Help may be available to borrowers that have claims against their lenders for violating the Truth in Lending Act and other laws governing loan transactions. Such violations may be a defense against a home foreclosure. Should there be a violation, you could be able to void the mortgage and assign all of your loan payments to the principal. to repayment of money damages. Look for additional foreclosure information at http://www.loan-modification-masters.com.
If you say yes to any of the following questions, you should arrange for a professional auditor to evaluate your loan documents (including collection and demand letters, correspondence, along with any account histories or monthly statements).
1. Have you refinanced your mortgage repeatedly? Was your most recent refinance during the last three years? A routine unethical practice is “flipping,” which is defined as repeatedly refinancing a loan without an advantage to the borrower, in order to profit from costly origination fees, closing costs, points along with other costs, steadily eating away at the borrower’s home value.
2. Did you have an increase rather than reduction of your interest rate when refinancing?
3. Is your interest rate more than 9.5%?
4. Was the loan obtained to invest in a home improvement job that wasn’t done well or not completed at all?
5. Have you had problems with the mortgage company with late posting of your payments? Unannounced raises in payments? Have they tacked on amounts to your principle for insurance, “property preservation,” or other “advances”? Does your principal balance never appear to change?
6. Did it seem you were slapped with unreasonable closing costs on the mortgage?
7. Did the mortgage company change the terms of your mortgage to your detriment at the last minute prior to closing?
8. Was your mortgage broker paid by the lender? (look on your HUD-1 Settlement Statement for a “premium” or POC (paid out of closing) “YSP” or “yield spread premium”)?
9. If you have an ARM, were any adjustments calculated wrong? Are you able to tell if the adjustments were correct or not?
10. Is there a prepayment penalty included in your loan?
11. Has written communication with the mortgage company gone ignored? (Mortgage companies have a statutory obligation to respond to complaints and requests for explanations of accounts. Sometimes they do not. Every instance may entitle you up to $2,000. In a situation where your assertion against the mortgage company out numbers the number of monthly payments you allegedly missed, the mortgage company may not be capable of proving that you are in default.)
12. Did each of the collection letters 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. Were you given a copy of the loan papers at the closing? That would be as opposed to the documents being mailed to you later, or did the closing agent send you signed duplicates at all?
14. How was the closing conducted, at your house, in a different town or by mail?
There is a frequent assumption that mortgage companies do not want to foreclose and acquire real estate. While not all lenders are scavengers by nature, there are some that are. Actually there are a rising number of scavengers who buy bad debts, which includes mortgages, for a pennies on the dollar of face value and try to enforce them. Entities such as these profit by foreclosure.
Fortunately there are foreclosure programs that can assist you if you have been victimized by predatory lenders. You can find an excellent one at Loan-Modification-Masters.com. They offer a free evaluation to find out if you qualify for a loan modification along with a 100 percent money back guarantee that they can get you a loan modification making your payments fit your budget better.
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