Predatory Servicing

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Why Aren’t Lenders Doing More Loan Modifications?

Daily, in the newspapers, radio, television and the internet, articles are written about the difficulty that borrowers face in getting loan modifications. At the same time, the Federal Government and the Obama Administration announce new programs to assist homeowners in getting loan modifications. These programs are going to solve the problems that homeowners have, and are going to save their homes. Yet, closer inspection of the program’s details raises. Next, states like California decide to try and pass legislation to prevent homeowners from paying money upfront to loan modification companies and attorneys for assistance in dealing with the Lenders and Servicers. Then, the President even declares that homeowners should not pay for loan modifications and that their lenders and servicers are doing the modifications for free.
Who does a homeowner believe? What is the real truth? This article will attempt to shed some light on the issues. I will focus primarily upon loans that have been securitized.

26Aug2009 | | 9 comments | Continued
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Predatory Servicing and “Questionable” Fees – Countrywide Named in Foreclosure Probe

By Moe How would you like to be charged $20,000 when in fact you owe $2,000? Doesn’t sound like too great of a billing and accounting system. In fact it sounds down right fraudulent and predatory. Welcome to the new unfortunate fleecing of the homeowner that is infiltrating our court systems and robbing unsuspecting borrowers [...]

29Nov2007 | | 4 comments | Continued

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