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Predatory Lending
During the height of the mortgage boom, many mortgage professionals ended up cutting corners and resorting to unlawful behavior to make money quickly. 95% of mortgages have an actionable mistake. Many borrowers already know that something was wrong with the mortgage they received, and the information they were given regarding it. For many homeowners, they were promised something different, or were not fully aware of the type of mortgage they were getting. The vast majority of people were slighted in some aspect of the acquisition. Mistakes can, in some cases, offer the borrower legal recourse and/or leverage to get better terms for the mortgage. Auditing the loan documents for mistakes is the first step; consult with a legal expert to see what violations your mortgage may have.

Common violations include:

Ø  Real Estate Settlement Procedures Act (RESPA) violations

Ø  Truth-in-Lending Act (TILA) violations

Ø  Homeowner Equity Protection Act (HOEPA) violations

Ø  State Lending Law violations

Ø  Misleading or omitted disclosures

Ø  Fraudulent appraisals

Ø  Falsified loan application and supporting documentation

Ø  Forgery

Ø  Lender/Broker Misrepresentations

Ø  Excessive points and other loan fees

Banks are supposed to follow specific procedures during the foreclosure process, but often times they ignore them. Borrowers may have experienced mistakes with their mortgage accounts and/or mistakes in the foreclosure proceedings that give them the ability to take it to court. If you have been slighted in the foreclosure process then you may be able to sue for wrongful foreclosure. A wrongful foreclosure lawsuit is a lawsuit filed in court by the borrower against the servicer, mortgage holder, and usually the trustee company that was paid to foreclose on the property. The lawsuit usually alleges that there was an "illegal, fraudulent or willfully oppressive sale of property under a power of sale contained in a mortgage or deed of trust." A lawsuit can be brought to court, even after the sale has been completed.

Grievances include:

Ø  Incorrect interest rate adjustment

Ø  Incorrect tax impound accounts

Ø  Misapplied payments

Ø  A workout agreement/reinstatement that was ignored by the servicer

Ø  Unnecessary forced place insurance,

Ø  Improper accounting for a confirmed chapter 11 or chapter 13 bankruptcy plan.

Ø  Breach of contract

Ø  Intentional infliction of emotional distress

Ø  Negligent infliction of emotional distress

Ø  Unfair Business Practices

Ø  Quiet title