Billions of dollars the government is spending to help financially pressed homeowners avert foreclosure is passing through — and enriching — companies accused of preying on the people they’re supposed to help, an Associated Press investigation has found.
Foreclosure affects a persons life in many ways. Not only is the emotional strain difficult, but the financial and credit affects will last years to come.
Fear of the foreclosure unknown?
Call it what it is because this is not an every day occurrence for most Americans and people are frightened in every way. They are losing sleep, losing their jobs, homes and some their families in one fell swoop. This is the reality of Main Street America right now and it is down right scary!
The last thing people need is to be victimized and abused by the very same people who they are supposed to help. But that appears to be the case and I have seen it time and time again over that last two years.
Well I am glad that after two years of blogging, ranting, proving and documenting the abuses in the mortgage servicing arena, that the Associated Press has just “broke” the story. Amazing!
Here are a few of my stories over the last couple years.
Predatory Servicing by Moe Bedard on October 8, 2007
Fighting mortgage disservice by Moe Bedard on February 20, 2008
Countrywide Sued for Predatory Servicing by US Trustee by Moe Bedard on March 3, 2008
AP -
The companies earn a fee for every successful loan modification.
But the industry has a checkered history. The AP found that at least 30 servicers have been accused in lawsuits of harassing borrowers, imposing illegal fees and charging for unnecessary insurance policies. More recently, the companies also have been criticized for not helping homeowners quickly enough — delays that lead to more fees for homeowners and profits for servicers.
As I have shared before, working with these folks is the equivalent of the fox watching the hen house. Many of these people were and still are in cahoots with the fraudsters that created this mess.
My partner and I visited three potential loan modification clients in their homes last night until 11:30 PM EST, after concluding our last meeting I did not know whether try cry or knock someone out. It made me mad, looking into the eyes of the people as they invite you into their homes for long needed help. Although the kids may not know what is happening, you cannot deny the feeling that they are aware that something terrible is happening.
I have seen many home owners with multiple truth-in-lending statements with various dates of course and none of them being signed. You just cannot make sense that at closing the title company did not provide the final executed version of the truth-in-lending disclosure. At the heart of this mess these people knew home owners were signing up for more house than they could afford and did not take the time to help them understand how the monthly payments would adjust.
I resolved on praying for these people and renewed my company’s commitment that we shall continue to do the right things and advocate for the home owner. 1st-Trust.Net, The Loan Modification Corporation does not charge advance fees for loan modification and considers working with home owners on a payment plan basis based on how grave their situation is.
We also offer no late payment fees for up to three month should the homeowner not be able to pay us for our services as they are getting back up on their feet.
It is absolutely unacceptable what these educate people have done to take advantage of those less educate. The bottom-line is they raped the American Dream and we are resolved to help remedy this issue.
I feel no remorse for the Lenders and Servicers, as a nimble yet humble start-up company we have created a very scalable infrastructure to help support our business and deliver on our promise. With over 40 years of technology and finance experience we’ve created an environment which can help these company’s avoid substantial capital costs involved with building, staffing and training a call center operation. Our system complies with the Making Home Affordable Guidelines, financial regulations and standards.
Instead of them trying to deter the home owner from working with companies such as 1st-Trust.Net, they should be focused on how they can partner to resolve these issues. Over 50% of home owners will not speak with their lender or servicer; there is a very good reason for this. Home owners do not want to be ripped of by the same scam artists that helped them get in this situation.
1st-Trust.Net offers a risk free consultation, a no modification no cost offer and payment plan features for those that are in dire need.
We would appreciate 45 minutes of your time to present you with the facts, if nothing else you will walk away better armed to navigate through the clutter and save your home. We welcome the opportunity to earn your business and re-enforce our Commitment to Excellence to help you save your home.
Thank you for your time and consideration.
Respectfully,
Mr. Sharaf
1st-trust
Yes I did a loan modification with my lender. I thought that under these Modifications that they were suppose to put behind payments at the end of the loan. Well I did end up with a lower interest rate but they tacked on 9,844.46 raising my balance from $125833.82 to $134094.44. because of the now I even owe more . My payment only went down $25.00 . PLEASE HELP ME. MY lender is Homeq servcing
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