That “nice” loan officer driving the fancy car who got you those low, affordable payments on your dream home made thousands of dollars on your home loan... and look what they got you into!  Exploding payments and potential foreclosure?  Even though you may feel trapped now, looking back at that original loan file may actually help solve your current problem.

“PREDATORY LENDING” is the practice of a lender deceptively convincing borrowers to agree to unfair and abusive loan terms, or systematically violating those terms in ways that make it difficult for the borrower to defend against.”  Twenty-four states have passed anti-predatory lending laws. These laws usually describe one or more classes of "high-cost" or "covered" loans, which are defined by the fees charged to the borrower at origination or the APR. While lenders are not prohibited from making "high-cost" or "covered" loans, a number of additional restrictions are placed on these loans, and the penalties for noncompliance can be substantial.   (more)

If you are unable to make your payments because you were promised an affordable loan that morphed into an unaffordable loan, please CLICK HERE for a FREE CASE ANALYSIS AND TRUTH-IN-LENDING AUDIT.

MORTGAGE COMPANIES LIMITING HELP TO HOMEOWNERS.
HOW CAN YOU BECOME A PRIORITY?

According to a recent article in The Wall Street Journal Online… Even though foreclosures are rising partly because lenders rushed to make no-money-down loans to people with weak credit records and didn't always verify their income, now investors realize they “doubt some homeowners merit a rescue plan…” If the borrower is unlikely to keep up with payments even after a modification, many investors would prefer lenders foreclosure quickly, especially when house prices are falling, reducing the value of the collateral. Moody's Investors Service, a ratings provider, reports on subprime (spotty credit) mortgage pools limiting the number of loan modifications to 5% in roughly a third of the loans.

Translation: You need representation to bring your file to the top of the stack so your mortgage gets under that 5% wire! Otherwise, the lender can use their discretion regarding who they do, or don’t, help.

INTERNET “LOAN” COMPANY WAS 15 YR OLD BOY CHARGING UP FRONT FOR FAKE LOAN:

Mrs. N. called regarding hardship assistance, complaining she had applied for a personal loan via the internet for funds to pay overdue bills. The internet “bank” required a down payment of three months worth of loan payments as fees to qualify for the loan. She paid this amount, however this depleted her savings. She was supposed to then be given back funds sufficient to return those payments to her account and pay off and consolidate all other debts. After sending the money she later found out that the “Bank” was a 15 year old boy in Connecticut and her money was lost. This caused her to fall behind on mortgage payments. She then completed a form online for help with her foreclosure, paid them to “help her catch up her payments”, and after completing payment she never heard from them again.

CLIENT SENT REQUESTED PAYMENTS TO LENDER, LENDER KEPT HIM IN FORECLOSURE:

Mr. S. called regarding being behind 3 months in mortgage payments. Mr. S. had lost job but quickly found another one with higher pay and more benefits. He had immediately called the mortgage company to let them know that he had two of the three payments saved. Lender told him to go ahead and send in the two payments, and once they received them they would put the last payment at the end of the loan, and he could “start fresh” the following month. The client sent in two payments totaling $2,400.00 the next day via Western Union to the mortgage company. The following month, the client sent in his regular payment. Two weeks later, he received that regular payment back and a notice that all of his paperwork was now in the Foreclosure Dept. The lender kept his $2,400.00, put him in foreclosure anyway, then added almost another $2,500.00 in legal, late, and foreclosure fees after taking his available cash as a down payment on a plan he never got. (more)

DOES BANKRUPTCY PREVENT FORECLOSURE? Bankruptcy should be used as the "Insurance Policy" backing up the more practical, direct lender intervention prior to court involvement. (more)

WHY SHOULD YOUR LENDER WANT TO HELP US HELP YOU? Because HUD says they could be liable for TRIPLE DAMAGES if they do not.  (more)