During the past few years, many unsuspecting Americans were victimized by predatory lenders and fraudulent mortgage individuals and put into situations that have become unmanageable. Michael Calhoun of the Center for Responsible Lending says “Families all over the country continue to lose homes in record numbers, stripping families of their wealth and destroying entire neighborhoods”
Predatory lending and mortgage fraud typically affects senior citizens, lower income and challenged credit borrowers. It forces borrowers to pay exorbitant loan origination/settlement fees, sub-prime or higher interest rates, and in some cases, unreasonable service fees. In short, these practices often result with the borrower being placed into inappropriate loans which, all too often, lead to defaulting or worse still, foreclosure.
There were 1.7 million foreclosures in the US in the first eight months of 2007, and up to 2 million families are expected to lose their homes over the next two years, according to estimates by the Joint Economic Committee.
“All around the country, aid agencies report a tidal wave of foreclosure cases”, says Sarah Gerecke, director of New York City’s Neighborhood Housing Services. She now employs six people full-time to provide mortgage debt counseling, and could use another 12. Two years ago, she had one employee.
In our research for legal resources to help victims of mortgage fraud and predatory lending, we came across a comprehensive, well put together list of mortgage fraud resources by MortgageNewsDaily.com™ that provides information and direct links available nationwide as well as state-by-state.
Report Mortgage Fraud and Identity Theft (Powered by MortgageNewsDaily.com™)
Get the Security of a Fixed Rate Mortgage! (Powered by CommunityAcceptanceMortgage.com™)
Do you think you have been a victim? Tell us your story and help us fight mortgage fraud.
December 23, 2008 at 4:05 pm |
I have been a victim of predatory lending.
It started when I was given a loan without verifying my income, taking information over the phone. Clearly, I am losing my home.
I called the hard money lender when I was out of work and she said she would rewrite the loan. She led me to believe it and then she gave me a foreclosure notice.
I had no choice but to file bk and went to court. The value of my home came out a little over what I owe so they won. However, I now have nine days to figure out something to save my home because they will foreclose on me. They are not willing to work with me.
Do you have any idea where I can get help fro this predatory lender
February 9, 2009 at 6:45 pm |
My fiance’ and I had 4 properties which were funded/seold to us by the same Mortgage Company in a scam where a network of people in the mortgage/real-estate industry worked together. We currently have a Civil Lawsuit, which has a trial date of April 14, 2009. We are now into year 4 of this suit.
The mortgage broker has already lost his license through a state investigation. Their are a total of 8 defendants including the Mortgage Broker Firm, Realtors, Appraiser, a Seller.
Our case has dragged on and on, and we are at the point where we have no money left, are unemployed due to company lay-offs, one property has already gone into foreclosure, another is on the market as a short-sell, the 3rd property is 2 months behind in mortgage payments, and the 4th property (the roof over our heads) is 2 months behind in mortgage payments.
We have had 3 different attorney’s on our case, which has been grossly mis-handled by 2 attorney’s who have bailed out after creating a serious loss in time, drawing us dangerously close to the statutes of limitation, and AFTER collecting our money.
We are baby-boomers, in our 50’s. We are 2 hardworking people who have worked very hard for 30+ years to build our careers, establishing our good name in creating excellent credit rating, and at the time of our transactions for these properties, made very nice annual incomes.
Today we are broke and unemployed. Our credit is shot, and we are in danger of losing our home. The future is very bleak in that as baby-boomers, we fing very little interest in the job market for our professional skills and experience.
We trusted a family member with our real-estate purchases in relation to all 4 properties. These “investments” were meant to be our retirement. Now we have no retirement.
The fraud committed against us include: Highly inflated appraisals, undisclosed neg-am loans, false interest rates, and introductory interest rates without our knowledge, incredible lies and misrepresentation from all parties involved, including undisclosed unpaid taxes and vendor leins, undisclosed damages to 2 properties, repairs to be completed as part of the sale which was never completed.
We are desperate to receive some kind of justice. Please respond to our case with any suggestions.
February 18, 2009 at 8:57 pm |
Who is going to give a voice to those Florida first time home borrows who have not only been victimized once by the OFR for giving licenses to criminals, victimized twice by the brokers who were out for greed to destroy them and a third time by the US Government who is spending billions to help everyone but those of us who now have to spend thousands that we do not have to try and sue for restitution. My lawyer will only speak to me when I have money to send to him which is not often or very much. WHO IS GOING TO HEAR THE PITIFUL CRY OF THESE VICTIMS? WHO IS GOING TO GIVE US A VOICE? WHO IS GOING TO GIVE US ASSISTANCE?
In February 2005 I was working at the Sarasota Herald Tribune. I found a for sale by owner home I was interested in buying. I had just gone through a divorce and this would be my first home purchase. Cheryl Phillips was our company credit manager and she came to solicit me for her husband Verne Phillips who worked for Southeast Capital Advisors llc owned by Arthur R. Seaborne.
She took me to meet Verne and I hired him as my mortgage broker. I did not know Seaborne at this time. As the deal began I was ignored, lied to and threatened. I was refused an inspection on the house and was told by Seaborne that if I did not close without the inspection I would lose my earnest money and be sued for the price of the house.
This man falsified my loan application and forged my signature to a balloon note for 56K that he gave to the sellers as my down payment. Therefore he lied as well to the lenders at the time World Savings.
I was kept away from the house for a week after closing and was threatened by the Sarasota Police to be sent to jail if I went near the house that I now owned. I never received keys to the house and when I finally did get into the house it was filled with mold, plumbing leaks, foundation leaks, roof leaks and all the sellers trash and dirt. All of which was not on the property disclosure.
Since then I tried to clean up the house to no avail, it is overrun with toxic mold to which I am allergic. I DO NOT LIVE IN THE HOUSE AS IT MAKES ME DEATHLY ILL. And I have now been sick for 3 years having to take 2-3 pills a day just to breath.
I contacted the FBI and the state office of financial regulations about this crime perpetuated upon me. Detective Maslowski called me daily threatening me criminal charges for signing the loan docs I was forced to sign. His constant harassing calls cost me my job. After I found new employment a Agent Brady of the FBI began calling my new work to find me then began his barrage of harassing calls costing me yet another job.
At this point I have hired 2 different lawyers. One, Mr. Andrew Mooney took my retainer of 2k and did nothing. Then came the only lawyer I could find to accept my case of mortgage fraud and non-disclosure with little funds up front as I have no money now. Lawrence P Cartelli is a family law lawyer and is barely working on my case.
After doing some investigating I have found that Art Seaborne lost his RE license after the OFR found he practiced mortgage fraud back in 1989. Why did they ever give him a mortgage brokers license in 2000 knowing he was already found guilty of fraud previously?
I now an broke, I have a house that is falling to the ground from mold, literally and I owe 290K plus on, my credit has gone from 780 to well below 400, I cannot get a job and I an destitute while Art Seaborne hires the best lawyers in the country and the sellers drag out my case for the non disclosure so I will not be able to afford to complete it and my lawyer will not communicate with me now because I cannot pay him.
I have read about the mortgage fraud victim’s fund and I desperately need this help so I can find the justice and restitution I deserve. Had the OFR not been negligent I would not be here dying as I am now. I am a 48-year-old divorced woman with a BA who now has no life. I was intended to get my Masters at USF and now I cannot even afford to eat everyday. I had a beautiful and promising life ahead of me and the State of Florida has robbed me of this life.
I can get no one from the OFR or the FBI or any other state entity to help me or to tell me what is going on. Please help me. Please!
Will you please assist me? I am a law abiding and tax-paying citizen of this state. I even graduated from USF so I gave the state of Florida my hard earned money there.
I refuse to let this go and just give-up all my dreams and aspirations so the fat cats of the State of Florida can save face in their illegal dealings. I will be heard, I will give a voice to other victims like myself or I will die trying!
April 29, 2009 at 7:41 pm |
I am very exasperated. I am now facing foreclosure after not understanding all terms of initial loan seven to eight years ago. I purchased a home and the mortgage broker supposedly found a lender who charged exorbitantly, being I am credit challenged. I raise four kids alone, with a deadbeat spouse that does not contribute, and had a decent income at that time. The loan is a 30 year variable interest rate, which started at 9.75%. It apparently is interest only until the date of maturity which is 2030, then which any outstanding interest or principal would balloon (this is when I am 71 years old.
I was able to make the payments for a number of years with a hiccup only here and there and still support kids. The interest rate has gone as high as 14.2 %. It is now at 12% and I have fallen five months behind. Now in the recent economic crisis, I have faced a 26.3% pay cut and am unable to refinance or make the high payments. I was told by the lender that if I could not make payments of $4,080.00 per month, that they would foreclose, as they could not stretch the arrears over 6 months. That has been impossible. Principal has not been touched. Cannot refinance due to poor credit. House is in sore need of repairs. I am stuck and kids and pets will lose our home within 2 weeks as house is currently up for auction. Foreclosure date already set.
I wish to keep my home but I cannot at this rate, when the lender is unreasonable. It seems to me that if they placed the arrears on the end of the loan, and dropped the interest rate significantly, we would all still win, and their pockets will continue to be padded. Lender is receiving federal bail out money. Dear Lord, help us all.