Many people that I talk to are not aware of the laws that protect them against predatory lending. It’s one of the strongest defenses to avoid foreclosure and you can actually live in your home payment free until your case is resolved.
This is not bankruptcy but a federal lawsuit justifying the placement of a Lis Pendens (injunction) on title to FREEZE the foreclosure process for months and quite possibly years during that time.
A lawsuit would not prevent you from selling or refinancing at a later date. What it does is buy you time and a piece of mind knowing that the bank can’t send the Sheriffs to place a pad lock on your door and lock you and your family out.
Once lawsuit is filed it also prevent the lender from placing any derogatory remarks on your credit.
The Truth In Lending Act (“TILA”), and the Real Estate Settlement Procedures Act (“RESPA”) are violated daily by lenders and mortgage companies. These laws are in place to protect you, the homeowner, but yet are often completely disregarded. Your loan is probably unlawful, and you may be entitled to substantial damages whether or not you’re currently in foreclosure.
If you are in foreclosure, the Truth In Lending Act can not only stop the foreclosure process immediately (without bankruptcy), but also put money in your pocket. Once TILA and/or RESPA violations are discovered in your loan documents, your lender will be eager to discontinue the unlawful foreclosure process and settle the dispute.
The Federal Truth in Lending Act is a very specialized area of law, and only a few attorneys in the country are able to take on mortgage companies in this regard. We are working to expand the program, but currently can only offer relief to qualifying homeowners in California.
Most loans (especially those in foreclosure) most likely have violated predatory lending laws, but time is critical. I need time to fully analyze and evaluate your mortgage documents and then forward to a pre-screened attorney to file a lawsuit immediately. Here is an overview of how our program works:
1. I scrutinize the mortgage documents you received upon the closing of your loans(s) and look for TILA, RESPA and/or HOEPA violations by your lender. Nearly every loan has at least some violations.
2. I immediately forward to a lawyer to file a Federal lawsuit on your behalf, and place a Lis Pendens on the property, to stop the foreclosure process (if applicable)
3. The attorney may reach a settlement agreement with the lender (most cases) or continue on to trial (rare situations) and demonstrate to a judge or jury how the lender has willfully failed to comply with Federal Law.
4. It is NOT necessary for you to make mortgage payments while the lawsuit is pending.
5. It is also unlawful for the lender to report negative information about you to the Credit Reporting Agencies while the lawsuit is pending under the Fair Credit Reporting Act.
I am a mortgage loan workout expert with 9 years experience and and I am well versed in all aspects of mortgage law. If you cannot afford an attorney at this time or if you just want to make sure before you file a lawsuit, then maybe it would be best to have me determine if the law was violated and if you have the right to stop foreclosure.
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TRULY WISH I HAD KNOWN THIS MARCH 2006! EVEN RETAINED AN ATTORNEY BUT, TO NO AVAIL WE WERE STILL DUMPED. SO, ANY KIND WORDS OF WISDOM FOR THOSE OF US WHO HAVE ALREADY BEEN STRIPPED DUE TO PREDATORY LENDING, MORTGAGE FRAUD AND ALL OUT Thievery COMMITTED BY MORTGAGE BROKERS, LENDERS, SERVICERS AND IN MANY CASES UNJUST CAUSES.
MANY THANKS !
I’m sorry that you had to go through that. That’s why I am trying to get the message to everyone and I thank you for leaving a comment.
Best of Luck to you!
Moe
Hello,
It may be way too late for your services, but here are the facts:
In July, 2000, I was loaned 115,000.00 for a home purchase. I was also given a $25,000.00 second as a line of credit. Therefore, my loan was for $140,000.00 I do not know how they (appraisers) arrived at that amount , as homes in my neighborhood (larger and more improved) were selling for ~$125,000.00.
Long story short, I was foreclosed on by MERS (as a nominee). The original loan was with Bank One Ohio, then it was sold to Homeside Lending, then finally to Washington Mutual. When I contacted the bank, they referred me to a Cleveland law firm, Shapiro and Felty (Evidently owned by Gerald Shapiro and MERS). The attorney, Chris Kovach, finally told me that Washington Mutual did not have these records, and that “they must be lost”.
They refused to give me, after six requests, the following to help defend myself in the foreclosure and predatory lending actions
I forwarded a RESPA “qualified written request” via Washington Mutual secure site, and they said they would get back to me!
:
Thanks for your story! Requesting “discovery” documents outside of a court is like trying to take candy from a baby. Impossible! You will most likely need to file a civil claim and request to the court that they furnish these documents as part of discovery.
By law, you should have a copy of that appraisal. If not, request it citing the law. I’m sure that will explain if the value was fraudulently inflated. I can look at if you like?
Good luck!
Comment:
Thanks for your story! Requesting “discovery” documents outside of a court is like trying to take candy from a baby. Impossible! You will most likely need to file a civil claim and request to the court that they furnish these documents as part of discovery.
By law, you should have a copy of that appraisal. If not, request it citing the law. I’m sure that will explain if the value was fraudulently inflated. I can look at if you like?
Good luck!
HI, Moe!
I rceived documents from the title company, but no loan origination docs were there from Bank One. I am trying to get ahold of the appraiser, and get the actual appraisal. Like I said, it was over by about $25K< and Bank One gave me $140,000 (First @ $115,000 and and Line of credit of $25,000)
I truely belive that they worked the appraiser to get a right “number” to max me out. Any help would be apreciated, and I can scan and forward you any docs you feel necessary
Hello Anthony!
Who ever originated your loan is required by law to give you a copy of the appraisal. They have to do it or report them to the DRE or DOC. I want to see that apraisal and I will let you know if I feel it was inflated.
Take Care!
Moe
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TitleKripa
Hello Kripa!
has anyone ever heard of American Foreclosure prevention (AFP) division of LPI-IV, LLCout of West Chester Ohio
I am thinking of giving them a try–but has anyone ever had an experience
No – however – go to Loansafe.org and post a thread there to see if anyone there has. There are a whole bunch of folks starting these “companies” to “help” people, and some of them, are just there to help their pocketbooks. LLC’s always bother me, very easy to put together and very easy to fold the tent up and move away……fast.
I have initiated working with American Foreclosure Prevention,LLC. Ive spoken to the owner and have given him a deposit to begin mitigation regarding my lender and what can be worked out with my loan instead of losing my home. Im waiting to see how they operate but in the mean time I am also keeping my ears and eyes open for legitimate mitigations.
Hi Moe,
I tried calling the number above but it seems you are not taking incoming calls anymore which is understandable. I feel I am in one of these scams and need your help. I refinanced two years ago with a company called Home123. I guess they were like the middle man and my account ended up with WAMU. It is an adjustable mortgage and after being with them for about two years I recently received a notice from them that my adjustable mortage would change in six months. I am worried. What’s worst is that Home123 no longer exists here in El Paso. Thanks for your help.
Luis
Hello I have two situations one is mine and one of a friends. I was convinced to do a bridge loan while waiting for the house to be sold. They gave me the equity to put on a new home and the next month the market went South and my home which they appraised on $500000 dropped to $350000 and now I owe more on my home then it is worth and they just keep wanting to extend and defere interest it is crazy. I have asked for a loan modification and have not gotten anywhere. The next case is one by a loan originated by a broker tied to LIBOR the interest rate climbs every 6 months and is now at 9.10% which is rediculous. What are our options – we both live in Sarasota Florida – can you help.
Hi,
My mortgage broker forced me into accepting two loans. One at 10.25% and one at 7.75%. Our agreement to close on the property had expired on a Friday night. I thought I was no longer obligated to go through with the deal. The seller signed papers on Saturday to return my deposits. Then on Monday, I received from my mtg broker a threatening email, in it she stated she was going to the courthouse at 2:00 p:m that day to sue me for her $8,850.00 commission. She also said she was going to place a lien on my then current home. Then stated she would put a Judgement on my credit report that would destroy my credit. She said she has done it several times in the past and would do it to me as well. She also stated in her letter that the judge will rule that I will have to pay all her attorney fee’s as has happened in the past. Not wanting this kind of trouble and my credit which is good destroyed. I reluctantly agreed to go close on the property and signed all the papers. I also saved several threatening phone messages she left for me as well. One demanding that I meet her with several thousand dollars in cash for her commission.
I was also told she could get me into better loans with lower rates once I showed the lender I could make all the payments on time, which I did. I am still stuck with the high rate loans though and the property has declined by about $200k. Do you think I have any recourse given these circumstances?
I bought a house back in 2006 when I was pregnant with my last child. I had no job, but my (now husband) was starting up a moving business and worked full time as a Quality Control Supervisor. We were under the impression that we were to find our own lender to be able to purchase the house. This is what we said we were going to do, but then when it came time to close on the house and we were working out the details with our lender, we went to the office to sign more papers just to find out that we initialed a section agreeing to go with our home builder’s lender of choice. So basically we were stuck going with them or faced with a huge (fee/fine?) I can’t remember the details, but I think we were going to have to give up some incentives they were offering us for going with their lender. Anyway…the baby was getting ready to come and we were struggling with the decision as our new lender was telling us we could not purchase together and that my score was better so we would use me as the purchaser. However, I was not working, I had just stopped going to school and was anxiously awaiting the new baby. They told me we could do a no-doc loan and we would be just fine. They said our payments would be right where they should be and we would be able to refinance after a couple years and add my husband on. We had already gone through everything with this house, picked out all the upgrades, taken pictures of it being built, brought the kids there and even gotten our oldest daughter registered with her new school. It wasn’t until almost the very end we discovered our payments were going to be almost 2000 a month. Now he had his settlement money so we just figured we would use that to supplement our income until I could start working again, and then we could get him on the loan. Well after almost 2 years we contacting the lender which was now switched to Indymac from Taylor Woodrow, and they said he couldn’t be a co-borrower. There wasn’t enough employment history, credit score too low….we had a whole bunch of things we would have to improve to be able to consider him and they said that would be a few years. So then our savings went away and we started struggling. They did a loan mod and our payments became 1277 instead of 1855, but then his truck broke down, the economy took a nose dive and we could no longer afford those payments either. My job took a hit and so did his. Now they are forclosing on our home and we keep trying to do everything we can to save our home! I think the original lender took advantage of our situation and convinced us that we were doing the best thing by going with the no-doc loan and paying so much for our house. When we purchased the house, the total price came to 318,000 and we put down 65,000 and then took a loan for 245. Our loan now 3 1/2 years later is 249,000+. That is not a typo. So, my balance is 249,000 and approximate value of my home is 156,000. I have been trying to work with the lender, but I keep getting the run around, they say the foreclosure process is on hold but I am getting letters taped to my door saying they will be having a trustee sale of my home on June 4th, 2010. I send in the paperwork that they request in order to do a modification, but they keep needing something different and then tell me I need to complete a new application AGAIN! for the 3rd time! We need help! We want to save our home…Sorry for the long note here, but it is 1:25am and I am laying here in bed scared that we are going to lose our home and just wishing that we had never bought and gotten caught up in the housing rush! Thanks for reading! Any advice is appreciated. My email is azmegan1979 @ yahoo
Do you know of an attorney in Northern Colorado who might be able to review our loan documents? Thanks for any help that you can provide.