Help is available to borrowers that have claims against their mortgage loan providers for breaking the Truth in Lending Act and other statutes governing credit transactions. Violations such as these could be a defense against a home foreclosure. If there is a violation, it may be possible to invalidate the loan and apply all of your payments to the principal. to recover financial damages. Look for additional factual foreclosure information at http://www.loan-modification-masters.com.
If you say yes to any of the following questions, please seek out a professional auditor to review your mortgage files (including demand & collection letters, correspondence, and any account histories or monthly statements).
1. Have you refinanced your mortgage repeatedly? Was your last refinance during the previous 3 years? A common unethical tactic is “flipping,” which involves repeatedly refinancing a mortgage without a benefit for the borrower, in order to profit from costly origination fees, closing costs, points and other fees steadily eroding the borrower’s home value.
2. Was there an increase as opposed to a lowering of your rate of interest when refinancing?
3. Are you paying an interest rate over 9.5%?
4. Was the loan obtained to pay for a home improvement job that wasn’t performed properly or not completed at all?
5. Have you had issues with the lender regarding untimely posting of your payments? Unannounced increases in payments? Have they tacked on fees to your balance for insurance, “property preservation,” or other “advances”? Does your principal balance never appear to go down?
6. Were you slapped with unreasonable closing costs on the loan?
7. Did the lender change the terms of your contract to your detriment just before the closing?
8. Was your mortgage broker paid by the lender? (look on your HUD-1 Settlement Statement to see if there is a “premium” or POC (paid out of closing) “YSP” or “yield spread premium”)?
9. If you have an adjustable rate mortgage, are the adjustments done wrong? Can you even understand if the adjustments were correct or not?
10. Do you have a prepayment penalty as part of your mortgage?
11. Has correspondence with the lender gone ignored? (Lenders have a statutory obligation to respond to complaints and requests for explanations of accounts. Often they do not. Each failure could entitle you up to $2,000. If your claim against the lender exceeds the number of monthly payments you supposedly missed, the lender may not be able to prove that you are in default.)
12. Have each of the collection correspondence presented to you by debt collectors follow the Fair Debt Collection Practices Act? You may get up to $1,000 or more if they didn’t.
13. Did you receive your copy of the mortgage documents at the closing? That would be as opposed to the documents being sent to you later, or did the closing agent give you signed copies at all?
14. How was the closing conducted, at your residence, in a different town or by mail?
There is a frequent misconception that lenders do not want to foreclose and acquire real estate. It’s true not every lender are scavengers by nature, there are a number that are. Actually there are a rising number of predators that buy bad debts, which includes mortgage loans, for a fraction of their value and attempt to enforce them. Such entities profit by foreclosure.
The good news is that there are foreclosure programs that can assist you if you have been victimized by predatory lenders. You can see an excellent one at Loan-Modification-Masters.com. They offer a free evaluation to determine if you qualify for a mortgage modification and a 100% money back guarantee that they can get you a mortgage modification making your payments more affordable.
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