Mortgage Modification programs are modifying some mortgages, but a “drop in the bucket” compared to 3.5 Million mortgages that are expected to enter foreclosure this year, according to a July 11 New York Times article. The article goes on to say that mortgage servicing companies (who you may call your “mortgage company,” but in all likelihood do not actually own your loan, just service it), are not set up to handle loan modifications, much less hundreds of thousands of them.

Many of the mortgages in existence now, were not properly underwritten in the first place, and it’s complicated to decide if a particular loan will work, even if it is modified. And according to the article, some banks are not performing loan modifications, so that they can keep the mortgages on their books longer at inflated values, rather than having to write them down and show huge losses, in the event that they do a loan modification.

If you have an adjustable rate or high cost loan, you may want to try to modify your loan. A list of all the available loan modification programs is at: .

Keeping a log of your expenses: One week may save you a lot

Are you spending more money than you need to? It’s a nagging worry, especially these days. Fortunately, you don’t need an advanced degree in finance and accounting to analyze your spending.

Try this: Keep track of your spending for one week. Just one week. Longer, and you’ll get too busy. But you can probably hold onto your receipts and add them up for seven days. At the end up the same, separate and categorize your expenses (use a spreadsheet if that helps you visualize better). You’ll be able to observe what you’re spending your money on. Chances are you’ll find at least a few areas where you can cut back.

Texas Attorney General Abbott Charges Houston “Debt Invalidation” Firm with Unlawful Conduct

HOUSTON - On July 9, Texas Attorney General Greg Abbott charged a Houston-based credit repair firm with violating the Texas Deceptive Trade Practices Act. The state’s enforcement action names Jubilee Financial Solutions LP, also known as The Credit Card Solution (TCCS) – a self-proclaimed “debt invalidation” business – its parent company, Jubilee Financial Management LLC, and the companies’ owner, Robert Mitchell Lindsey.

Through various Web sites – including – the defendants claimed they could eliminate credit card and other debts by helping customers fight credit reporting agencies, dispute debts and sue debt collectors. The defendants also promised access to legal services, which they claimed could yield monetary damages from lawsuits against debt collectors.

Marketing materials obtained by state investigators shows the defendants claimed their “debt invalidation” program can eliminate customers’ debt in as little as 12 to 18 months by relying upon federal consumer protection laws. In videos on the defendants’ Web site, Lindsey claims that TCCS has “gotten rid of $150 million of credit card debt.”

According to the state’s enforcement action, the defendants are unlawfully operating an unregistered credit services organization (CSO). Under the Texas Credit Services Organization Act, CSOs must register with the Secretary of State and obtain a surety bond or surety account. The defendants have done neither.

The state’s enforcement action also charges the defendants with multiple Texas Deceptive Trade Practices Act (DTPA) violations, including not providing services as advertised and withholding information about goods or services when entering into a transaction.

The state seeks penalties of up to $20,000 per violation of the DTPA, restitution for Texans harmed by the defendants’ business practices, and attorneys’ fees. Texans who believe they have been deceived by similar fraudulent business practices may call the Office of the Attorney General’s toll-free complaint line at (800) 252-8011 or file a complaint online at

A little humor

Dear Tech Support:

Last year I upgraded from Boyfriend 5.0 to Husband 1.0 and noticed a slow-down in the performance of the Flowers and Jewelry applications that had operated flawlessly under the Boyfriend 5.0 system.

In addition, Husband 1.0 un-installed many other valuable programs, such as Romance 9.9, but installed undesirable programs such as NFL 7.4, NBA 3.2 and NHL 4.1. Conversation 8.0 also no longer runs and Housecleaning 2.6 simply crashes the system. I’ve tried running Nagging 5.3 to fix these problems, but to no avail. What can I do?



Response from Tech Support:

Dear Desperate,

First, keep in mind that Boyfriend 5.0 was an entertainment package, while Husband 1.0 is an operating system.

Try to enter the command C:/ITHOUGHTYOULOVEDME and install Tears 6.2. Husband 1.0 should then automatically run the applications Guilt 3.3 and Flowers 7.5. But remember, overuse can cause Husband 1.0 to default to such background applications as Grumpy Silence 2.5, Happy Hour 7.0, or Beer 6.1. Please remember that Beer 6.1 is a very bad program that will create SnoringLoudly.WAV files.

DO NOT install Mother-In-Law 1.0 or reinstall another Boyfriend program. These are not supported applications and will crash Husband 1.0. They could also potentially cause Husband 1.0 to default to the program: Girlfriend 9.2, which runs in the background and has been known to introduce potentially serious viruses into the Operating System.

In summary, Husband 1.0 is a great program, but it does have a limited memory and can’t learn new applications quickly. You might consider buying additional software to enhance his system performance. I personally recommend Hot Food 3.0 and Single Malt Scotch 4.5 combined with such applications as that old stand-by Lingerie6.9 (which has been credited with improved performance of his hardware).

ARE YOU IN CHAPTER 13 NOW? Always keep the law office updated with your current address, telephone numbers, and email address. We may need to reach you quickly. 24 hours/7 days a week, you can check on the status of your Trustee payments, how much you still owe on your case, etc., by going to to set up your user ID and password. Lose job or overtime? Expenses increase? Want to give up property to lower payments? Go to , click on ” Current Clients Click Here” on home page, and fill out the Motion to Modify worksheet. Fax to office. We’ll review it and contact you if a change to your plan is possible.


J Thomas Black
Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization