They're out there waiting to steal distressed homeowners' money while claiming to help them avoid foreclosure.

In the mortgage industry, they are called “liar loans” — mortgages approved without requiring proof of the borrower’s income or assets. The worst of them earn the nickname “ninja loans,” short for “no income, no job and (no) assets.”

U.S. Bankruptcy Judge Randolph Haines approved $500,000 in debtor-in-possession financing for Mortgages Ltd. Wednesday, saying he believes the company that has financed several high profile projects in the Valley has a chance to become a viable enterprise in the future.

For Valley loan officers like Kathy Rhubottom, an influx of calls from desperate borrowers stuck in dicey adjustable-rate mortgages has become a daily occurrence.

Aiming to help misinformed home buyers, U.S. Mortgage Watchdog, a new Ahwatukee Foothills-based business, opened this week.

The number of Arizona homeowners falling behind on mortgage payments continued to swing upward in recent months as tighter lending guidelines limited refinancing options.

The number of Arizona homeowners falling behind on mortgage payments continued to swing upward in recent months as tighter lending guidelines limited refinancing options.

Just months after refinancing their home of 20 years, Tempe homeowner Kathy Gram and her husband found themselves in a state of confusion when they stopped receiving mortgage payment coupons from their out-of-state lender.

Reports of Arizona mortgage fraud spiked last year — mirroring a nationwide trend, as lenders scrutinized deals more closely and falling home prices unmasked shams.

Jeffery Z. Sayegh, of Cave Creek, and Kimberly R. Werking, of Phoenix, were indicted by the Arizona Attorney General's Office on five counts of forgery, one count of money laundering and one count of fraudulent schemes and artifices. Werking, 42, was also indicted on six counts of residential mortgage fraud, five counts of theft and one count of illegal control of an enterprise.

When Koula Chumley and her husband paid $25,000 for a four-bedroom split-level 35 years ago, it was an investment in family. But Chumley’s children have families of their own now, she’s widowed and is counting on that same house — worth much more — to ease life in retirement.

Hoping to avoid a real estate crash, a state senator wants to incarcerate everyone from bankers and escrow agents to home buyers who commit mortgage fraud.

The number of permanent mortgage modifications under the federal Making Home Affordable program jumped 75 percent last month nationally and nearly 70 percent in Arizona and the Valley.

A recent report on home-price declines is an excellent basis for assessing our persistent economic catastrophe. A recorded 30 percent ($6-trillion-plus) drop since the 2006 peak has plunged home prices back to 1990s’ levels. Continuing, unabated foreclosures could readily drop prices even further.

A recent report on home-price declines is an excellent basis for assessing our persistent economic catastrophe. A recorded 30 percent ($6-trillion-plus) drop since the 2006 peak has plunged home prices back to 1990s’ levels. Continuing, unabated foreclosures could readily drop prices even further.

TUCSON - A 44-month low in the median price of a house in Pima County means many homeowners owe more than their house is worth, according to data from the Tucson Association of Realtors.

Mortgage rates have been hovering around record lows lately, but a surge in the stock market Thursday sent rates up.

 At a time when most seniors should be enjoying a little time to themselves, many are facing an uncertain future filled with mounting medical costs, rising fuel bills, and shrinking pension checks.

Justin and Krystle Albrant have watched helplessly as their monthly mortgage payment climbed steadily toward being unaffordable.

Quicken Loans, a Michiganbased online mortgage lender, announced plans Tuesday to open a western regional office in north Scottsdale that is expected to create nearly 400 jobs.

Some Arizona homeowners facing the threat of foreclosure may be able to receive significant aid thanks to relief help from Washington.

WASHINGTON - The heads of Fannie Mae and Freddie Mac said Tuesday the mortgage finance giants are developing new types of loans to help distressed borrowers with high-risk mortgages keep their homes at a time of rising foreclosures.

WASHINGTON - Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to a record high as borrowers with tarnished credit histories had trouble keeping up with their monthly payments.

More Arizonans paid their mortgage payments late during the fourth quarter of 2002, but nationally the rate is declining. The number of loans in foreclosure set a record nationally and increased locally from October to December, according to a quarterly report released Monday.