|Mortgage Refinance Information|
Are You A Victim Of A Predatory Mortgage Foreclosure?
Help is available to borrowers who have claims against their lenders for violating the Truth in Lending Act and other laws regulating credit transactions. Such violations may be a defense to a mortgage foreclosure. If there is a violation, you may be able to void the mortgage and apply 100% of your payments to principal. You may also be able to recover money damages.
If the answer to any of the following questions is "yes," please arrange for a professional auditor to review your loan documents (including demand and collection letters, correspondence, and any account histories or monthly statements).
1. Have you repeatedly refinanced your loan? Was the last refinance within the last 3 years? (A common predatory practice is "flipping," which involves "repeatedly refinancing a mortgage loan without benefit to the borrower, in order to profit from high origination fees, closing costs, points, prepayment penalties and other charges, steadily eroding the borrower's equity in his or her home.").
2. Did you increase rather than lower your rate upon refinancing?
3. Are you paying an interest rate in excess of 9.5%?
4. Was the loan obtained to pay for home improvement work that was not done properly, or even at all?
5. Have you had problems with the mortgage company regarding untimely posting of monthly payments? Sudden increases in payments? Adding amounts to your balance for insurance, "property preservation," or other "advances"? Does your principal balance never seem to go down?
6. Were you charged high closing costs (points and fees) on the mortgage?
7. Did the terms of the mortgage change to your detriment at the last minute before the closing?
8. Did the lender pay money to your mortgage broker (look on your HUD-1 Settlement Statement for a "premium" or POC (paid out of closing) "YSP" or "yield spread premium")?
9. If you have an adjustable rate mortgage, were any adjustments done improperly? Can you even tell if the adjustments were correct or not?
10. Does your loan contain a prepayment penalty?
11. Do you believe you were treated unfairly by your mortgage company? Has correspondence with the mortgage company gone unanswered? (Mortgage companies have a statutory obligation to respond to complaints and requests for explanations of accounts. Often, they don't. Each failure may entitle you to $2,000. If your claim against the mortgage company may exceed the number of monthly payments you allegedly missed, the mortgage company may not be able to prove that you are in default.)
12. Did all collection letters sent to you by debt collectors comply with the Fair Debt Collection Practices Act? (Up to $1,000 more if they did not.)
13. Did you (or anyone else who has an ownership interest in and lives in the house) receive a "notice of right to cancel" that was not completely filled out?
14. Did you receive your copy of the loan documents at the closing (as opposed to being sent to you later or did the closing agent send you signed copies at all)?
15. Did you sign a document at the closing stating that you were not canceling?
16. Did the closing occur by mail, or at your home, or in another city?
There is a common assumption (among judges, borrowers, and the public) that mortgage companies do not desire to foreclose and acquire real estate. This assumption is no longer well founded.
There are an increasing number of "scavengers" that buy bad debts, including mortgages, for a fraction of face value and attempt to enforce them. Such entities profit by foreclosure. "Mortgage sources confide that some unscrupulous lenders are purposely allowing certain borrowers to fall deeper into a financial hole from which they can't escape.
Why? Because it pushes these consumers into foreclosure, whereupon the lender grabs the house and sells it at a profit." Robert I. Heady, The People's Money, "Foreclosure, You Must Avoid It," South Florida Sun-Sentinel, Feb. 25, 2002. In addition, if the loan is guaranteed (by private mortgage insurance or the government), a mortgage company may find it more profitable to foreclose and make a claim on the guarantee.
Mr. Kenneth M. DeLashmutt is a recognized Predatory Lending Defense Specialist and an authority on the subject of predatory lending practices, foreclosure defense, consumer protection and debtor's rights.
He has more than 10 years experience in the area of consumer protection related to predatory mortgage lending practices and debt resolution. He has provided regulatory consulting services nationwide to financial institutions, consumers and regulatory agencies as well as real-estate and financial services organizations.
Areas of Expertise include: Banking Operations and Administration; Lending Policies and Laws to Protect Consumers, Mortgage Brokers and Mortgage Lender Predatory Lending Custom & Practice; Credit Administration; Bankruptcy and Foreclosures; Trust & Fiduciary Issues / Operations; Real Estate Transactions; Consumer Protection Litigation and Foreclosure Defense.
Getting The Best Rates On Mortgages And Loans
With an impending up-grade to the family due in a few months it soon became clear that our two-bedroom home would need an addition. We loved our house too much to consider moving. Not having the large sum of cash necessary to build it, however, we began a process that became a little more than burdensome. As my wife and I wandered in and out of financial institutions claiming to have "The lowest rates around" and discovering the degree of separation between institutions was greater than we had anticipated, it became very clear that this process would take a lot longer than we had originally thought.
Reaping Financial Rewards ? Bad Credit Home Equity Loans
Home is the place you inhabit. It is the place where you live, breathe, grow, thrive. It does more than just providing a living space. The moment you build up this house, or moved to your present apartment, you did not realize that you have struck it rich. 'Rich' ? that is not the exact word to define your current status as you are struggling with bad credit. I know you want to argue on this point but let me explain. There is something called home equity that lies in the embryonic state waiting to be germinated. Home equity has more to it than what meets the eye. However, many of us do not understand the meaning of home equity. Let alone use it for their own prosperity.
Is an ARM Right For You?
Let's start by taking a look at 7 key elements of an adjustable rate mortgage:
Imagine Cutting Over $8,000 Off Your Mortgage This Year
I once helped a customer cut over $700 off his monthly mortgage payment. That's right, over $8,000 each year and over $40,000 in just five years. Now, not everyone can save this much, but if you have a loan that is over $200,000, you could come close to this, if you refinance your fixed rate mortgage to a new loan program.
Thinking About Re-mortaging? Read These Tips First
More and more of use are signing up for limited time low interest rate mortgages and then switching to a different mortgage when the low interest period expires.
How to Find the Best Mortgage
The purchase of a new home is one of the most important decisions you will ever make, and finding the best type of financing for you is crucial. Mortgage financing is a very competitive industry and lenders are currently offering extremely low interest rates and a variety of flexible loan programs. Financing your mortgage can be stressful and time consuming. It is important that you educate yourself about the various programs and types of loans before you shop for a new home.
6 Things to Consider Before Refinancing
Perhaps you're a homeowner in need of some quick cash.
Subprime Mortgage Lenders - Helpful Tips When Getting a Subprime Mortgage Loan
If you have bad credit history, no down payment or difficult to prove income and are looking to get approved for a home mortgage loan, you will probably need to look at subprime mortgage lenders to help you. To see a list of our recommended subprime mortgage lenders you can click on the link below.
How Much Interest is Your Home Equity Earning?
How much interest are you earning on your home equity? If you answered nothing, zero, zilch, zip you are correct. What would you do if you could get triple compounding on your equity? Would you take action and build a fortune that would allow you to pay off the mortgage and create a retirement fund?
First Time Home Owner Mortgage Loans
First time home owners are sometimes surprised at the complexity of the mortgage lending process. If you are searching for a mortgage and you have never owned a home, there a few things you can do to make the mortgage process less confusing. First time home owners should educate themselves on the home-buying experience before contacting mortgage lenders. There are many choices in obtaining a first time home owner mortgage loan. Friendly mortgage professionals are available to assist you in making the right decisions.
Mortgage Cycling May Be Your Best Bet For Equity Buildup and Investment Real Estate
Mortgage cycling is a system that relies on solid budgeting, equity lines of credit and use of an open credit card. Whether you use this on investment real estate or your own home, it can work for wealth building. If you are short on equity in your home and/or don't have an open credit card, a decent-sized savings account or money market will get your mortgage cycling started just as easily.
How To Get The Best Home Equity Loan
Are you wondering how to get the best Home Equity loan? Do not be afraid to shop around. If you decide that the timing's right for a home equity loan, ask your friends or family for recommendations of lenders. Comparing home equity loan plans will help you get a better deal.
Is the Inverse Mortgage a Scam? New Program Promises Mortgage Payoff inside of 5 Years
If a mortgage could be paid off in five years or less, without it costing homeowners an extra cent, why wouldn't every homeowner in America be doing it? Because they don't know, or because they're too wise? Although the former may be the case for many, I certainly hope the latter is the answer for most.
Should You Refinance Your Mortgage if Interest Rates Drop?
Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so. When I say considerably it usually means a drop of at least 1% from what you're paying now.
A Guide to Quick Homeowner Loans
The search for quick homeowner loans can seem futile at first, especially if you don't know exactly what it is that you're looking for.
Refinancing After Bankruptcy
Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn't have to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. In fact, refinancing your mortgage can help rebuild your credit to good standing in two year's time. The following steps will help you find the best refinance lender while helping your rebuild your credit record.
Mortgage Clarksville - Find the Best Deal
Searching for a mortgage can sometimes be a hassle. Where to apply, who to apply with, what deal to take. These are all questions you may be asking yourself. The good news is it doesn't have to be a pain to find the best mortgage Clarksville.
Desperately Seeking Good Leads, The Adventure Driven Loan Officer
As loan officers, the word "lead" is by far one of the most common words we use during the day, it is the topic of many of our conversations, it is praised and cursed, it is good and it is bad, it is loved and it is hated, on bad days it is hard to find, and on good days it falls right into our lap.
Home Mortgages: Up, Up and Away!
Refinance NOW-before it's too late
For Mortgage-Refinance Help, Get the Best Mortgage Professional, Not a Bank Loan Officer
When you need a mortgage -- either because you are buying, refinancing, taking out equity or getting into investment real estate, you need a good mortgage professional. Now, you may be tempted to go to your local savings and loan, as they may promise lower fees or zero costs. Meanwhile, in virtually every case, banks can't compete with mortgage professionals on the two most important things -- interest rates and service.
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|Mortgage Refinance Sources 2005|