Assistance may be available to borrowers who have claims against their lenders for breaking the Truth in Lending Act and other laws governing credit transactions. Such violations are a possible defense to a home foreclosure. If there is a violation, you may be able to void the loan and apply all of your payments toward the principal. You could also be entitled to recover money damages. Look for additional foreclosure information at this site http://www.loan-modification-masters.com.
If you answer yes to any of the following questions, please seek out a professional auditor to review your mortgage documents (include collection and demand letters, correspondence, and all account histories or monthly statements).
1. Have you refinanced your mortgage repeatedly? Was the most recent refinance within the previous 3 years? A common unethical tactic is “flipping,” which is defined as repeatedly refinancing a loan without an advantage for the borrower, for the purpose of profiting from costly origination charges, closing costs, points and other charges steadily eating away at the borrower’s home value.
2. Did you have an increase as opposed to a lowering of your interest rate upon refinancing?
3. Are you paying an interest rate over 9.5%?
4. Was the loan obtained to invest in a home improvement project that was not performed well or even at all?
5. Do you have problems with the mortgage company regarding late posting of your payments? Unannounced increases in payments? Have they tacked on amounts to your principle for insurance, “property preservation,” or other “advances”? Does the principal amount never seem to go down?
6. Did it seem you were charged high closing costs on the loan?
7. Did the lender alter the terms of the mortgage to your detriment at the last minute before the closing?
8. Did the lender pay money to your mortgage broker? (check out the HUD-1 Settlement Statement to see if there is a “premium” or POC (paid out of closing) “YSP” or “yield spread premium”)?
9. Do you have an ARM, are the adjustments calculated improperly? Are you able to understand if the adjustments are accurate or not?
10. Is there a prepayment penalty included in the loan?
11. Has correspondence with the mortgage company been ignored? (Lenders have a statutory obligation to respond to complaints and requests for explanations of accounts. Often they don’t. Every instance could entitle you up to $2,000. If your assertion against the lender exceeds the number of monthly payments you supposedly missed, the lender will possibly not be able to prove that you are in default.)
12. Did each of the collection correspondence presented to you by debt collectors comply with the Fair Debt Collection Practices Act? You may receive as much as $1,000 or more if they didn’t.
13. Did you receive a duplicate of the mortgage papers at the closing? That would be in opposition to them being sent to you later, or did the closing representative send you signed copies at all?
14. Was the closing conducted at your house, in a different city or through the mail?
There seems to be a common misconception that mortgage companies do not want to foreclose and handle real estate. It’s true not every lender are scavengers by nature, there are a number who are. In fact there is a rising number of predators who purchase bad debts, which includes mortgage loans, for a fraction of face value and try to enforce them. Entities such as these make money off of foreclosure.
The good news is that there are foreclosure programs that can help you if you 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 are eligible for a mortgage modification and a 100% money back guarantee that they can get you a loan modification making your payments fit your budget better.
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