Don’t think for one second that predatory lending just affects lower income and minority borrowers. It affects everyone and no one is immune from the scammers and fraudsters. Even an industry professional who is an account executive for Chase Bank can become a victim.

As I mentioned in earlier posts. I founded this website for the sole purpose of helping people find solutions to avoid foreclosure. Not to point fingers, talk trash and be negative. That’s a waste of time and only make things worse. I’m a big fan of staying positive and focusing on solutions to the housing crisis. But when readers come to for help and I see that they clearly have been victimized. I AM NOT GOING TO IGNORE THE TRUTH!

I’m not going to disclose this persons name for confidentially reasons and a possible predatory lending lawsuit but I will write a little about what happened to her.

This is the classic bait and switch with a little bit of cut and paste that EQUALS FRAUD!

This goes on all the time in the industry but it doesn’t happen often to professional that are in the industry. They are trained professionals and know what to look for and how to read loan documents and disclosures.

I received a call from a nice professional woman who introduces herself and said she was an account executive for Chase. She said she need some advice and help because she was defrauded out of $10,000 by a title company and Aurora Mortgage. I was like wait, you were defrauded and you work in this business. Tell me more!

She began to explain that she has a mortgage with Aurora Mortgage and one day they called he out of the blue and asked he if she would like to refinance and get some cash out to pay debt or home improvements. As she looked around at her kitchen, she said “Yeah, I need remodel my kitchen, so let’s see what you can do for me.”

Everything as going smooth. The rate looked good, she was getting the cash she needed to remodel the kitchen. Well she though she was.

Everything went by the book she explained up until she went to pick up my check. She opened the envelope to find that it was $10,000 short from the paperwork she had and signed at closing with a notary. Let’s keep in mind that she was only pulling $15,000 out for her project. So she was left with a measly $4,000 and change check at the close of escrow and a bunch of unanswered questions and allegations of fraud. Plus a kitchen left in shambles.

She told me that she can prove where they defrauded her. They removed and replaced documents, cut and pasted her name on a new document etc. I was flabbergasted at the audacity and blatant fraud of this title company and Aurora. Especially with a mortgage professional who knows the predatory lending laws.

She has tried to resolve this amicably with her mortgage company and the title company but has only receives a cold shoulder and rude remarks. They said there was a mistake on her payoff and it was her problem and she should have known about it. I was like WHAT THE HELL?????!!!!!!!!!

I told her she needs to seek legal counsel. The only problem there is that costs money and many of these lawyers may say they know mortgage law but they have no idea what a good faith estimates is or HUD estimated closing statement.

She doesn’t have money for a lawyer, so her and I are going to work together and try and mediate with her mortgage company and title company. She’s going to fax me the documents where she believes there is fraud and I will examine and give her my expert opinion.

I’ll keep everyone up to date on the progress we make and I hope to hear from her soon.

So, let’s unite and help me by joining my forum for free and let’s start sharing and helping one another. Please go to www.LoanModification.org/forum to register and let’s start building our own SAFE community and doing our part to help other people avoid foreclosure.

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