Have You Been A Victim Of A Predatory Mortgage Foreclosure?
Assistance is available to borrowers that have complaints against their lenders for violating the Truth in Lending Act and other laws regulating loan transactions. Violations such as these could be a defense against a mortgage foreclosure. Should there be a violation, it may be possible to void the mortgage and apply all of your payments to the principal. It is also possible to repayment of financial damages. Look for more foreclosure information at http://www.loan-modification-masters.com.
Should you answer yes to any of the questions that follow, please seek out a professional auditor to review your loan papers (include collection and demand letters, correspondence, along with any account histories or monthly statements).
1. Has your loan been refinanced more than necessary? Was your most recent refinancing within the last three years? A common predatory practice is “flipping,” which involves repeatedly refinancing a loan without a benefit to the borrower, in order to profit from high origination fees, closing costs, points along with other fees consistently eroding the borrower’s equity in his or her home.
2. Did you have an increase as opposed to a lowering of your interest rate upon refinancing?
3. Do you pay an interest rate in excess of 9.5%?
4. Was the loan obtained to pay for a home improvement project that was not done well or not completed at all?
5. Have you had problems with the mortgage company regarding untimely posting of monthly payments? Sudden increases in payments? Have they tacked on fees to your balance for insurance, “property preservation,” or other “advances”? Does the principal amount never appear to go down?
6. Did it seem you were slapped with high closing costs on the mortgage?
7. Did the mortgage company alter the terms of your contract to your detriment at the last minute before the closing?
8. Did your loan broker get paid by the lending company? (look on the HUD-1 Settlement Statement for a “premium” or POC (paid out of closing) “YSP” or “yield spread premium”)?
9. Did you get an ARM, are the adjustments done improperly? Are you able to tell if the adjustments are correct or not?
10. Is there a prepayment penalty written into the loan?
11. Has correspondence with the mortgage company been unanswered? (Mortgage companies have a legal obligation to answer complaints and requests for explanations of accounts. Often they don’t. Each instance could entitle you up to $2,000. If your claim against the mortgage company exceeds the number of monthly payments you supposedly missed, the mortgage company may not be able to prove that you are in default.)
12. Have each of the collection correspondence sent to you by debt collectors comply with the Fair Debt Collection Practices Act? You could receive up to $1,000 and more if they did not.
13. Were you given your copy of the loan documents at the closing? That would be as opposed to them being mailed to you later, or did the closing representative provide you signed duplicates at all?
14. How was the closing conducted, at your home, in another town or through the mail?
There is a frequent assumption that lenders do not want to foreclose and handle real estate. While not all lenders are scavengers by nature, there are some that are. In fact there is an increasing number of predators that buy bad debts, including mortgages, for a pennies on the dollar of their value and try to enforce them. Such entities profit by foreclosure.
Fortunately there are foreclosure programs that can help those who have been victimized by predatory lenders. You can see one of the best at Loan-Modification-Masters.com. They offer a no cost evaluation to determine if you qualify for a loan modification along with a 100 percent money back guarantee that they can negotiate you a loan modification to make your payments fit your budget better.
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