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This thread is currently closed for responses.
- Jim Collins, "Co3M"
- Contributions:55
HINT: At least 80% of the home loans that Co3M performs Truth-in-Lending Compliance audits on, have one or more material (serious) violations of the Federal Truth in Lending Act and other consumer protections laws. So if you think you have a clean and compliant mortgage, think again. Most homeowners are victims of predatory mortgage lending and haven't got a clue. Or, if you are like many borrowers, you do have a gut feeling you are being ripped off, but you don't know where to go for help, or who to trust.
- hananiel sarella, "hananiel"
- Contributions:1
I know I got ripped off. Where do I go to find out if any laws were violated. For example I did not get a good faith estimate, till the day i was supposed to sign the loan and then i could either lose the deposit and lose the transaction or go with a bad mortgage product with the assurance that I can refinance soon (for 200$) . After the whole experience I just felt lied to and cheated all the way. What can i do?
- Jim Collins, "Co3M"
- Contributions:55
Hi Hananiel,
I'll try to respond to your questions later this evening. In the mean time, what city and state are you in? And are you current with your payments? Or, are you in or nearing pre-foreclosure or foreclosure?
I'll try to respond to your questions later this evening. In the mean time, what city and state are you in? And are you current with your payments? Or, are you in or nearing pre-foreclosure or foreclosure?
- Jim Collins, "Co3M"
- Contributions:55
Re: "Hananiel" "...I just felt lied to and cheated all the way." [Reply #940-38032, Part 1 of 2]
You're not alone. So many homeowners we talk to on a daily basis have similar experiences with their mortgage company or lender.
Suggestion 1: TRUST YOUR INSTINCTS! If you feel something is wrong with your mortgage, there probably is.
Suggestion 2: As a consumer advocacy organization that specializes in Truth-in-Lending mortgage remediation, we strongly recommend ALL homeowners with a mortgage, whether they are suspicious of that mortgage or not, have a preliminary Truth-in-Lending audit, what we call a Truth-in-Lending Compliance Review, or TLC-Review (TM), or T-View (TM) for short.
T-Views are a public service that Co3M offers all homeowners for free. You simply fax all your mortgage documents to one of our TCA's (Truth-in-Lending Consumer Advocates) and then one of our Predatory Lending Defense Specialists (paralegals expert in the Truth-in-Lending statues) will go through your paperwork and look for the most obvious violations. If you have one or more material (serious) violations of the Federal Truth in Lending Act (TILA) and other federal and state consumer protection laws, which is more common than not, it usually makes for a strong Truth-in-Lending law suit against the predatory lender and/or broker.
Suggestion 3: If the results of your T-View are "positive," then we can usually refer you to a local consumer law attorney in our network who will provide you with extremely low cost legal representation to the courts (Note to Attorneys: There is a provision under TILA for court-ordered attorney fees AND costs).
If we don't have a consumer law attorney in our network near you, then we'll help you find one. Our TCA's (Truth-in-Lending Consumer Advocates) will talk to the attorney and pre-screen them to make sure they are competent in this field, review their retainer agreement to make sure it is reasonable and not predatory, and pre-negotiate low fees.
You're not alone. So many homeowners we talk to on a daily basis have similar experiences with their mortgage company or lender.
Suggestion 1: TRUST YOUR INSTINCTS! If you feel something is wrong with your mortgage, there probably is.
Suggestion 2: As a consumer advocacy organization that specializes in Truth-in-Lending mortgage remediation, we strongly recommend ALL homeowners with a mortgage, whether they are suspicious of that mortgage or not, have a preliminary Truth-in-Lending audit, what we call a Truth-in-Lending Compliance Review, or TLC-Review (TM), or T-View (TM) for short.
T-Views are a public service that Co3M offers all homeowners for free. You simply fax all your mortgage documents to one of our TCA's (Truth-in-Lending Consumer Advocates) and then one of our Predatory Lending Defense Specialists (paralegals expert in the Truth-in-Lending statues) will go through your paperwork and look for the most obvious violations. If you have one or more material (serious) violations of the Federal Truth in Lending Act (TILA) and other federal and state consumer protection laws, which is more common than not, it usually makes for a strong Truth-in-Lending law suit against the predatory lender and/or broker.
Suggestion 3: If the results of your T-View are "positive," then we can usually refer you to a local consumer law attorney in our network who will provide you with extremely low cost legal representation to the courts (Note to Attorneys: There is a provision under TILA for court-ordered attorney fees AND costs).
If we don't have a consumer law attorney in our network near you, then we'll help you find one. Our TCA's (Truth-in-Lending Consumer Advocates) will talk to the attorney and pre-screen them to make sure they are competent in this field, review their retainer agreement to make sure it is reasonable and not predatory, and pre-negotiate low fees.
- Jim Collins, "Co3M"
- Contributions:55
Re: "Hananiel" "...I just felt lied to and cheated all the way." [Reply #940-38032, Part 2 of 2]
Co3M has high litigation success rates using TILA (pronounced "tee-laa), the Federal Truth in Lending Act, well over 90% of our cases settle out of court in less than two years. Because success rates are so high, many of the attorneys that we recommend in our network are willing to work on contingency with no up-front cost.
Co3M's short-term goal is to make "turning the legal tables" on predatory mortgage lenders easy and affordable. And if at all possible...enjoyable! (Or at the very least, tolerable.)
Co3M has high litigation success rates using TILA (pronounced "tee-laa), the Federal Truth in Lending Act, well over 90% of our cases settle out of court in less than two years. Because success rates are so high, many of the attorneys that we recommend in our network are willing to work on contingency with no up-front cost.
Co3M's short-term goal is to make "turning the legal tables" on predatory mortgage lenders easy and affordable. And if at all possible...enjoyable! (Or at the very least, tolerable.)
- Jim Collins, "Co3M"
- Contributions:55
Re: "Hananiel" "...I just felt lied to and cheated all the way."
Are you still out there, Hananiel? Or did a predatory lender tornado whisk you away?
As soon as you submit the answers to my earlier questions we can provide more specific answers to your questions.
Any other victims out there with lending stories to tell? Don't be shy.
Are you still out there, Hananiel? Or did a predatory lender tornado whisk you away?
As soon as you submit the answers to my earlier questions we can provide more specific answers to your questions.
Any other victims out there with lending stories to tell? Don't be shy.
- Marilyn Miracle, "marimir"
- Contributions:2
Hi Jim,
I'm trying not to be a victim of crazed lenders. I made the mistake of posting my loan request online and it's like being hounded by a thousand used car salemen. They salivate over my credit score and then make me ridiculous offers. I need to refinance in January -- ARM kicks in then. Right now I have a 5.65 interest only rate. It's amazing how many lenders call with unbeliveable rates -- way high or way low. Then they play duck and hide when I ask about closing costs. Is there such a thing as an honorable lender?
Mari
I'm trying not to be a victim of crazed lenders. I made the mistake of posting my loan request online and it's like being hounded by a thousand used car salemen. They salivate over my credit score and then make me ridiculous offers. I need to refinance in January -- ARM kicks in then. Right now I have a 5.65 interest only rate. It's amazing how many lenders call with unbeliveable rates -- way high or way low. Then they play duck and hide when I ask about closing costs. Is there such a thing as an honorable lender?
Mari
- Ron Boenzli, "bubbatwo"
- Contributions:4
Jim,
If you don't mind, I'll jump in. Marimair, there are honest lenders. But few and far between. Even if your lender sends you a good faith estimate and a truth in lending disclosure statement, they can be altered prior to the closing of your loan. As Jim said in one of his posts, trust your instincts. My advise is to demand a good faith estimate before you proceed with the loan and demand a final HUD statement for review prior to closing. Make sure that everything matches. If it doesn't, refuse to close until it is fixed. Also remember, if you are doing a refinance on your primary residence, you have a 3 day right of recission. You can still cancel. Don't be afraid to walk away. You may lose you appraisal money, but that is better than getting stuck in a bad loan.
If you don't mind, I'll jump in. Marimair, there are honest lenders. But few and far between. Even if your lender sends you a good faith estimate and a truth in lending disclosure statement, they can be altered prior to the closing of your loan. As Jim said in one of his posts, trust your instincts. My advise is to demand a good faith estimate before you proceed with the loan and demand a final HUD statement for review prior to closing. Make sure that everything matches. If it doesn't, refuse to close until it is fixed. Also remember, if you are doing a refinance on your primary residence, you have a 3 day right of recission. You can still cancel. Don't be afraid to walk away. You may lose you appraisal money, but that is better than getting stuck in a bad loan.
- Jim Collins, "Co3M"
- Contributions:55
"Marimir" | Re: "...victim of crazed lenders." (Reply # 983-93065, Part 1 of 2)
How can borrowers PREVENT being ripped off by predatory lenders/brokers? Prevention is always better than cure.
For some victims of predatory lending there is no choice but to initiate a Truth-in-Lending law suit, in order to save their home from foreclosure.
Co3M will help victims of predatory mortgage lending sue for fraud and unjust enrichment, but unless you have really thick skin, pursuing a lender in federal or state court is no fun (even though Co3M can do it cheaply and enjoy high litigation success rates).
On the other hand, homeowners who can still refinance out of a bad loan, even despite the huge loss in equity and home values that so many homeowners are experiencing now...they refinance only to find themselves in a loan that's even more predatory.
This vicious cycle is known in the industry as "equity stripping," the borrower is encouraged by the greedy lender/broker to refinance the mortgage over and over again in the hopes of getting a better deal, the unsophisticated borrower paying through the nose each time they refinance.
So how do we prevent getting ripped off by the many kinds of unfair and deceptive lending schemes?
There is a way to prevent this abuse.
The preventive measures that my company offers are unique and fundamentally different in the market place.
...and simple. (Continued in Part 2 of Reply # 983-93065)
How can borrowers PREVENT being ripped off by predatory lenders/brokers? Prevention is always better than cure.
For some victims of predatory lending there is no choice but to initiate a Truth-in-Lending law suit, in order to save their home from foreclosure.
Co3M will help victims of predatory mortgage lending sue for fraud and unjust enrichment, but unless you have really thick skin, pursuing a lender in federal or state court is no fun (even though Co3M can do it cheaply and enjoy high litigation success rates).
On the other hand, homeowners who can still refinance out of a bad loan, even despite the huge loss in equity and home values that so many homeowners are experiencing now...they refinance only to find themselves in a loan that's even more predatory.
This vicious cycle is known in the industry as "equity stripping," the borrower is encouraged by the greedy lender/broker to refinance the mortgage over and over again in the hopes of getting a better deal, the unsophisticated borrower paying through the nose each time they refinance.
So how do we prevent getting ripped off by the many kinds of unfair and deceptive lending schemes?
There is a way to prevent this abuse.
The preventive measures that my company offers are unique and fundamentally different in the market place.
...and simple. (Continued in Part 2 of Reply # 983-93065)
- Jim Collins, "Co3M"
- Contributions:55
"Marimir" | Re: "...victim of crazed lenders." (Reply # 983-93065, Part 2 of 2)
Co3M applies the same expert knowledge of the Truth-in-Lending consumer protection laws that we successfully use in litigation against the predatory lenders-brokers and apply those exact same laws at the point of origination of the loan. This prevention-oriented consumer protection service is called TrueCare Lending (TM).
(Read point number "M2." in my profile for more information about TrueCare Lending, and e-mail me for the latest schedule of Co3M educational teleconference / webinars.)
As a prospective TrueCare Lending customer, Co3M will refer you to one of the mortgage brokers in our EquityStar-USA network. These are the good guys! First of all, they all agree to have all their preliminary documents subjected to Co3M's thorough Truth-in-Lending audit. The results of that audit are sent directly to you the borrower.
Then on the day of closing (or before), after the borrower sign their mortgage documents and BEFORE THE INK DRIES, the borrower faxes all their closing documents to their TCA (Co3M's Truth-in-Lending Consumer Advocates). The TCA then forwards the borrower's documents to one of Co3M's Predatory Lending Defense Specialists (our in-house paralegals who are expert in Truth-in-Lending laws). The PLD-Specialist then conducts a 24 Express Truth-in-Lending Compliance Review (TLC-Review). The results of that review / audit are returned to the borrower within one business day.
Now what happens next is very interesting.
The borrower now has two days left of their absolute 3-Day Right to Cancel. The borrower walks into the bank with a forensic Truth-in-Lending audit in their hands, essentially a long laundry list of material (serious) violations of federal and state consumer protection laws. They ask to speak to a loan officer, broker, or whoever, and then simply hand over a copy of the Truth-in-Lending Compliance Review.
So what do you think happens next?
Co3M applies the same expert knowledge of the Truth-in-Lending consumer protection laws that we successfully use in litigation against the predatory lenders-brokers and apply those exact same laws at the point of origination of the loan. This prevention-oriented consumer protection service is called TrueCare Lending (TM).
(Read point number "M2." in my profile for more information about TrueCare Lending, and e-mail me for the latest schedule of Co3M educational teleconference / webinars.)
As a prospective TrueCare Lending customer, Co3M will refer you to one of the mortgage brokers in our EquityStar-USA network. These are the good guys! First of all, they all agree to have all their preliminary documents subjected to Co3M's thorough Truth-in-Lending audit. The results of that audit are sent directly to you the borrower.
Then on the day of closing (or before), after the borrower sign their mortgage documents and BEFORE THE INK DRIES, the borrower faxes all their closing documents to their TCA (Co3M's Truth-in-Lending Consumer Advocates). The TCA then forwards the borrower's documents to one of Co3M's Predatory Lending Defense Specialists (our in-house paralegals who are expert in Truth-in-Lending laws). The PLD-Specialist then conducts a 24 Express Truth-in-Lending Compliance Review (TLC-Review). The results of that review / audit are returned to the borrower within one business day.
Now what happens next is very interesting.
The borrower now has two days left of their absolute 3-Day Right to Cancel. The borrower walks into the bank with a forensic Truth-in-Lending audit in their hands, essentially a long laundry list of material (serious) violations of federal and state consumer protection laws. They ask to speak to a loan officer, broker, or whoever, and then simply hand over a copy of the Truth-in-Lending Compliance Review.
So what do you think happens next?
- Jim Collins, "Co3M"
- Contributions:55
"Marimir" | Re: "...victim of crazed lenders." (Reply # 699-61916)
Ron is offering some very good advice:
"Even if your lender sends you a good faith estimate and a truth in lending disclosure statement, they can be altered prior to the closing of your loan. My advise is to demand a good faith estimate before you proceed with the loan and demand a final HUD statement for review prior to closing. Make sure that everything matches."
If you attempt doing this on your own, as Ron suggests above, always demand to see ALL closing documents BEFORE the closing. By law the lender is suppose to supply you with certain disclosure documents prior to closing anyway, and if you request it, everything. They will often give some lame excuse why they can't provide those documents before the closing. Insist politely that the law suggests otherwise.
TrueCare Lending handles these complicated loan compliance issues for you. In the Truth-in-Lending Compliance Review, our experts will find any and all discrepancies between the GFE (good faith estimate) and the final documents you receive on or before closing. You can then use the written results of Co3M's Truth-in-Lending Compliance Review to negotiate-out each violation and the fraud and subsequently save your self a small fortune.
Or, if the lender does not cooperate in the negotiations, despite seeing Co3M's formidable, 5 to 10 page Truth-in-Lending Compliance Review, you have a choice. You can cancel the loan and take your business elsewhere or have the satisfaction of suing the lender for the statutory, actual and perhaps punitive damages, damages that are a direct result of the lender's arrogant non-compliance and blatant violation of the consumer protection laws.
By no means am I an expert in all this. I am not an attorney or a paralegal and can not offer anyone specific legal advice. However, I am a Truth-in-Lending Consumer Advocate and I warmly invite everyone to come and hear the actual experts talk on the subject o
Ron is offering some very good advice:
"Even if your lender sends you a good faith estimate and a truth in lending disclosure statement, they can be altered prior to the closing of your loan. My advise is to demand a good faith estimate before you proceed with the loan and demand a final HUD statement for review prior to closing. Make sure that everything matches."
If you attempt doing this on your own, as Ron suggests above, always demand to see ALL closing documents BEFORE the closing. By law the lender is suppose to supply you with certain disclosure documents prior to closing anyway, and if you request it, everything. They will often give some lame excuse why they can't provide those documents before the closing. Insist politely that the law suggests otherwise.
TrueCare Lending handles these complicated loan compliance issues for you. In the Truth-in-Lending Compliance Review, our experts will find any and all discrepancies between the GFE (good faith estimate) and the final documents you receive on or before closing. You can then use the written results of Co3M's Truth-in-Lending Compliance Review to negotiate-out each violation and the fraud and subsequently save your self a small fortune.
Or, if the lender does not cooperate in the negotiations, despite seeing Co3M's formidable, 5 to 10 page Truth-in-Lending Compliance Review, you have a choice. You can cancel the loan and take your business elsewhere or have the satisfaction of suing the lender for the statutory, actual and perhaps punitive damages, damages that are a direct result of the lender's arrogant non-compliance and blatant violation of the consumer protection laws.
By no means am I an expert in all this. I am not an attorney or a paralegal and can not offer anyone specific legal advice. However, I am a Truth-in-Lending Consumer Advocate and I warmly invite everyone to come and hear the actual experts talk on the subject o
- DMFoster
- Contributions:1
We just had an experience with LendingTree.com and a quote from Premier Bank. Keyed in our details into Lendingtree and had several proposals (just as advertised). Went through the quotes and picked a fixed rate 2nd from Premier Bank (to convert an existing home equity loan (based on prime) + add $100K additional equity for a house project). Had given them all our details and they confirmed the offer. We spoke with the load officer and told him that we were going with Premier Bank. He said that he would write up the paper work and forward to us for signing. Then we did not hear from Premier Bank for 1 ½ weeks. After several follow-ups call, heard back today. They are now saying that we do not qualify for the loan that they quoted. Now they are offering a combined/consolidated 1st and 2nd at terms that are not acceptable to us. Of course, we turned down the other offers and are now starting over again. We had made verbal commitments that are now blown. If we were closing on a house, we would be faced with a decision to go with the less favorable loan or fall out of escrow (risk losing a deposit). Is this a common problem/scam? Feels like bait and switch to me.
- Jim Collins, "Co3M"
- Contributions:55
"DMFoster" | Re: "Feels like bait and switch to me." (Reply # 224-96154)
I know for a fact this is a common problem, but I am going to pass your question on to one of our senior Predatory Lending Defense Specialists...paralegals expert in the Truth-in-Lending statues, who usually know more than most attorneys about Truth-in-Lending.
There may be some disclosure requirements or other lending regulations that Lending Tree or Premier Bank are not satisfying at the early stages of the loan origination process. With a little legal research one of our PLD-Specialists might be able to uncover something for you.
Co3M's PLD-Specialists are among the top experts in the country when it comes to predatory lending. Their response may take more than a few days. As you can imagine they are very busy. Please be patient. Or if you want, e-mail me and I'll send you Co3M's weekly teleconference schedule and you can speak with them directly. Currently Co3M hosts a free and interactive teleconference-webinar for homeowners every Tuesday evening.
It is a very common complaint though. Whether it is, in your words a "scam," or a "bait and switch", we'll probably never know, until someone, an industry or company insider, decides to blow the whistle.
You could also check out http://www.ripoffreport.com. There you may find similar complaints about these lenders.
Let us know what you find.
I know for a fact this is a common problem, but I am going to pass your question on to one of our senior Predatory Lending Defense Specialists...paralegals expert in the Truth-in-Lending statues, who usually know more than most attorneys about Truth-in-Lending.
There may be some disclosure requirements or other lending regulations that Lending Tree or Premier Bank are not satisfying at the early stages of the loan origination process. With a little legal research one of our PLD-Specialists might be able to uncover something for you.
Co3M's PLD-Specialists are among the top experts in the country when it comes to predatory lending. Their response may take more than a few days. As you can imagine they are very busy. Please be patient. Or if you want, e-mail me and I'll send you Co3M's weekly teleconference schedule and you can speak with them directly. Currently Co3M hosts a free and interactive teleconference-webinar for homeowners every Tuesday evening.
It is a very common complaint though. Whether it is, in your words a "scam," or a "bait and switch", we'll probably never know, until someone, an industry or company insider, decides to blow the whistle.
You could also check out http://www.ripoffreport.com. There you may find similar complaints about these lenders.
Let us know what you find.
- 123gfkm
- Contributions:5
Hi, Quick question my mother went thru Amerifi Mortgage 1/2 her closing pack says 1 rate and the rest says another rate. She feels very upset she was bait n switched at close. she is 63 now was 62 at close. She new something wasnt right but had to sign to keep the home. can she do anything about this?
Thanks
Karen
Thanks
Karen
- Jim Collins, "Co3M"
- Contributions:55
"Karen Romeo" | "...feels very upset she was bait n switched at close." [Reply # 311-32588, Part 1 of 2]
Hi Karen,
In general, there are many Federal and state laws aimed at preventing predatory lending, including laws that prohibit bait and switch tactics.
So yes, there is probably something your Mom can do about this. She can sue the lender and broker and she can do so relatively cheaply and with a high probability of winning, if we find evidence of bait and switch and other serious violations of the many consumer protection laws.
Bait and switch is something we see regularly in our Truth-in-Lending Compliance Reviews. Bait and switch, in this case meaning what the homeowner sees advertised and what is disclosed on the preliminary documents, is a far cry from what they see on the final closing docs.
Here's how the FTC defines "Bait":
Sec. 238.0 Bait advertising defined.
Bait advertising is an alluring but insincere offer to sell a product or service which the advertiser in truth does not intend or want to sell. Its purpose is to switch consumers from buying the advertised merchandise, in order to sell something else, usually at a higher price or on a basis more advantageous to the advertiser.
And here is how the FTC defines "Switch":
Sec. 238.4 Switch after sale.
No practice should be pursued by an advertiser, in the event of sale of the advertised product, of "unselling" with the intent and purpose of selling other merchandise in its stead. Among acts or practices which will be considered in determining if the initial sale was in good faith, and not a stratagem to sell other merchandise, are:
(a) Accepting a deposit for the advertised product, then switching the purchaser to a higher-priced product,
(b) Failure to make delivery of the advertised product within a reasonable time or to make a refund,
(c) Disparagement by acts or words of the advertised product, or the disparagement of the guarantee, credit terms, availability of service, repair
Hi Karen,
In general, there are many Federal and state laws aimed at preventing predatory lending, including laws that prohibit bait and switch tactics.
So yes, there is probably something your Mom can do about this. She can sue the lender and broker and she can do so relatively cheaply and with a high probability of winning, if we find evidence of bait and switch and other serious violations of the many consumer protection laws.
Bait and switch is something we see regularly in our Truth-in-Lending Compliance Reviews. Bait and switch, in this case meaning what the homeowner sees advertised and what is disclosed on the preliminary documents, is a far cry from what they see on the final closing docs.
Here's how the FTC defines "Bait":
Sec. 238.0 Bait advertising defined.
Bait advertising is an alluring but insincere offer to sell a product or service which the advertiser in truth does not intend or want to sell. Its purpose is to switch consumers from buying the advertised merchandise, in order to sell something else, usually at a higher price or on a basis more advantageous to the advertiser.
And here is how the FTC defines "Switch":
Sec. 238.4 Switch after sale.
No practice should be pursued by an advertiser, in the event of sale of the advertised product, of "unselling" with the intent and purpose of selling other merchandise in its stead. Among acts or practices which will be considered in determining if the initial sale was in good faith, and not a stratagem to sell other merchandise, are:
(a) Accepting a deposit for the advertised product, then switching the purchaser to a higher-priced product,
(b) Failure to make delivery of the advertised product within a reasonable time or to make a refund,
(c) Disparagement by acts or words of the advertised product, or the disparagement of the guarantee, credit terms, availability of service, repair
- Jim Collins, "Co3M"
- Contributions:55
"Karen Romeo" | "...feels very upset she was bait n switched at close." [Reply # 311-32588, Part 2 of 2]
(c) Disparagement by acts or words of the advertised product, or the disparagement of the guarantee, credit terms, availability of service, repairs, or in any other respect, in connection with it,
(d) The delivery of the advertised product which is defective, unusable or impractical for the purpose represented or implied in the advertisement.
...............................
Your attorney will certainly allege these kinds of violations if strong and compelling evidence can be produced. In your Mom's case the evidence of bait and switch is probably right in the mortgage documents themselves.
Co3M's success in Truth-in-Lending litigation relies heavily on expert knowledge of the Federal Truth in Lending Act which requires certain disclosures of APR and loan terms in most residential mortgage documents.
So step number one is to have our PLD-Specialists (Predatory Lending Defense Specialists) go through your Mom's loan documents and produce a written audit, what we call a Truth-in-Lending Compliance Review (T-View for short), essentially a list of as many technical and material violations that they can find. Then take that T-View to a strong consumer law attorney, preferably an attorney in your neighborhood that Co3M recommends.
Co3M's PLD-Specialists are expert paralegals who specialize in researching and applying the Truth-in-Lending laws. In fact, Co3M's senior PLD-Specialists know much more than most attorneys about Truth-in-Lending. They consult with attorneys all over the country on a daily basis and will help your Mom's attorney put together a strong legal defense.
Co3M also pre-negotiates extremely low attorney rates for our clients. Some of the more experienced attorneys in our network will take cases on a 100% contingency basis.
Keep in mind that we are a young organization, only three years old. So at present we only have about 400 attorneys i
(c) Disparagement by acts or words of the advertised product, or the disparagement of the guarantee, credit terms, availability of service, repairs, or in any other respect, in connection with it,
(d) The delivery of the advertised product which is defective, unusable or impractical for the purpose represented or implied in the advertisement.
...............................
Your attorney will certainly allege these kinds of violations if strong and compelling evidence can be produced. In your Mom's case the evidence of bait and switch is probably right in the mortgage documents themselves.
Co3M's success in Truth-in-Lending litigation relies heavily on expert knowledge of the Federal Truth in Lending Act which requires certain disclosures of APR and loan terms in most residential mortgage documents.
So step number one is to have our PLD-Specialists (Predatory Lending Defense Specialists) go through your Mom's loan documents and produce a written audit, what we call a Truth-in-Lending Compliance Review (T-View for short), essentially a list of as many technical and material violations that they can find. Then take that T-View to a strong consumer law attorney, preferably an attorney in your neighborhood that Co3M recommends.
Co3M's PLD-Specialists are expert paralegals who specialize in researching and applying the Truth-in-Lending laws. In fact, Co3M's senior PLD-Specialists know much more than most attorneys about Truth-in-Lending. They consult with attorneys all over the country on a daily basis and will help your Mom's attorney put together a strong legal defense.
Co3M also pre-negotiates extremely low attorney rates for our clients. Some of the more experienced attorneys in our network will take cases on a 100% contingency basis.
Keep in mind that we are a young organization, only three years old. So at present we only have about 400 attorneys i
- Jim Collins, "Co3M"
- Contributions:55
"Karen Romeo" | "...feels very upset she was bait n switched at close." [Reply # 311-32588 Ending]
Keep in mind that we are a young organization, only three years old. So at present we only have about 400 attorneys in our network. If necessary we can usually help you find and retain a good consumer law attorney and we have very good luck doing so.
Start with Co3M's free Truth-in-Lending Compliance Review to give you and your Mom a much clearer idea of what's going on.
Please Note: I am not an attorney and the above information is intended only as general education, not specific legal advice.
Keep in mind that we are a young organization, only three years old. So at present we only have about 400 attorneys in our network. If necessary we can usually help you find and retain a good consumer law attorney and we have very good luck doing so.
Start with Co3M's free Truth-in-Lending Compliance Review to give you and your Mom a much clearer idea of what's going on.
Please Note: I am not an attorney and the above information is intended only as general education, not specific legal advice.
- Jim Collins, "Co3M"
- Contributions:55
Any more questions or concerns out there about predatory mortgage lending?
Recommended site: www.responsiblelending.org
"United States housing bubble" on Wikipedia.com another good source.
Recommended site: www.responsiblelending.org
"United States housing bubble" on Wikipedia.com another good source.
- Jim Collins, "Co3M"
- Contributions:55
Another great educational resource for consumers:
Search the new Google Scholar site at http://scholar.google.com
Search the new Google Scholar site at http://scholar.google.com
- Jim Collins, "Co3M"
- Contributions:55
Hi Folks,
Did I address your concerns adequately? No one seems to be responding.
Jim
Did I address your concerns adequately? No one seems to be responding.
Jim
- home22
- Contributions:29
Very good information. Do you find that there are more problems with non-bank lenders such as morgage brokers. I seems to me that banks are heavily regulated by the Federal Reserve and the FDIC and that it would be more difficlult for them to be in violations of these regulations on a regular basis compared to other lenders that are less regulated.
- Jim Collins, "Co3M"
- Contributions:55
Dear Home22
"Do you find that there are more problems with non-bank lenders such as mortgage brokers?"
Absolutely, the "non-bank lenders" are generally less compliant. However, the bank is ultimately responsible and liable for what the broker does, because the broker is acting as an agent for the lender.
The lenders quietly conspire with the brokers in their dual non-compliance. Why? Because the lenders make much more money in being non-compliant. Our estimate is billions of dollars annually in additional profits due to Yield Spread Premium (YSP) fraud alone. Improperly disclosed and misrepresented YSP's is one of the most prevalent deceptions.
When everyone comes to the settlement table (our Truth-in-Lending law suits rarely go to trial), the lender, the broker, the borrower...
...the lender and broker end up pointing the fingers of blame at each other. In the mean time the judges, exercising their "equitable discretion," settle in favor of the homeowner.
...
"Do you find that there are more problems with non-bank lenders such as mortgage brokers?"
Absolutely, the "non-bank lenders" are generally less compliant. However, the bank is ultimately responsible and liable for what the broker does, because the broker is acting as an agent for the lender.
The lenders quietly conspire with the brokers in their dual non-compliance. Why? Because the lenders make much more money in being non-compliant. Our estimate is billions of dollars annually in additional profits due to Yield Spread Premium (YSP) fraud alone. Improperly disclosed and misrepresented YSP's is one of the most prevalent deceptions.
When everyone comes to the settlement table (our Truth-in-Lending law suits rarely go to trial), the lender, the broker, the borrower...
...the lender and broker end up pointing the fingers of blame at each other. In the mean time the judges, exercising their "equitable discretion," settle in favor of the homeowner.
...
- Jim Collins, "Co3M"
- Contributions:55
...
On Tuesday evenings, everyone is invited to hear one of the country's top experts in Truth-in-Lending consumer law, speak about mortgage fraud and predatory lending.
Click on my profile and request the dial-in number and access code via e-mail. 7 PM Central.
If you like, bring the HUD-1 Settlement Statement from your mortgage closing documents and we'll do a quickie Truth-in-Lending audit.
When you call in, do so five minutes early, and then introduce yourself by first name only and the state you are calling from.
...
On Tuesday evenings, everyone is invited to hear one of the country's top experts in Truth-in-Lending consumer law, speak about mortgage fraud and predatory lending.
Click on my profile and request the dial-in number and access code via e-mail. 7 PM Central.
If you like, bring the HUD-1 Settlement Statement from your mortgage closing documents and we'll do a quickie Truth-in-Lending audit.
When you call in, do so five minutes early, and then introduce yourself by first name only and the state you are calling from.
...
- bry2000
- Contributions:6
Hi, I recently purchased an investment proprety. Through a friend I found a "loan Originator" who acted as a liason between myself and the mortgage broker. I applied for a Loan at 80% at 3.25% with adjustment after 5 yrs and a 5% adjustment cap( 8.25% max) and a 10% Loan as a HELOC at 10.5 fixed. I recieved a ARM disclosure with all acceptable terms. At closing several things were different about the loans, The 5% cap became 12%, the adjustment period began immediatly and this was now a neg. am. loan, which I was never told about. Also the 2nd for 10% at 10.5 was now adjustable. They fixed the adjustment period to 5 yrs and said it was a typo. Asfar as the other issues, They said the original disclosure was incorrect. None of these changes were ever communicated to me and when I tried, I could not get the closing statement until the night before closing.
Is this considered preditory lending?
Is this considered preditory lending?
- bry2000
- Contributions:6
I was suspicious. What about changing the other terms without my knowledge?
- home22
- Contributions:29
To tell you the truth, I don't understand why borrowers deal with brokers who they don't know - I have always gone to a local bank or credit union that have been around for a while and h0pefully be around for years to come. My experience is that these types of lenders don't pull this type of stuff and offer better service.
- Jim Collins, "Co3M"
- Contributions:55
bry2000
Classic predatory.
I'll comment in more depth on Monday. Have a good weekend!
Classic predatory.
I'll comment in more depth on Monday. Have a good weekend!
- angeladawson_med2002
- Contributions:6
I feel ripped off from my original lender and a little suspect about the company I refinanced with. My original lender/broker didn't even provide me a good faith estimate UNTIL i asked about it and the amount I have to bring to the table for closing. That email I received from her came on the initial DATE for closing with the Good Faith Estimate attached!!! I was shocked because I was NOT told that the loan would have $233/month in PMI!!! I felt dupped. Then when we got to closing, finally, the broker didn't show up and the attorney found fees much higher on the HUD-1 for broker fees than was originally sent on my good faith estimate which would have caused me to have to find a way to pay significantly more money which I already had the certified check....wasn't going to happen. The agent and attorney took care of that but I still had to write a personal check of about $220 and luckily the Title Company was able to take it because they don't take personal checks! I felt it was too late in the process for me to back out but I sure wanted too and WISH that I had.
- Jim Collins, "Co3M"
- Contributions:55
bry2000, it was a busy week for me. Sorry didn't get back to you on Monday. And again, what you describe above is definitely considered predatory lending. IN fact what you are experiencing is CLASSIC!
There are thousands of Truth-in-Lending law suits going forward all across the country based on pretty much the exact same scenarios you describe above: no preliminary disclosures, bait 'n switch of rates and terms, etc.
Co3M starts each borrower out with a free Truth-in-Lending Compliance Review (T-View) of the mortgage documents. The results of the T-View will list all the violations we can find with a quick scan of your mortgage documents and some calculations. This is not a FORENSIC Truth-in-Lending mortgage audit, which takes much more time to perform, but at least the borrower finds out if there are one or more material violations of the Federal Truth-in-Lending Act and other state commmon-law causes of action, such as fraud and unjust enrichment.
Upwards of 80% of the loans that we audit have material or serious violations, making for good law suits against the predatory lenders.
Once we determine the borrower has a good case, then we need to find a low cost consumer law attorney that specializes in Truth-in-Lending litigation. Because it's such a complex area of law, very few attorneys have specialized in Truth-in-Lending. My company solves this dilemma and helps homeowners find a local attorney who is willing to keep their upfront retainer fee extremely low and collaborate and learn the ins and outs of Truth-in-Lending litigation with us.
The foreclosure rates have doubled and tripled in many parts of the country because lenders have allowed the funding of such highly inappropriate loans. The mayhem and collapse of the sub-prime mortgage market that's going on right now is due in large part to these lending shenanigans.
And it's not just in the sub-prime market. Everyone is getting ripped off. You can have a $50,000 house or a 5 million dollar house,
There are thousands of Truth-in-Lending law suits going forward all across the country based on pretty much the exact same scenarios you describe above: no preliminary disclosures, bait 'n switch of rates and terms, etc.
Co3M starts each borrower out with a free Truth-in-Lending Compliance Review (T-View) of the mortgage documents. The results of the T-View will list all the violations we can find with a quick scan of your mortgage documents and some calculations. This is not a FORENSIC Truth-in-Lending mortgage audit, which takes much more time to perform, but at least the borrower finds out if there are one or more material violations of the Federal Truth-in-Lending Act and other state commmon-law causes of action, such as fraud and unjust enrichment.
Upwards of 80% of the loans that we audit have material or serious violations, making for good law suits against the predatory lenders.
Once we determine the borrower has a good case, then we need to find a low cost consumer law attorney that specializes in Truth-in-Lending litigation. Because it's such a complex area of law, very few attorneys have specialized in Truth-in-Lending. My company solves this dilemma and helps homeowners find a local attorney who is willing to keep their upfront retainer fee extremely low and collaborate and learn the ins and outs of Truth-in-Lending litigation with us.
The foreclosure rates have doubled and tripled in many parts of the country because lenders have allowed the funding of such highly inappropriate loans. The mayhem and collapse of the sub-prime mortgage market that's going on right now is due in large part to these lending shenanigans.
And it's not just in the sub-prime market. Everyone is getting ripped off. You can have a $50,000 house or a 5 million dollar house,
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