I have been advising homeowners to do this for the past year online and I even started a company (Loan Safe Solutions) to assist attorneys and homeowners in reviewing their loan documents for legal violations.
Now, it appears that the Illinois attorney general feels that it is a great idea to have your current mortgage examined for federal, state and mortgage fraud violations. Otherwise known as “predatory lending.”
The Illinois attorney general’s office is encouraging homeowners with a Countrywide Financial Corp. loan to seek professional help if they’re questioning the terms of their loan.
Illinois Attorney General Lisa Madigan this week filed a lawsuit in Cook County Circuit Court against the nation’s largest mortgage lender and servicer, claiming the company used deceptive practices to lure borrowers into unaffordable loans.
In Cook County alone, about 2,534 home loans originated by Countrywide have been foreclosed on from January 2004 to this month, according to the complaint.
Maybe I should give Madigan a call today and let her know that we are finding violations on 85% of Countrywide Home Loans and that 90% of the loans we audit, the borrower has no clue that they have been victimized. Now, those are some alarming numbers that CANNOT be ignored.
More from the SUN:
A spokesman with Madigan’s office said Thursday that consumers with a 30-year fixed mortgage should not be alarmed, but carefully reviewing all documents of the loan is recommended.
“Make sure you actually have that fixed mortgage,” spokesman Natalie Bauer said.
The attorney general’s office suggests homeowners with a subprime mortgage should contact a certified counselor approved by the U.S Department of Housing and Urban Development.
