Lawyers And Law Firms

The Most Common Signs Of Mortgage Servicing Abuse

The Most Common Signs of Mortgage Servicing Abuse

by

Nick Adama

Homeowners can use mortgage servicing fraud and abuse practices as a defense to stop a foreclosure lawsuit. Once mortgage loans are originated, they are frequently packaged and sold off to investors. While no one may really know who owns the loan, the rights to collect the payments are transferred to mortgage servicing companies. These companies are one of the greatest perpetrators of abuse and fraud against homeowners, as they have very little incentive to do right by the borrowers.

These companies are typically paid a flat fee by the trustees of the mortgage to administer the loan, collect payments, make sure property taxes and insurance are in place and paid through escrow, and pursue any foreclosure proceedings, if necessary. If homeowners do miss payments, the servicer gets paid anyway, and actually makes more money from a foreclosure than if they offered to work closer with the owners of the property to negotiate for a mortgage modification or other workout option.

That’s right — mortgage servicing companies actually lose more money when they help homeowners modify loans and save their homes from foreclosure! The fewer resources they dedicate towards loss mitigation and assisting borrowers, the more of the flat servicing fee they get to keep for themselves.

Of course, the parties on either side of the mortgage — the homeowners and the holders of the loans — lose far more in a foreclosure than a loan modification. But with a servicing company in the middle of the deal, it is more profitable to let a house go through the entire foreclosure process than to assist the borrowers in making the payments more affordable.

YouTube Preview Image

Servicing companies have also been found to “push” homeowners into foreclosure in a variety of abusive ways. If they are not pushed straight into foreclosure, the companies may covertly charge fees and extra interest, or credit payments late. If the owners ever do miss a payment (and many loan servicers only purchase rights to loans that are subprime or have higher risks of default), a foreclosure will quickly result and the costs to reinstate the loan may be astronomical.

The following is a list of the top seven most common mortgage servicing abuses that homeowners will run into. However, the ways that fraudulent companies can take advantage of borrowers are nearly endless, so if homeowners believe that they have been defrauded, they should take appropriate actions in court and with state and federal regulatory agencies. The more that they can discover about how their loan has been handled by a servicer, the better chance they have of proving servicing abuse and other related charges in a court.

Junk fees masquerading as legitimate. These may include property inspection fees, broker price opinions, and outrageous attorney fees, among many others. These will be charged to a borrower’s account in order to increase the amount of a payoff, thereby creating even more profits for a loan servicer during a foreclosure action.

Failure to disclose fees during a Chapter 13 bankruptcy. Servicing companies seem to work even harder against homeowners once they file for bankruptcy. Fees can increase, but little justification for the fees will ever be given, even to the bankruptcy courts.

Collection of junk fees even after discharge in Chapter 13. Because the company knows the homeowners no longer have the protection of the courts or the guidance of a bankruptcy lawyer, they can add the junk fees back in and charge them to the borrowers.

Using junk and late fees to show negative payment history. This would help the mortgage servicer argue that the homeowners have failed to uphold the bankruptcy payment plan and that a relief from stay should be granted. The servicer can try and argue this even if the borrowers have made all of the required Chapter 13 payments on time.

Attorneys for corrupt mortgage servicers just as corrupt. These attorneys will receive information they know to be inaccurate or misrepresented from the servicer and file motions in court like it was legitimate — another case of lawyers abusing their positions in order to keep a rich client happy. But the lawyers also know that they can overcharge for legal and court fees and it will be charged to the borrowers’ accounts. These fees may even be in excess of what courts have approved.

Escrow account abuse. Servicers may create illegitimate escrow accounts to hide the fact that they are taking borrowers’ money and applying it to junk fees, late fees, and interest, instead of on the actual amounts due on the loan. This pushes borrowers even further behind every month. Companies may also fail to fund escrow balances properly, creating negative balances when county property taxes or homeowners insurance are paid. The homeowners are then charged for this deficiency and fees and interest are added to the balance of the loan.

Forced-place homeowners insurance. Too often, servicing companies will arbitrarily determine that the property insurance in place on a home is not sufficient, or they will simply deny there is any insurance present at all. At this point, the mortgage loan servicer will buy a policy from an insurance company it is affiliated with and charge the premiums to the borrowers. Unfortunately, the premium may be several thousand dollars more than the original policy was. But the servicer will adamantly, consistently deny that the homeowners’ policy was adequate, and no amount of proof or phone calls will convince them otherwise.

Unfortunately, there are simply far too many ways that homeowners can be abused by servicing companies to list here. A surprising number of the largest names in mortgage servicing have been found engaging in these practices and have been forced to pay homeowners. A good attorney or foreclosure specialist trained in this area will be able to help the vast majority of borrowers determine if servicing abuse is a factor in their foreclosure.

Although there is no specific federal or state law outlining what constitutes mortgage servicing fraud or abuse, both areas of the law outline some prohibited actions for any mortgage lender or servicer. Regulation Z of the Truth in Lending Act is a good place to begin research, as well as any applicable state foreclosure laws, consumer protection laws, and banking regulations.

In terms of using this as a defense against a foreclosure lawsuit in court, homeowners may allege servicing abuse in the affirmative defenses or counterclaims portion of their answer to the complaint. Depending on the severity of the abuse, borrowers may be able to offset some of the damages they have suffered or have an entire defense to the lawsuit for especially egregious acts.

Nick publishes articles for the My

Foreclosure Lender

website. These articles provide resources to homeowners facing foreclosure, describing a number of alternatives they can use to delay foreclosure. The site details numerous methods, including loan modification, foreclosure lending, deed in lieu, filing Chapter 7, and others. Visit the site to find out more about how the foreclosure process works: http://www.myforeclosurelender.com/

Article Source:

The Most Common Signs of Mortgage Servicing Abuse

Uncategorized

Courtrooms in Ontario to get cameras

Saturday, August 26, 2006 

Ontario courtrooms could get cameras for Ontarians to watch court proceedings on television. This is awaiting approval by both the government and judges.

Ontario Attorney General Michael Bryant released a report on justice and the media which recommends cameras to be allowed in courtrooms except during witness testimony. Bryant said he agreed with the suggestion from a panel of experts composed of court officials and members of news organizations. “I think that our justice system is ready for its close-up,” Bryant said in Toronto.

Bryant agreed Thursday, saying the compromise position would avoid sensational coverage of criminal trials often seen in the U.S.

“The panel looked at that and wanted to avoid the circus,” said Bryant. “There were great concerns about television cameras reporting in a fashion that would intimidate witnesses. Some witnesses (and some victims) might not come forward if they thought they would be on television.”

“We’re not talking about filming trials, we’re talking about allowing cameras into the court to record legal argument,” said Louise Botham, president of the Ontario Criminal Lawyer’s Association.

Proceedings at the Supreme Court of Canada are broadcast on the Canadian Parliamentary Affairs Channel (CPAC) and provinces such as British Columbia, Nova Scotia and Manitoba, with prior permission of the court. In Newfoundland, cameras are allowed into a courtroom up to the time the judge enters.

Uncategorized

Courtrooms in Ontario to get cameras

Saturday, August 26, 2006 

Ontario courtrooms could get cameras for Ontarians to watch court proceedings on television. This is awaiting approval by both the government and judges.

Ontario Attorney General Michael Bryant released a report on justice and the media which recommends cameras to be allowed in courtrooms except during witness testimony. Bryant said he agreed with the suggestion from a panel of experts composed of court officials and members of news organizations. “I think that our justice system is ready for its close-up,” Bryant said in Toronto.

Bryant agreed Thursday, saying the compromise position would avoid sensational coverage of criminal trials often seen in the U.S.

“The panel looked at that and wanted to avoid the circus,” said Bryant. “There were great concerns about television cameras reporting in a fashion that would intimidate witnesses. Some witnesses (and some victims) might not come forward if they thought they would be on television.”

“We’re not talking about filming trials, we’re talking about allowing cameras into the court to record legal argument,” said Louise Botham, president of the Ontario Criminal Lawyer’s Association.

Proceedings at the Supreme Court of Canada are broadcast on the Canadian Parliamentary Affairs Channel (CPAC) and provinces such as British Columbia, Nova Scotia and Manitoba, with prior permission of the court. In Newfoundland, cameras are allowed into a courtroom up to the time the judge enters.

Uncategorized

Courtrooms in Ontario to get cameras

Saturday, August 26, 2006 

Ontario courtrooms could get cameras for Ontarians to watch court proceedings on television. This is awaiting approval by both the government and judges.

Ontario Attorney General Michael Bryant released a report on justice and the media which recommends cameras to be allowed in courtrooms except during witness testimony. Bryant said he agreed with the suggestion from a panel of experts composed of court officials and members of news organizations. “I think that our justice system is ready for its close-up,” Bryant said in Toronto.

Bryant agreed Thursday, saying the compromise position would avoid sensational coverage of criminal trials often seen in the U.S.

“The panel looked at that and wanted to avoid the circus,” said Bryant. “There were great concerns about television cameras reporting in a fashion that would intimidate witnesses. Some witnesses (and some victims) might not come forward if they thought they would be on television.”

“We’re not talking about filming trials, we’re talking about allowing cameras into the court to record legal argument,” said Louise Botham, president of the Ontario Criminal Lawyer’s Association.

Proceedings at the Supreme Court of Canada are broadcast on the Canadian Parliamentary Affairs Channel (CPAC) and provinces such as British Columbia, Nova Scotia and Manitoba, with prior permission of the court. In Newfoundland, cameras are allowed into a courtroom up to the time the judge enters.

Plastic Surgery

San Diego Dental Implants: Great Solutions For Tooth Loss

San Diego Dental Implants: Great Solutions for Tooth Loss

by

kitmayer

Artificial tooth replacement solutions like titanium dental implants solve the problem of tooth loss in more ways than one. Because dental implants are implanted into the jaw just like real tooth roots, they are more stable than removal dentures that would have to be refitted and replaced every now and then. Dental implants also enhance oral functions like speaking and chewing, boost physical appearance, and look and feel so natural people hardly ever notice them.

Dental implants serve as anchors for replacement teeth that resemble screws and cylinders. In both upper and lower jaws, dental implants are surgically screwed into the jaw bone to become a firm and unwavering base for artificial teeth. Unlike dentures, dental implants cannot be removed, thus there will be no need for nightly soaking and refitting.

YouTube Preview Image

Dental implants are installed in three stages. The first step involves the surgical installation of the dental implant into the jawbone. Following this, the wound is allowed to heal for three to six months. This should give the bone sufficient time to heal itself and wrap around the dental implant to help keep it in place in a physiological process known as osseointegration.

An abutment or extension post is then installed atop the dental implant where the replacement crown or implant restoration will subsequently be attached. This may require a further recovery period of three to six months. The dentist will have to wait until the gums have healed before proceeding to the next step.

Once the gums have fully healed, the patient can now return to the San Diego dental

office to have the crowns or restorations installed. These artificial tooth replacements are created in a laboratory for precise accuracy when needed. With tooth loss solutions like this, a lot of San Diego’s 1.3 million residents wouldn’t have to worry about losing their basic oral functions or rely on dentures that could prove cumbersome.

Ninety percent of all dental implant procedures succeed, while the remaining ten percent of implant cases end up in complications because patients fail to observe specific cleaning methods set out by a San Diego dental

practitioner. But with proper care, dental implants can last a lifetime and even prevent further loss of the jawbone and gum recession.

Not everyone is eligible for dental implants, however. Only those in good oral health, with sufficient jaw bone mass, and are at least 18 years old can qualify for this procedure. For more information on the benefits of a dental implant San Diego

dentists offer, visit dentalimplants.org.

If you have questions, please visit us at www.sandiegodentistgroup.com for complete details and answers.

Article Source:

ArticleRich.com

Uncategorized

Celebrity plastic surgeon Dr. Frank Ryan dies in car accident aged 50

Tuesday, August 17, 2010 

Plastic surgeon to the stars Dr. Frank Ryan has died in a car accident at age 50. It is reported that the Jeep Ryan was driving crashed over the side of the Pacific Coast Highway and landed on rocks. Lifeguards were first on the scene and unsuccessfully tried to rescue Ryan. It is thought that no other vehicle was involved in the incident.

Dr. Ryan, a celebrity in his own right, performed plastic surgery on several stars including Janice Dickinson, Gene Simmons, Shauna Sand and Adrianne Curry. He appeared on several television shows and became one of the first people to perform plastic surgery on television in 1995.

A representative for Janice Dickinson released a statement about the death of Ryan. She said “Janice is deeply, deeply anguished! She is stunned and wants the world to know what a genius Dr. Ryan was.”

Ryan was traveling with his pet dog at the time of the crash; the dog was found seriously injured in the ocean and was transported to a local veterinarian. Dr. Ryan was pronounced dead at the scene.

Uncategorized

Dove’s Real Beauty looks at photoshoot techniques in commercial

Thursday, October 12, 2006 

Dove soaps continues their North American “Campaign for Real Beauty” advertising with a television commercial that explores the alterations that can be done on models.

Labeled “a Dove film”, the commercial is entitled “evolution”. Beginning with a woman walking into a photo shoot. From there, she is primped and plucked by hair and makeup artists, then tweaked on a Photoshop-like program.

The photo-manipulation is then posted on a billboard for the fictional “Easel Foundation Makeup” brand. Two young, teenage girls walk past, glancing at the board.

“No wonder our perception of beauty is distorted” ends the ad in text, “Every girl deserves to feel beautiful just the way she is.”

Dove runs the Dove Self-Esteem Fund as a part of their Campaign for Real Beauty. In the marketing campaign, Dove uses “real” women, instead of professional models, in an attempt to instill self-esteem in their customers.

This continuing promotion, launched in 2004, was on the forefront of a current trend in Western culture to abandon the overly idealised images the media portrays of women. Recently some fashion capitals have mandated minimum body mass indexes for runway models. The top rated comedy in the United States and Canada is Ugly Betty, a series that stars an average girl coping at a fashion magazine. The series is based on Betty la Fea, an extremely popular Colombian telenovela, which has been reproduced internationally.

Only two percent of women surveyed worldwide consider themselves beautiful, according to ABC Good Morning America co-anchor Robin Roberts, whose program debuted the commercial this morning at 8:07 am EST.

The ad is currently playing on the Campaign for Real Beauty’s homepage.

Uncategorized

Celebrity plastic surgeon Dr. Frank Ryan dies in car accident aged 50

Tuesday, August 17, 2010 

Plastic surgeon to the stars Dr. Frank Ryan has died in a car accident at age 50. It is reported that the Jeep Ryan was driving crashed over the side of the Pacific Coast Highway and landed on rocks. Lifeguards were first on the scene and unsuccessfully tried to rescue Ryan. It is thought that no other vehicle was involved in the incident.

Dr. Ryan, a celebrity in his own right, performed plastic surgery on several stars including Janice Dickinson, Gene Simmons, Shauna Sand and Adrianne Curry. He appeared on several television shows and became one of the first people to perform plastic surgery on television in 1995.

A representative for Janice Dickinson released a statement about the death of Ryan. She said “Janice is deeply, deeply anguished! She is stunned and wants the world to know what a genius Dr. Ryan was.”

Ryan was traveling with his pet dog at the time of the crash; the dog was found seriously injured in the ocean and was transported to a local veterinarian. Dr. Ryan was pronounced dead at the scene.

Music

How To Boost A Real Estate Agent’s Income And Transactions Every Month

More On This Topic:

Submitted by: Lonil Good

As a of your realtor marketing, do you usually snap listing pics on your own or find a professional?

If you only heard what people searching online were screaming to their monitors when they see your listing pictures on-line; you’d be horrified.

You would be horrified if you could be there to hear what prospects were yelling at their screens when they saw your listing photos.

Do you have any clue on the amount of prospects who are passing on your listing because of the photos? Can you imagine the decreased “days-on-market” you’d have if you simply spent a few bucks on professional pics?

We’ve all snapped listing photos for our clients and thought they were just great.

My clients even told me the photos we great but I started to see something interesting when I took a agent job in Seattle.

YouTube Preview Image

In any given month, I’d have over 75 different buyers and they’d all tell me their disgust about the photos they saw online for the houses we were viewing.

I couldn’t count the amount of buyers I had who asked if we were in the right home because the pictures were so different from the homes they saw originally. Obviously, many of my clients who said this felt like they got taken.

It all came down to the listing pictures they saw online. Realtor marketing practices need to include the photography also.

Give buyers a great picture and they’ll pop inside the home that day. But put up a ton of junky, dim, grungy photos and you won’t get 1 showing.

Even when the listing pictures were greater than the actual house, guess what? You still had a buyer walk in the house. The obvious way to selling that home is having as many buyers walk through as possible, right? Professional real estate pics makes that happen.

Almost all the prospects searching for a home will make their choice to see the inside on how good your photography is when they see it on the MLS or another website.

So let’s pretend you took the bullet and paid a professional to capture the images for you listing…

You may have more satisfied clients because the home sold quicker.There wouldn’t be any worrying about losing commission because you had to reduce the list price from a stale listing.Think about your brand and image and the public will flock to you when they hear from your sellers how fast their house went.

After all those benefits to increasing your income, are you really going to try and skimp on the few bucks for a real photographer? It’s easy, it’s a Realtor marketing technique that is essential. When you really think about it, this kind of Realtor marketing photography is not negotiable if you want to sell your listings at a lightening speed.

Want some options?An easy option is to hire a regular photographer for a few bucks and have them spend 30 mins. taking some awesome listing pictures. These aren’t family pictures so make sure you find someone who grasps what you are paying them for. The worse thing you could do is hire someone like your uncle Jim who can’t take a pic better than your 3 year old.

Your other option is to go with a company like Vicaso.com who does real estate photography exclusively.

Vicaso started to provide exactly the type of service we’re talking about.

On their website, I think it might about two hundred or three hundred bucks for an entire listing shoot that can be scheduled online and completed within a couple days.No joke, these guys can turn a run down dump and make it look like Trump’s penthouse online.

Find out more about Shiloh Street University: – Real Estate Marketing Products – Real Estate Marketing Products Critical for Agent Prosperity

About the Author:

shilohstreet.com/blog

provides killer web-based real estate training through video classes and tutorials; teaching Realtors to generate more leads.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=555258&ca=Arts+and+Crafts

Uncategorized

User:Saschaporsche

Template:Noindex

Hello to all,

I’m Saschaporsche, started my first Wiki changes in 2008, made my first page in 2009. I really enjoy taking part in this great project ! Please do feel free to contact me if you have any questions about my contributions!

Saschaporsche (talk)

Funeral blues , W.H. Auden