100 mortgage banks

100 mortgage banks
The credit crisis has begun to show us all how many homeowners were taken during the booming real estate with creative financing vehicles such as option arms and subprime mortgages. And while servicing fraud has always been a part of the mortgage industry, more equity has been created from nothing in the bladder than in the past few years, which has even more borrowers, particularly for financial terrorism on the front of the mortgage and during the period of repayment.

Predatory lending is often used to bad loan placement, deception within the meaning of the Agreement, shady broker with blank documents, and no important information, and other related fraud. Many of these tactics are used to fraudulently induce buyers or current owners to obtain loans that are not in their interest, and they will probably not pay back. But the additional fees, which at the closing event for the lenders, such practices are attractive to banks and loan originator trying to cash in before the loan goes bad.

For example, take the case of John and Mary, who wanted justice, in their house to pay off high credit card balances, replacing an old car, and some extra money in the bank. Despite the fact that their loans are not good, their mortgage broker Bill put them in a 90% financing option ARM at 3% interest for the first five years. John and Mary was not told it was an adjustable rate mortgage - Bill just signed their names on the required disclosure. But that was perfectly okay with John and Mary, which is for a fixed-income loans and "rounded up" their monthly income an extra few thousand dollars.

At the end of the loan, John and Mary thought she had very much at a low mortgage. Did they not know that their payment is not at least once the interest free, and any payment which it would cause them to fall back even further, what to eat the remaining shares and result in a negative equity position. Like many homeowners, but they do not read the mortgage and have not understood the numbers, even if they can read.

On the other hand, mortgage service fraud happens after the loan was originally. The lenders, packages the mortgage with other similar debt products and sells the package for the investors such as hedge funds or financial investment firms. The rights to the payments to pension funds or mutual funds, while a service company is committed to manage the loans, the accounting, the monthly payments, maximize profits and minimize losses, debt products, and with a foreclosure if the owner standard .

The fraud comes when the borrower deliberately pushed foreclosure by the mortgage servicer. This may be a result of "accounting errors", "forced insurance", "false" or "" lost "payments, or negative escrow balances are late, that fees and interest. In any case, the company junk fees increased in order to make it almost impossible to stop the foreclosure by paying the loan back, and the mortgage ends in a position to sell the house on the open market after a sheriff sale for a price that far exceed what they would have received if it simply serves the legal and loan payments over time collected.

So in our example above, after the first two years of payments on their loans, John and Mary received a letter from their mortgage servicer is threatening foreclosure because they are behind three months. Knowledge that they will not miss a single payment, Mary as a lender. After an hour and a half on hold, she was told by a member of the customer that they are not qualified homeowners insurance, so that the lender had their own insurance on the house at high speed. Mary, who obviously knew that they are the property and offered to fax proof of the mortgage servicer.

As proof of insurance faxed, John and Mary thought the problem was considered so little, they expect that by the County Sheriff with foreclosure proceedings papers a few weeks later. They immediately called the mortgage company to them an hour later, they had never faxed the insurance and the couple has a new number to fax it to. John met faxes, and a confirmation of the paper went through, and cried the next day to make sure that in places his surprise when the company said it had not received the fax, and that the insurance would be forced to stay and the partitioning further.

At that time thousands of dollars in additional fees for insurance and the action was added to the loan, together with a number of different fees, escrow fees, and others. The servicer refused to explain all of these costs over the telephone and fax payment only statements about their lawyers to the total amount of fees, not what it actually. At this point, John and Mary stopped thinking was a terrible mistake, and began to see something much darker went with their credit and that they are victims of a corrupt bank.

Although they had the time to respond to the foreclosure complaint and a default sentence was awarded to the bank, Mary went to the court and demanded to speak with the judge. The judge heard about it, but refused to recognize all of the fraud, breaches of rules, or mistakes of the lenders had committed, said Maria, "" You have a ruling against you, you had time to answer, like all other . If you do not like it, you can get a lawyer or the rent. "" At this point, the couple realized the corruption of the bank had in the local government, as well.

The sheriff sale soon in a few months ago, John and Mary has everything she could, to borrow from family and save up enough to pay the amount owed to the servicer she said. But a month before the auction date, the family received its most recent statement showing a doubling of their mortgage mortgage payment. The original option ARM loans was due to a higher interest rate, and because the loan is under water, the payments were even more to pay the mortgage on the remaining term.

At this point, with their credit rating destroyed, the mortgage payments doubled, even when they are up enough to return, and the house up for auction in a month, John and Mary threw in the towel. Although the loan originator and mortgage service companies had thousands of dollars, and the family had never missed a legitimate payment, they thought it unlikely to do more than they could move himself to blame for the failure. Everyone, from banks to the local government, it seemed, had decided that they deserved to lose at home and suffer the consequences of a foreclosure for the next ten years of her life.

How many people like John and Mary are coming with similar stories of mortgage fraud from beginning to end, a fraud in which they participated, but she felt only the negative consequences. Accountability for the banks is a hollow catch phrase when they are in hundreds of billions of dollars into rescue operations, while the reform of bankruptcy laws make it harder for homeowners to get from under crushing debt loads. And the government, in bed with the banks from the local level to the heights of power in Washington, the money away from the people, the fraudulent monetary system afloat for a few months.

Our mortgage and real estate industries are corrupt from top to bottom, from beginning to end, and the foreclosure crisis is just another way for banks to impoverishment, while ordinary people enrich themselves. That they have the courage to perpetuate fraud on homeowners, and then make the same homeowners for the collapse is a signal of how much banks are powerful interests than the people. Elected to the officers along with the charade of rescue of the banks and keep people with the bill is still reprehensible.

The ForeclosureFish website was created to homeowners stop foreclosure on their properties while they still have time and resources available to them. The site describes various solutions that will be used, including the deed instead, the cash key to stopping a foreclosure auction, mortgage modification, and much more. Visit ForeclosureFish to learn more about the various aspects of the foreclosure process, as well as how you look at where a financial hardship: http://www.foreclosurefish.com/