Comments on: Help for Victims of Predatory Lending and Mortgage Fraud http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/ Current Mortgage Rates, Mortgage & Real Estate News, Videos and Tools for Today's Homeowner! Sun, 03 Jan 2010 20:38:27 +0000 http://wordpress.com/ hourly 1 By: Shireen Mirau http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-2200 Shireen Mirau Sun, 03 Jan 2010 20:38:27 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-2200 I am in a jumbo subprime option arm that I took out in 2006 with WaMu. I have been told it is a predatory loan. I am trying to find the right lawyer. Or get some help. I am in a jumbo subprime option arm that I took out in 2006 with WaMu. I have been told it is a predatory loan. I am trying to find the right lawyer. Or get some help.

]]> By: patty http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-2176 patty Sun, 27 Dec 2009 23:34:15 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-2176 I lost my home to foreclosure in 2006. My financial woes began when my mother became ill and I had loss of work in 2005. I decided to use my homes equity (10 years) to consolidate some debts and get back on my feet. I used the internet to find resources and finally chose SeaBreaze mainly because they seemed very knowledgeable and their rep-Mike was more than willing to help and advise me. My home was in Tennessee. He ordered an appraisal and I was more than pleased with the homes value. He told me that he contructed the refi to reflect 25% of the equity saved in case I had an emergency and if I remember correctly had to adjust my income to reflect a better status. He was the angel I needed in my time of need. I was planning on selling my home that spring but when the day came to put the house up for sale the real estate agent said my home would probably only bring about 77,000.00. I owed 112,000. How could this be, my home had appraised for 142,000 only a few months earlier. I lost a job and still had obligations and expenses caring for my mother and now I couldn't even sell my home. The loan was sold to Countrywide and when I started falling behind they moved fast to add more and more money to bring my account current. I paid a company to help with the debt owed and to bring me current. Long story short, I could'nt sell the house and lost the home in 2006. I paid the lender and the appraisal company for their expert advice before agreeing to the loan. How could a home appraise for $70,000.00 more just months before. I spent many hours trying to find someone to help me with this predatory lending and appraisal but felt that during this time, it was a futile effort. I have spent four years trying to get back on my feet. I had nothing when I left my home and still haven't been able to climb out of this black hole. I recently went through my paperwork and found a 1099a substitute that adviced me to keep for possible tax issues. Line 2 reads 105,000. It states I am responsible for the debt and Line 5 FMV states $117,000. I don't even know what they sold my home for or what I am liable for taxes. I have been searching the net to try and decide what this all means for me now and I will speak with my tax accountant on Monday. I just feel so lost and depleted. Is there a statute of limitation for me to take legal recourse or am I just strapped with more debt. If they sold the house for more than I owed am I entitled to the excess. someone told me that the FMV is what it was sold for. How can that be if the real estate company couldn't even get $72,000? I lost my home to foreclosure in 2006. My financial woes began when my mother became ill and I had loss of work in 2005. I decided to use my homes equity (10 years) to consolidate some debts and get back on my feet. I used the internet to find resources and finally chose SeaBreaze mainly because they seemed very knowledgeable and their rep-Mike was more than willing to help and advise me. My home was in Tennessee. He ordered an appraisal and I was more than pleased with the homes value. He told me that he contructed the refi to reflect 25% of the equity saved in case I had an emergency and if I remember correctly had to adjust my income to reflect a better status. He was the angel I needed in my time of need. I was planning on selling my home that spring but when the day came to put the house up for sale the real estate agent said my home would probably only bring about 77,000.00. I owed 112,000. How could this be, my home had appraised for 142,000 only a few months earlier. I lost a job and still had obligations and expenses caring for my mother and now I couldn’t even sell my home. The loan was sold to Countrywide and when I started falling behind they moved fast to add more and more money to bring my account current. I paid a company to help with the debt owed and to bring me current. Long story short, I could’nt sell the house and lost the home in 2006. I paid the lender and the appraisal company for their expert advice before agreeing to the loan. How could a home appraise for $70,000.00 more just months before. I spent many hours trying to find someone to help me with this predatory lending and appraisal but felt that during this time, it was a futile effort. I have spent four years trying to get back on my feet. I had nothing when I left my home and still haven’t been able to climb out of this black hole. I recently went through my paperwork and found a 1099a substitute that adviced me to keep for possible tax issues. Line 2 reads 105,000. It states I am responsible for the debt and Line 5 FMV states $117,000. I don’t even know what they sold my home for or what I am liable for taxes. I have been searching the net to try and decide what this all means for me now and I will speak with my tax accountant on Monday. I just feel so lost and depleted. Is there a statute of limitation for me to take legal recourse or am I just strapped with more debt. If they sold the house for more than I owed am I entitled to the excess. someone told me that the FMV is what it was sold for. How can that be if the real estate company couldn’t even get $72,000?

]]> By: Beth McGuirl http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-2167 Beth McGuirl Mon, 14 Dec 2009 20:17:30 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-2167 11/12/2009 Timeline of events surrounding my mortgage. Elizabeth McGuirl 12/2006 or 1/2007 Contacted Home Funds Direct via internet. 1/26/2007 Closed and signed mortgage agreement with Accredited home loans 2/2007 Husband’s business folded, and I was out of work 3 or 4/2007 Countrywide purchase the mortgage 4-9/2007 Countrywide refused to work with me on payments to avoid foreclosure. 9/23/2007 Filed Chapter 13 to avoid foreclosure, Tommy Andrews Jr. Law Office 9/28/2007 Countrywide supposedly sold my mortgage to Quantum Service Corporation without written notice. Quantum Service Corporation supposedly purchased my mortgage without written notice. 10/2007 Had Tommy Andrews’ office track down where to send mortgage payments after Countrywide informed me they sold my mortgage to Quantum Service Corporation. Received payment address and information and began sending payments to Quantum Service Corp. 02/2008 Noticed payment had not cleared in reasonable amount of time. Contacted Quantum Service Corp and inquired, was told they had received my payment, after a 3 way call with my bank at the time Bank of America, they “found” the payment in a folder, it was cashed soon after. 07/2008 Again noticed payment had not cleared, I called Quantum Service Corp and was transferred to Mike Bunyan, account mgr. During the conversation, I made the payment by phone and was told to cancel check. Mike offered me a modification of my mortgage. Saying they could lower the 9.9% to 7% fixed 30 years, if I made 3 payments on time at the current amount $2320. I would need to obtain a stay of relief from the court and then it would be done. I contacted Tommy Andrews office and they agreed and obtained the stay of relief needed. I began making the 3 payments. 9-12/2008 I made the 3rd payment on time, and no sooner did they cash the check that I received notice from the court stating I was 2 months behind on mortgage payments. I was not and proved this in court with receipts from Quantum Service Corp. Once payments were proven and the stay of relief was not lifted for foreclosure or discharge, I was told by Tommy Andrews office to contact Quantum Service Corp and find out what the new payment would be. I called to discover that Mike Bunyan was no longer my Account Mgr, Joe Taliferia was, and he stated there was no modification in process for my account. Furious I hung up and called Andrews office, only to be told they could do nothing about it. 12/2008 I called in my payment for December, Marshanna Moore was the Customer Service rep, I asked what the amount due would be and without written notice, my payment was $1342 for December. I asked her twice if that was the correct amount and she said yes. I hung up to call Andrews office and left a message, to which I did not receive a call back. Due to the holidays, I called Quantum Service Corp back and made the payment $1342. After the holidays I still had not heard from Andrews office, so on 12/30/2008 I emailed Kisha Hill and requested information on the lower payment amount. To which I was never given an answer. 1/16/2009 Received letter from Quantum Service Corp, stating my mortgage was Being sold or transferred to Dovenmuehle who has been subservicing my mortgage in the name of and under contractual arrangement for Quantum Service Corp. Soon after received another letter from them stating that the mortgage was being sold transferred to Quantum Service Corp. 05/2009 Hired National Modification Center LLC to attempt modification of my mortgage. Contacted Andrews office to obtain Stay of Relief for Modification purposes only. Stay was obtained. Received statement from Quantum Services Corp stating that I was behind $20,884.24. 06/2009 Received Stay of Relief for Modification Purposes only. 08/2009 Received letter from Bankruptcy court and Andrews office stating that Quantum Service Corp had filed a motion requesting stay of relief be lifted, as I had not made a payment since March 2009. I gathered all documents proving payments were made, forwarded them to Andrews office. 09/04/2009 Began researching solutions to this constant problem. Contacted Bank Of America regarding the “sale” of my mortgage by Citigroup/Countrywide, was told that the status of the mortgage I had 09/04/2009 with Countrywide was paid in full 9/28/2007. Not sold, paid in full. The customer service rep faxed the document on Bank of America letterhead to me on 9/4/2009. 09/28/2009 Received letter from Quantum Service Corp, stating that there was Insufficient funds in my escrow account to pay the hazard insurance, which is included in my mortgage payment, which I am current. I faxed this to Andrews office for them to address in court. 10/02/2009 Waterfall Victoria Masterfund LTD also filed a motion requesting Stay of Relief be lifted for non payment since March 2009. Again I forwarded proof of payment to Andrews office. 10/27/2009 Hazard insurance still not paid. 10/29/2009 Received a Escrow analysis from Quantum Service Corp dated 10/16/09, which shows not only a surplus of $458.96 in escrow, but that they paid the insurance on 10/10/09. Which is false. Contacted Quantum Service Corp, rep said that I am 9 mos behind on payments. I hung up and called Tetianna at Andrews office and told her what I had learned, she said to fax it to her and she would address this with their attorney. 11/02/2009 Contacted Caroline County Records office, spoke to Allison who informed me that no tranfers of assignment had been filed against my deed/title. Reviewed my deed of trust, and clearly shows me as the Trustor, a Robin Goodwin-Jones? As the trustee, and MERS as the Benefactor. Checked MERs online, Quantum Service Corp is listed as having my mortgage since 1/26/2007, this is false. They have not reported to the credit bureaus since 10/2007. The entire listing on the report is incorrect. Made contact with Maher Solimon, expert witness in Mortgage Fraud. He verified that my Deed/Title is defect, and that I am dealing with predatory lending, mortgage fraud, SCC violations, etc. We did not even get past Countrywide on the timeline discussed. His email msolimon@expert.witness.com Contacted Maryam at Natl Mod Center to obtain deposit refund, as Quantum Service Corp was not modifying the mortgage. Was told that Craig Wolfe, my account mgr at Quantum Service Corp, asked her what did we plan to do with the extra money if Quantum Service Corp lowered the mortgage payments. My deposit was supposedly mailed to me on Friday November 6, 2009. Have not received as of 11/11/09. 11/6 or 7/2009 Received notice of Hazard insurance due from Erie Insurance Group and again I faxed this to Tetianna at Andrews office to add to the documentation attached to the escrow issue. 11/2009 Have been researching attorneys to assist Tetianna with Adversary Hearing, as she disclosed she is not experienced enough to handle the situation as it is. 11/12/2009

Timeline of events surrounding my mortgage. Elizabeth McGuirl

12/2006 or 1/2007 Contacted Home Funds Direct via internet.

1/26/2007 Closed and signed mortgage agreement with Accredited home loans

2/2007 Husband’s business folded, and I was out of work

3 or 4/2007 Countrywide purchase the mortgage

4-9/2007 Countrywide refused to work with me on payments to avoid
foreclosure.

9/23/2007 Filed Chapter 13 to avoid foreclosure, Tommy Andrews Jr. Law
Office

9/28/2007 Countrywide supposedly sold my mortgage to Quantum Service
Corporation without written notice. Quantum Service Corporation
supposedly purchased my mortgage without written notice.

10/2007 Had Tommy Andrews’ office track down where to send mortgage
payments after Countrywide informed me they sold my mortgage to
Quantum Service Corporation. Received payment address and
information and began sending payments to Quantum Service Corp.

02/2008 Noticed payment had not cleared in reasonable amount of time.
Contacted Quantum Service Corp and inquired, was told they had
received my payment, after a 3 way call with my bank at the time
Bank of America, they “found” the payment in a folder, it was
cashed soon after.

07/2008 Again noticed payment had not cleared, I called Quantum Service
Corp and was transferred to Mike Bunyan, account mgr. During the
conversation, I made the payment by phone and was told to cancel
check. Mike offered me a modification of my mortgage. Saying
they could lower the 9.9% to 7% fixed 30 years, if I made 3
payments on time at the current amount $2320. I would need to
obtain a stay of relief from the court and then it would be done.
I contacted Tommy Andrews office and they agreed and obtained
the stay of relief needed. I began making the 3 payments.

9-12/2008 I made the 3rd payment on time, and no sooner did they cash the
check that I received notice from the court stating I was 2 months
behind on mortgage payments. I was not and proved this in court
with receipts from Quantum Service Corp. Once payments were
proven and the stay of relief was not lifted for foreclosure or
discharge, I was told by Tommy Andrews office to contact Quantum
Service Corp and find out what the new payment would be. I called
to discover that Mike Bunyan was no longer my Account Mgr, Joe
Taliferia was, and he stated there was no modification in process for
my account. Furious I hung up and called Andrews office, only to
be told they could do nothing about it.

12/2008 I called in my payment for December, Marshanna Moore was the
Customer Service rep, I asked what the amount due would be and
without written notice, my payment was $1342 for December. I asked
her twice if that was the correct amount and she said yes. I hung up
to call Andrews office and left a message, to which I did not receive a
call back. Due to the holidays, I called Quantum Service Corp back
and made the payment $1342. After the holidays I still had not heard
from Andrews office, so on 12/30/2008 I emailed Kisha Hill and
requested information on the lower payment amount. To which I was
never given an answer.

1/16/2009 Received letter from Quantum Service Corp, stating my mortgage was
Being sold or transferred to Dovenmuehle who has been subservicing
my mortgage in the name of and under contractual arrangement for
Quantum Service Corp. Soon after received another letter from them
stating that the mortgage was being sold transferred to Quantum
Service Corp.

05/2009 Hired National Modification Center LLC to attempt modification of
my mortgage. Contacted Andrews office to obtain Stay of Relief for
Modification purposes only. Stay was obtained. Received statement
from Quantum Services Corp stating that I was behind $20,884.24.

06/2009 Received Stay of Relief for Modification Purposes only.

08/2009 Received letter from Bankruptcy court and Andrews office stating
that Quantum Service Corp had filed a motion requesting stay of relief
be lifted, as I had not made a payment since March 2009. I gathered
all documents proving payments were made, forwarded them to
Andrews office.

09/04/2009 Began researching solutions to this constant problem. Contacted Bank
Of America regarding the “sale” of my mortgage by
Citigroup/Countrywide, was told that the status of the mortgage I had
09/04/2009 with Countrywide was paid in full 9/28/2007. Not sold, paid in full.
The customer service rep faxed the document on Bank of America
letterhead to me on 9/4/2009.

09/28/2009 Received letter from Quantum Service Corp, stating that there was
Insufficient funds in my escrow account to pay the hazard insurance,
which is included in my mortgage payment, which I am current. I
faxed this to Andrews office for them to address in court.

10/02/2009 Waterfall Victoria Masterfund LTD also filed a motion requesting
Stay of Relief be lifted for non payment since March 2009. Again
I forwarded proof of payment to Andrews office.

10/27/2009 Hazard insurance still not paid.

10/29/2009 Received a Escrow analysis from Quantum Service Corp dated
10/16/09, which shows not only a surplus of $458.96 in escrow,
but that they paid the insurance on 10/10/09. Which is false.
Contacted Quantum Service Corp, rep said that I am 9 mos behind
on payments. I hung up and called Tetianna at Andrews office and
told her what I had learned, she said to fax it to her and she would
address this with their attorney.

11/02/2009 Contacted Caroline County Records office, spoke to Allison who
informed me that no tranfers of assignment had been filed against my
deed/title. Reviewed my deed of trust, and clearly shows me as the
Trustor, a Robin Goodwin-Jones? As the trustee, and MERS as the
Benefactor. Checked MERs online, Quantum Service Corp is listed
as having my mortgage since 1/26/2007, this is false. They have not
reported to the credit bureaus since 10/2007. The entire listing on the
report is incorrect.

Made contact with Maher Solimon, expert witness in Mortgage
Fraud. He verified that my Deed/Title is defect, and that I am dealing
with predatory lending, mortgage fraud, SCC violations, etc. We did
not even get past Countrywide on the timeline discussed. His email
msolimon@expert.witness.com

Contacted Maryam at Natl Mod Center to obtain deposit refund, as
Quantum Service Corp was not modifying the mortgage. Was told
that Craig Wolfe, my account mgr at Quantum Service Corp, asked her
what did we plan to do with the extra money if Quantum Service Corp
lowered the mortgage payments. My deposit was supposedly mailed
to me on Friday November 6, 2009. Have not received as of 11/11/09.

11/6 or 7/2009 Received notice of Hazard insurance due from Erie Insurance Group
and again I faxed this to Tetianna at Andrews office to add to the
documentation attached to the escrow issue.

11/2009 Have been researching attorneys to assist Tetianna with Adversary
Hearing, as she disclosed she is not experienced enough to handle the
situation as it is.

]]> By: Irene Link http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-2071 Irene Link Thu, 05 Nov 2009 02:09:28 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-2071 we are victim of predatory lending in Wisconsin. there was no loan application, no truth in lending,no land appraisal, no credit check, no income verification, the lenders were not lic to lend in our state, one of the lenders is a company that handles people 401k moneys and they may not be lic. to loan out the 401k moneys, our interest rate is 13.5 we can't find any lawyers that will help us because that don't really know about predatory lending. we are victim of predatory lending in Wisconsin.
there was no loan application, no truth in lending,no land appraisal, no credit check, no income verification, the lenders were not lic to lend in our state, one of the lenders is a company that handles people 401k moneys and they may not be lic. to loan out the 401k moneys, our interest rate is 13.5 we can’t find any lawyers that will help us because that don’t really know about predatory lending.

]]> By: Maria http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-2065 Maria Sun, 01 Nov 2009 17:45:16 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-2065 My husband wanted to retire soon. He thought that if he could get the mortgage payments lowered it would make things easier for us. We went to a broker (big mistake) who was with the same company that helped us get the house. We got an 80/20 option ARM. We were told that we could make minimum payments if needed, and that our first mortgage would be $1,200 and the second $120.00. No one mentioned that this was just a one month "introductory offer" and that after the first month our total payment ( 1st and 2nd together) would be $2,500! We can't find anyone to help us including indymac bank (who holds the mortgage). We don't qualify for a modification because we are not late with our payments. Is there anyone who can help us? Each payment is a struggle. Thank you, Maria My husband wanted to retire soon. He thought that if he could get the mortgage payments lowered it would make things easier for us. We went to a broker (big mistake) who was with the same company that helped us get the house. We got an 80/20 option ARM. We were told that we could make minimum payments if needed, and that our first mortgage would be $1,200 and the second $120.00. No one mentioned that this was just a one month “introductory offer” and that after the first month our total payment ( 1st and 2nd together) would be $2,500! We can’t find anyone to help us including indymac bank (who holds the mortgage). We don’t qualify for a modification because we are not late with our payments. Is there anyone who can help us? Each payment is a struggle. Thank you, Maria

]]> By: TANYA FINCH http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-2055 TANYA FINCH Sat, 24 Oct 2009 21:19:29 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-2055 You would have to see the papers of how this realoroid "real estate agent" and mortgage company put us in the morgue took three home from us. leaving us still homeless. Mrs Tanya Thompson of "Second Chance Mortgage" located on James Cozen in Detroit Michigan in still operating under a new name driving a "Benz" when she took us the next day she was driving a "Cadillac". She went to our church and she took about a dozen of us for a ride we all lost our homes and most of us are still homeless with no money. We are bunking up together, the strong has to allow the weaker one to live with each other until they can get their minds together. The blow she did cause us physical illness. Call a meeting with us all. # 313-491-2102 ask for Pastor George &Tanya Finch and Pastor Tate You would have to see the papers of how this realoroid “real estate agent” and mortgage company put us in the morgue took three home from us. leaving us still homeless. Mrs Tanya Thompson of “Second Chance Mortgage” located on James Cozen in Detroit Michigan in still operating under a new name driving a “Benz” when she took us the next day she was driving a “Cadillac”.
She went to our church and she took about a dozen of us for a ride we all lost our homes and most of us are still homeless with no money. We are bunking up together, the strong has to allow the weaker one to live with each other until they can get their minds together. The blow she did cause us physical illness. Call a meeting with us all. # 313-491-2102 ask for Pastor George &Tanya Finch and Pastor Tate

]]> By: Karyn http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-1986 Karyn Sun, 20 Sep 2009 20:59:25 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-1986 Mark, please contact me directly at 9419284319, I would like to help if I can. Karyn Mark, please contact me directly at 9419284319, I would like to help if I can.
Karyn

]]> By: J http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-1976 J Thu, 13 Aug 2009 15:21:43 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-1976 Hi, I read your story and am very sorry for what you have gone through. I too am a victim of mortgage fraud. I don't know what to do and have limited funds. In the beginning, I fell in love with my house and jumped through a lot of hoops to get it. Being that I didn't have much credit at the time, the mortgage broker did "creative financing" on me. I bought the house from a guy and his sister was the broker. Prior to closing, the broker threatened, harassed, and belittled me into signing the "required" documents. I now find, that not only was the broker a rude, lier, but she also made me sign things that weren't required, causing me to suspect mortgage fraud. Especially, since I have been doing a ton of research and majority of her tactics were and are illegal. Now that I am in foreclosure, these questions have arised and I don't know where to go for help. I am willing to fight this all the way, but with lack of funds and knowledge, I get no where. What really ticks me off, is that all I wanted was a home. I would never do anything illegal in order to obtain a home and I am responsible. I have lived within my means and have been responsible with my debts, yet I get no help. Please contact me... maybe together we can find which direction to take and how to get there. Please contact me. Hi,
I read your story and am very sorry for what you have gone through. I too am a victim of mortgage fraud.
I don’t know what to do and have limited funds. In the beginning, I fell in love with my house and jumped through a lot of hoops to get it. Being that I didn’t have much credit at the time, the mortgage broker did “creative financing” on me. I bought the house from a guy and his sister was the broker. Prior to closing, the broker threatened, harassed, and belittled me into signing the “required” documents.
I now find, that not only was the broker a rude, lier, but she also made me sign things that weren’t required, causing me to suspect mortgage fraud. Especially, since I have been doing a ton of research and majority of her tactics were and are illegal.
Now that I am in foreclosure, these questions have arised and I don’t know where to go for help.
I am willing to fight this all the way, but with lack of funds and knowledge, I get no where.
What really ticks me off, is that all I wanted was a home. I would never do anything illegal in order to obtain a home and I am responsible. I have lived within my means and have been responsible with my debts, yet I get no help.
Please contact me… maybe together we can find which direction to take and how to get there.
Please contact me.

]]> By: krainium http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-1963 krainium Mon, 27 Jul 2009 01:50:06 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-1963 4 years ago, I lived in a small two bedroom apartment with my husband and three teenaged children, we were told by the property manager that we had 60 days to vacate the premises because the fire marshall imposed new rules as to how many persons could occupy a unit. I began the process of getting pre approved, I told the lender that I wanted a 30 year fixed mortgage only!! I was approved at 6.75% 30 year, given a good faith estimate and faxed an approval letter and I began shopping for the house. Found a house that was vacant, with an eager seller and ready to do business to make a long story short, at the closing with approx. 2 days left in my apartment the lender faxed over all documents to be signed and everything had changed instantly! All terms were different, the rate was 10.83%, an ARM and I had no choice, we were going to be homeless in 3 days, so I signed and immediatley began the process of filing complaints of how I was tricked at the table, within 2 weeks all the phones were disconnected, the offices were shut down and they were out of business, my loan was sold the HSBC (another nightmare) I was told there's nothing that I can do about predatory lending for a company that no longer exists, HSBC has no intent on refinancing the mortgage. It would seem to me that the lenders would be better off keeping the buyers in the homes..........I simply can't understand the unwillingness to cooperate. 4 years ago, I lived in a small two bedroom apartment with my husband and three teenaged children, we were told by the property manager that we had 60 days to vacate the premises because the fire marshall imposed new rules as to how many persons could occupy a unit. I began the process of getting pre approved, I told the lender that I wanted a 30 year fixed mortgage only!! I was approved at 6.75% 30 year, given a good faith estimate and faxed an approval letter and I began shopping for the house. Found a house that was vacant, with an eager seller and ready to do business to make a long story short, at the closing with approx. 2 days left in my apartment the lender faxed over all documents to be signed and everything had changed instantly! All terms were different, the rate was 10.83%, an ARM and I had no choice, we were going to be homeless in 3 days, so I signed and immediatley began the process of filing complaints of how I was tricked at the table, within 2 weeks all the phones were disconnected, the offices were shut down and they were out of business, my loan was sold the HSBC (another nightmare) I was told there’s nothing that I can do about predatory lending for a company that no longer exists, HSBC has no intent on refinancing the mortgage. It would seem to me that the lenders would be better off keeping the buyers in the homes……….I simply can’t understand the unwillingness to cooperate.

]]> By: Mortgage Man http://blog.communityacceptancemortgage.com/2008/06/09/help-for-victims-of-predatory-lending-and-mortgage-fraud/#comment-1904 Mortgage Man Sat, 20 Jun 2009 05:22:49 +0000 http://communityacceptancemortgage.wordpress.com/?p=88#comment-1904 Interesting.. Interesting..

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