AUGUSTA (AP) — Maine business regulators have ordered 15 companies that promised but failed to help homeowners facing foreclosures to stop doing business in the state.

The companies, all based out of state, enticed consumers with radio, television and Internet ads promising to help them avoid foreclosure, but then took a collective $36,000 in advance fees and did not save a single home from foreclosure, Will Lund, superintendent of the Consumer Credit Protection Bureau, said Tuesday.

While many debt management companies comply with the law, the 15 companies “made false promises and then took money from desperate folks who could least afford to lose those funds,” Lund said.

Here is a list of the businesses:

Federal Loan Modification Law center; Irvine CA

United Hope Alliance Corp.; Jacksonville, FL

National Foreclosure Counseling Services; Jacksonville, FL

Hope Now Modifications; Cherry Hill, NJ

Pathway Financial Management; Stanton, CA

Law Offices of Joel L. Schwartz; Northfield, NJ

BillsMadeSimple.com, Inc; San Diego, CA

Lewis Foreclosure Mediation Services, LLC; Phoenix, AZ

Apply 2 Save, Inc.; Coeur d’Alene, ID

HelpModifyNow.com; Newport Beach, CA

Ocean View Investment Services Co.; Ft. Lauderdale, FL

FHA All Day; Boca Raton, FL

Mason Capital Group, LLC; Encino, CA

The Hall Firm; New York City, NY

Fresh Start Mortgage Assistance Solutions; Beverly Hills, CA and Clearwater, FL

Bureau of Consumer Credit Protection: www.Credit.Maine.gov.

Check out some these exciting 4th of July  events!

Bath Heritage Days- Spend the weekend enjoy historic Bath, maine. http://bathheritagedays.com

20th Annual Bethel Art Fair:  At the town green from 9:00-4:00

Antique Tractor Pull & Display:  9:30Am in Boothbay

Reading of the Declaration of Independance: Free reading at 2:00pm at Colonail Pemaquid Historic Site

Fireworks Sail with Portland Schooner Co.  8:15-10:15pm at the Maine State Pier- 207-766-2500

Eastern Prom Firepworks Portland, 9:15

Meet A Bald Eagle 11:00AM at the Maine Wildlife Park

With the credit crunch still in full swing, finding a good deal on a mortgage isn’t as easy as it once was. Many banks have tightened their lending standards and eliminated programs and many banks are no longer working with mortgage brokers.

Taking the online avenue can be tricky as well as many sites have been cited for running bait-and-switch advertisements on rates and not fully disclosing fees.

If you are currently looks for a home loan, follow these recommendations by Sarah Max of Money Magazine.

1. Take to the world wide web.

Visit sites like bankrate.com, mortgagemarvel.com and zillow.com to shop anonymously and get accurate rates.  Take this route if you know what kind of loan you[re looking for; the web should act as your starting point go get a handle on current rates and fess so that when it comes time to sit down with a bank or mortgage broker you’ll know if you’re getting a good deal.

Avoid any website that asks you for your social security number and address upfront. They might pull your credit report, which could hurt your score when you go to actually apply for the loan. 

Also make sure that all fees are clearly disclosed before you take the next step.

How to get the best deal:When you put your information into the online mortgage tool, do not estimate your income, credit score or other key facts, you won’t get an accurate rate without accurate information.

2. Go Directly to a bank

Go to the bank if you are looking for a conforming loan ( less then $417,000). Many banks have stopped underwriting jumbo loans. If you’re refinancing, call your current lend first as they may give you a bette rate to keep you as a customer.

Look out for novice loan officers, in this market, your agent must know what they are doing to keep the deal together.

To Get the Best Deal visit your local bank who’s familiar with the local market and the players in your area .

3. Call a Broker.

A good broker will help you along the way then you would navigating the lending world from your home computer.

If you’re in the market for a jumbo mortgage or financing for an investment property or you don’t fit the conforming mold, a broker will help you find a program that meets your needs.

Watch out for fees, most brokers make money on the difference between the rate you could get and the rate you actually pay and they aren’t required to disclose their cut. Look for a fee-only broker in your area at upfrontmortgagebrokers.org

How To Get The Best Deal Obtain rate and fee info from banks and web sites before talking to the broker. There are lots of brokers who want your business and are willing to help you find the best rate around.

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In case you missed it, Brett Davis, owner of Brett Davis Realtors was interviewed on Thursday by News Channel 8 WMTW. Click here to watch!

Wondering what to do this memorial day weekend in Maine? 

 Here are a few fun ideas!

Down East Spring Birding Festival May 22nd- May 25th

Come birding “Way Down East” over Memorial Day Weekend to Maine’s Cobscook Bay Area – “one of the important bird areas in the US”. Our great variety of habitats are home to many bird species. Bird in Moosehorn National Wildlife Refuge, Roosevelt Campobello International Park, Shackford Head and Quoddy Head State Parks, and other wildlife areas. See two dozen warblers in their breeding plumage, boreal species, and Atlantic Puffins up close and (almost) touchable. Participants find over 150 different birds each year. How many will you find? Hikes, boat trips, presentations for advanced, intermediate, and beginning birders. Your general registration fee covers most events; some events are extra charge.  www.downeastbirdfest.org For More Information

60th Anniversary Barbershop Show

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Nationally, the number of homes under contract rose for the second consecutive month and are up year over year, up 3.2% from February and 1.6% from last year.

Industry experts had expected no rise in pending home sales, so this data comes as a pleasant surprise to many. Some believe the uptick in pending homes is a direct result of the First Time Home Buyer Tax Credit that lapses in December.

Another factor may be the significat decrease nationwide in home prices, encouraging those waiting on the side lines to jump in to the market.

By Tami Luhby, CNNMoney.com senior writer  

See the article here: http://money.cnn.com/2009/04/28/news/economy/foreclosures/index.htm?postversion=2009042816

The Obama administration said Tuesday it is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program.

Announced with great fanfare in mid-February, the president’s $75 billion program has gotten off to a slow start. Loan servicers only recently started taking applications and many delinquent borrowers have complained about being left in the cold because their home values have dropped or they’ve lost their jobs.

The administration is seeking to address some of the concerns by tweaking the original modification plan, which calls for adjusting eligible borrowers’ loans so monthly payments are no more than 31% of pre-tax income.

Servicers covering 75% of the nation’s mortgages are now participating in the program, which also allows some homeowners with little or no equity to refinance their mortgages, a senior administration official said Tuesday. Together, the plans are expected to help up to 9 million avoid foreclosure.

During the housing frenzy, many borrowers obtained second mortgages to allow them to put little or nothing down when buying a home. Up to half of at-risk borrowers have second liens, according to the administration.

These loans have complicated the modification process. For one thing, they add to troubled homeowners’ debt levels. Also, mortgage investors have balked at reducing payments on first mortgages when the second loan was left intact.

Under the administration’s new program, the interest rate on second mortgages will be reduced to 1% on loans where payments cover interest and principal and to 2% for interest-only loans. The government will subsidize the rate reduction, with the money going to the mortgage investor.

Servicers will be paid $500 for each modification and an additional $250 annually for three years if the borrower stays current. Borrowers can receive up to $250 per year for five years to pay down their first mortgage.

Investors can also receive a payment in exchange for extinguishing the second lien. They would receive 3 cents on the dollar for loans more than 180 days delinquent and between 4 cents and 12 cents for less delinquent loans, depending on the borrowers’ debt levels.

Servicers who join the new program must modify second loans when a borrower’s first mortgage is adjusted. It will likely take a month to implement, but it should not slow down the modifications of primary mortgages, the administration said.

“By bringing both the first lien and second lien program together, we can reduce monthly payments for borrowers and make it much more likely that they can stay in their homes,” a senior administration official said.

Also Tuesday, the administration said it is now requiring servicers to offer troubled borrowers access to Hope for Homeowners as a modification option if they qualify.

Expanding Hope for Homeowners would address one of the major holes in the original Obama foreclosure prevention plan. It helps homeowners whose homes are now worth far less than their mortgages.

Servicers had balked at participating in the Hope program because it required they reduce the mortgage principal balance to 90% of a home’s current value.

Hope for Homeowners, which began in October, is being revamped in Congress. Servicers would have to reduce the principal to 93% of the home’s value. The change would also reduce the program’s high fees, which turned off many troubled borrowers.

As an incentive to participate, servicers will be paid $2,500 for each refinancing, while lenders who originate the new loans will receive up to $1,000 a year for three years, as long as the loan remains current.

Separately, however, another pillar of the president’s plan appears to be headed for defeat this week. The Senate is not expected to pass legislation allowing bankruptcy judges to modify mortgages. The administration had sought this change to pressure servicers to modify loans before borrowers declare bankruptcy

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