is there a relationship between the two?

roger

Well, January of 2007 I closed with New Century. They sold my loan in April. Now I am preparing for my taxes, just wondering if I’m going to get a 1098 from New Century so I can claim my interest on my taxes? I’m so fed up with all this!

Also have loan with New Century, now Carrington was promised by Broker that they would refinance our Mortgage with no closing costs before our rate adjusted this year. Also several creditors were supposed to be paid off at closingand were not now we are having judgements filed for the unpaid debt. Title company no longer exists and ceo’s are in jail. Meanwhile we are struggling to make our Mortgage payments and trying to find a Company to help us fix our rate before it adjusts as our once B to B- credit rating keeps falling who do you take to court when they have filed Bankruptcy and are already in jail?

I live in New Zealand and my ex-American husband forged my name and borrowed $US65,000 from this company ( how this could happen I don’t know but I have seen the paper work with my name and initials forged on every page, even the Notary Public from San Bernardino has witnessed my forged signature and said that I appeared before him )
I’m not sure what to do from here because I don’t even know who holds the loan now or even if my ex-wanker husband has been paying it