Are You A Victim Of A Predatory Mortgage Foreclosure?

Help is available to borrowers who have claims against their lenders for violating the Truth in Lending Act and other laws regulating credit transactions. Such violations may be a defense to a mortgage foreclosure. If there is a violation, you may be able to void the mortgage and apply 100% of your payments to principal. You may also be able to recover money damages.

If the answer to any of the following questions is "yes," please arrange for a professional auditor to review your loan documents (including demand and collection letters, correspondence, and any account histories or monthly statements).

1. Have you repeatedly refinanced your loan? Was the last refinance within the last 3 years? (A common predatory practice is "flipping," which involves "repeatedly refinancing a mortgage loan without benefit to the borrower, in order to profit from high origination fees, closing costs, points, prepayment penalties and other charges, steadily eroding the borrower's equity in his or her home.").

2. Did you increase rather than lower your rate upon refinancing?

3. Are you paying an interest rate in excess of 9.5%?

4. Was the loan obtained to pay for home improvement work that was not done properly, or even at all?

5. Have you had problems with the mortgage company regarding untimely posting of monthly payments? Sudden increases in payments? Adding amounts to your balance for insurance, "property preservation," or other "advances"? Does your principal balance never seem to go down?

6. Were you charged high closing costs (points and fees) on the mortgage?

7. Did the terms of the mortgage change to your detriment at the last minute before the closing?

8. Did the lender pay money to your mortgage broker (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 adjustable rate mortgage, were any adjustments done improperly? Can you even tell if the adjustments were correct or not?

10. Does your loan contain a prepayment penalty?

11. Do you believe you were treated unfairly by your mortgage company? Has correspondence with the mortgage company gone unanswered? (Mortgage companies have a statutory obligation to respond to complaints and requests for explanations of accounts. Often, they don't. Each failure may entitle you to $2,000. If your claim against the mortgage company may exceed the number of monthly payments you allegedly missed, the mortgage company may not be able to prove that you are in default.)

12. Did all collection letters sent to you by debt collectors comply with the Fair Debt Collection Practices Act? (Up to $1,000 more if they did not.)

13. Did you (or anyone else who has an ownership interest in and lives in the house) receive a "notice of right to cancel" that was not completely filled out?

14. Did you receive your copy of the loan documents at the closing (as opposed to being sent to you later or did the closing agent send you signed copies at all)?

15. Did you sign a document at the closing stating that you were not canceling?

16. Did the closing occur by mail, or at your home, or in another city?

There is a common assumption (among judges, borrowers, and the public) that mortgage companies do not desire to foreclose and acquire real estate. This assumption is no longer well founded.

There are an increasing number of "scavengers" that buy bad debts, including mortgages, for a fraction of face value and attempt to enforce them. Such entities profit by foreclosure. "Mortgage sources confide that some unscrupulous lenders are purposely allowing certain borrowers to fall deeper into a financial hole from which they can't escape.

Why? Because it pushes these consumers into foreclosure, whereupon the lender grabs the house and sells it at a profit." Robert I. Heady, The People's Money, "Foreclosure, You Must Avoid It," South Florida Sun-Sentinel, Feb. 25, 2002. In addition, if the loan is guaranteed (by private mortgage insurance or the government), a mortgage company may find it more profitable to foreclose and make a claim on the guarantee.

Mr. Kenneth M. DeLashmutt is a recognized Predatory Lending Defense Specialist and an authority on the subject of predatory lending practices, foreclosure defense, consumer protection and debtor's rights.

He has more than 10 years experience in the area of consumer protection related to predatory mortgage lending practices and debt resolution. He has provided regulatory consulting services nationwide to financial institutions, consumers and regulatory agencies as well as real-estate and financial services organizations.

Areas of Expertise include: Banking Operations and Administration; Lending Policies and Laws to Protect Consumers, Mortgage Brokers and Mortgage Lender Predatory Lending Custom & Practice; Credit Administration; Bankruptcy and Foreclosures; Trust & Fiduciary Issues / Operations; Real Estate Transactions; Consumer Protection Litigation and Foreclosure Defense.

email: educationcenter2000@cox.net

website: http://www.educationcenter2000.com

---

Buying a House or a Home?

A house is just that, a house, until someone lives... Read More

Home Equity Loans ? Research Your Lender Carefully

Real estate prices are rising across the country, and Americans... Read More

First Time Home Buyer Loans Made Easy

When it comes to firsttime home buyer loans, a little... Read More

Home Equity Loan ? Good Choice for Luxury Purchases?

Home equity loans or lines of credit have increased dramatically... Read More

Types Of Home Equity Loans

There are two broad types of home equity loans:Term loans:... Read More

Thought Fixed Rate Will Give You a Respite from the Perils of Variable Rates! Think Again

Slight increases in the interest rates raise your hackles. Tension... Read More

Mortgage Soup

Looking for home mortgage loans can get confusing with the... Read More

What is a Current Account Mortgage?

Current account mortgages are fairly new to the sector. They... Read More

Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of Credit

Have you decided to refinance your home or apply for... Read More

Homeowners? insurance: The mortgage connection

A home owners' insurance is the cover for the house... Read More

Bankers Dont Want You to Know That You Pay for Your No Cost Home Loan Forever

With mortgage rates continuing on a downward trend, the competition... Read More

Jacksonville Florida Real Estate Mortgage Home Loans - Get the Best Rate Everytime

There are hundreds of mortgage companies in the Jacksonville real... Read More

Reverse Mortgages ? a Reversal of the Mortgage Process

Mortgages have assumed a number of characters from the time... Read More

Rates May Be Rising: Mortgage And Refinancing Preparation Made Simple For You

Buying a home is probably the single largest investment most... Read More

The Best Way To Get The Right Mortgage

Are you thinking of buying a home? If so, then... Read More

What is an Offset Mortgage?

An offset mortgage is very similar to a current account... Read More

A Personal Mortgage Experience

I don't know what the mortgage situation is around the... Read More

How a Commercial Mortgage Can Help Your Business

A commercial mortgage or commercial remortgage is a business loan... Read More

Reasons To Get A Home Equity Loan

Using a home equity loan really depends on what your... Read More

Home Mortgage Loan Refinancing Online - 3 Tips on Refinancing Your Home

When refinancing your home, it's helpful to know a few... Read More

What is a Homeowner Loan?

If you are a homeowner, it couldn't be easier to... Read More

Finding the Best Mortgage Lender Online

Finding the best mortgage lender online is simply a matter... Read More

Bad Credit Home Equity Loans

A home equity loan allows you to borrow against the... Read More

How Much Interest is Your Home Equity Earning?

How much interest are you earning on your home equity?... Read More

Home Mortgage Loans - Fixed Rate, Adjustable or Balloon, Which One Is Right For You?

When you're shopping for a new home-especially for the first... Read More

Guide to Interest Only Mortgages

Here is a useful guide to interest only mortgages. An... Read More

Tips for Finding the Best Agri Mortgage and the Best Agri Loan

The Research Rates of Agri MortgageFirst thing, when finding an... Read More

Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage Loan

Do you have bad credit that you worry will stop... Read More

Remortgage Serves To Rewind The Reimbursements Of Mortgage

It takes a mighty big effort to secure a home... Read More

Secured Loans ? Making the Most of Your Home as Collateral

My visit to the lender was interrupted with my wife... Read More

Mortgage Cycling ? Brilliant or Risky

With mortgage rates near 20-year lows, competition in the mortgage... Read More

Why Choose a Home Equity Loan?

There are many reasons for choosing a home equity loan.... Read More

Kingsland Saint Marys & Kings Bay Real Estate - VA Mortgage Information For Home Buyers

A VA guaranteed mortgage is the usually the best way... Read More