Wednesday, December 14, 2011

Do You Have Any Of These Violations On Your Mortgage?

Below you will find some of the results we have found after auditing our client’s mortgages:

Audited Results:
* Excessive fee charged to borrower
* Over compensation to mortgage broker
* Wrong lender foreclosing on borrower
* Borrower never received acceleration notice
* No HUD given to borrower at closing
* Mortgage broker over stated borrower’s income
* Mortgage broker added false bank account to borrower’s loan application
* Asset based lending
* Bait and switch. Borrower was switched at closing into an ARM loan
* No pre-closing documents – TIL, GFE, IOAF, Loan type, Broker’s fees
* Margin 7.125% (Adjustable rate loans only)
* TIL and Note payments do not match
* TIL does not clearly state mortgage payment
* Loan discount $ 9,315.00 – No benefit to borrower
* Mortgage broker never disclosed their additional fees
* Mortgage broker promised borrower a cash out of $76,000 if they closed the loan.
* Borrower received no note at the closing
* Borrower never signed any closing documents. Broker “lifted” borrower’s signatures from a
previous loan.
* Mortgage broker closed loan at borrower’s place of business without an attorney, notary or
title company.
* Foreclosure filed during the 30 notice period
* Loan flipping. No benefit to borrower
* Closing costs ($75,966.65) higher than GFE ($47,377.15)
* $28,589.50 missing from closing (HUD)
* Hidden payment to mortgage by bank (YSP $17,402.16)
* Mortgage broker over stated borrower’s bank account by $80,400.00
* Borrower was charged for the presence of an attorney when no one presented them
* High cost loan
* APR higher
* Borrower never received cash out as shown on HUD
* Borrower received no documents at closing
* Dual tracking -
* Borrower never served foreclosure documents
* Foreclosure illegally started
* Bank took payments from borrower and than foreclosed
* Process server falsified documents stating they served borrower when they did not.
* No pre-foreclosure documents given to borrower
* Foreclosure filed during the 30 day and 90 period.
* Real Estate broker, mortgage broker and attorney worked together to obtain financing and
sell property to an unsuspecting borrower providing him with false and misleading information
while also giving inaccurate and deceptive information to the lender.

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