Should You Sue Your Lender?
What are successful mortgage litigation attorneys looking for, not what you might have read on the internet or heard from somone.
- trial period offered with guarantee of a modification after trial period then denying modification
- toxic loans, such as "pick a pay" loans in California where they have been ruled illegal and need to be replaced with a fixed payment loan
- somewhere they are exposed to a breach of contract, ie. they promised something in writing they never delivered or backed out on.
- what is referred to as toxic loans. These are loans where the principal could increase, called negative amorization loans, no income verification was provided, appraisals were inflated and various other clauses or provisions that may be considered predatory, such as excessive fees and prepayment penalties.
- if your principal exceeds your home's value IN ADDITON to some of these other areas it could mean you were placed into a loan where that was the design.
Why You Shouldn't Sue Your Lender
Many people have read or heard the stories about MERS being a trustee used by lenders which would cause them to get their loan nullified. This is not true. MERS has been ruled against and for in many states many times and in fact no longer forecloses on mortgages.
Foresensic audit shows missing documents and broken chain of title. These are RESPA violations, Real Estate Procedures Act, and can result in a fine to the lender, but will not be paid to you or result in a successful settlement with your lender.
Courts have ruled that while lenders may have been sloppy it is too severe a consequence to make them nullify your loan with them. Let's face it you signed a note and deed of trust and made payments and were given disclosures at closing, if you didn't understand them you should have asked or stopped the closing.
How Does Mortgage Litigation Work?
We at Mortgage Medics have talked to many many people who don't know they actually have a legitimate cause of action against their lender and are simple seeking a modification. When we do our interview with you we will ask questions which may indicate you do have a cause of action.
We have you provide us written documents from your lender substaniating the what they have done, or not done, send it to the attorneys in your area and set up a conference call with them so they can discuss details with you.
If they feel confident they could prevail they will discuss a reasonable retainer with you, explain the process, which involved filing a formal law suit againt your lender and requesting a settlement in return for their wrongdoing.
It is common for them to seek a principal reduction if your loan exceeds your home's value, a below market interest rate, elimination of late fees, penalities and legal fees and to have your attorney fees paid by your lender.
Contact information: Mortgage Medic located at 6921 N. Tahoe Blvd. Tahoe Vista, CA 96146 888-833-2550 kurt@mortgagemedic.org
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