Mortgage Analysis for enforcement of consumer protection statutes

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Debt Elimination, Accelerated Mortgage Pay-off, and Real Money are the Paths to Real Freedom. Eliminate Debt. Get out of Debt Now! Get Your Bailout Started Today!

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Accelerated Mortgage Payoff - Eliminate Credit Card Debt - Eliminate Student Loans - Mortgage Elimination - Tax Freedom - Avoid the Draft  -  Asset Protection - Credit Repair - Stop Foreclosure - Earn Real Money - Accelerate Equity - Eliminate Debt - Get out of Debt - Bailout for the People!

The history of money is one long unbroken history of fraud, and this power of money-creation by the banks is the final chapter. In brief, the creation of money, once performed by the producer of wealth, then by the custodian of wealth, who fraudulently issued more paper than the wealth he guarded, has passed to a set of people who neither produce, nor own, nor guard wealth, but are merely book-keepers. I find it incredible that a stable society can persist founded on the most colossal lucrative fraud that has ever been perpetrated on society. If we hypocritically claim that the employment system is a moral system and that man must be kept at work rather than choose work, we are sealing the doom of this civilization. - C. H. Douglas in a lecture at Ashridge Park in 1936

Every effort has been made by the Federal Reserve Board to conceal its powers, but the truth is - the FED has usurped the Government. It controls everything here (in Congress) and it controls all our foreign relations. It makes and breaks governments at will. - Congressman Louis T. McFadden

Mortgage Analysis can lead to successful legal action against the Lender to effect Debt Elimination

The Fed is between the proverbial 'rock and a hard place'. They engineered low interest rates in the first place, both to keep the financial markets going, and in large measure to keep the housing bubble afloat. They are now in the final stages of raising interest rates to prop up the collapsing U.S. dollar and to forestall rampant inflation. Were they to initiate one quarter percent increase too many it would destroy the interest rate environment that is essential to keeping the housing bubble alive; to keeping consumers spending at a high level thereby keeping the economy growing; to keeping corporate sales and profits high thereby keeping the stock market healthy. Have they gone too far already? The bubble seems to be loosing air slowly at this point but what will the impact be of the next increase? The impact of one too many rate increases on such a chronically debt-ridden and maladjusted economy must not be over estimated.

Holding a mortgage with low to moderate equity when this happens can be disastrous to individuals because with falling property values, the homeowner must come up additional equity to forestall foreclosure.

Predatory Lenders' Partner in Crime: How the Bush Administration Stopped the States From Stepping In to Help Consumers

Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.

Since 2003 I have been leading the way on the Internet helping people understand predatory lending and thereby helping them seek protection and justice from the illegal practices of lenders. I had shot to the top of the Google results for several mortgage elimination keyword phrases and the Office of the Comptroller of the Currency named three of my leading websites as scams. They weren't of course. My websites, then as now, were explaining the illegal practices of banks and mortgage lenders. It was the Bush Administration that was promoting the scam and today we are seeing the results with the bursting of the housing bubble and the subsequent subprime disaster that has triggered a cascade of economic troubles on America and the world.

We need a Bailout for the People! A Bailout for You! Well, we have a Bailout for You.

Mortgage Analysis may find violations of consumer protection statutes. The Real Estate Settlement Procedures Act (RESPA) ensures that realtors cannot cheat the homebuyer. State and Federal usury statutes might have been exceeded. The federal Truth In Lending Act (TILA) was originally enacted by Congress in 1968 as a part of the Consumer Protection Act. Designed to protect consumers in credit transactions from predatory lenders, the law requires clear disclosure of key terms of the lending arrangement and all costs. The law was simplified and reformed as a part the Depository Institutions Deregulations and Monetary Control Act of 1980. Debt elimination through knowledge of the statutes is an essential part of real freedom.

In 2005 Susan and Bryan Andrews of Cedarburg, Wisconsin filed a lawsuit  against their lender, Chevy Chase Bank claiming that the lender had hidden the true terms of what the Wisconsin couple believed was a good deal on a low-interest loan.  They said the interest rate had more than doubled after their first monthly payment, increasing from the 1.95% rate they thought was locked in for five years. Their case began like many hundreds of others filed since the U.S. mortgage industry began to sell adjustable rate mortgages, called ARMs. Cheap rates spawned a housing boom and sent home values spiraling across the country.

The Andrews filed the case seeking class action status; and in early 2007, U.S. District Judge Lynn Adelman ruled that the bank had violated the Truth in Lending Act, or TILA, and that thousands of other Chevy Chase borrowers could join them as plaintiffs.

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This could have major implications for banks should a U.S. appeals court agree that borrowers can cancel their loans en masse when their lenders violate a federal lending disclosure law.  Reuters

In 1995 the Truth in Lending Act was given more teeth and the fines doubled. If it is possible to do so it can be worth the time and expense to refinance to get a mortgage qualified in the more stringent law. Any mortgage or deed of trust signed after September 30, 1995 is covered by this modification of the law. You might also find it helpful to refinance so that your mortgage falls within a three-year right of rescission. Current Trends in Residential Mortgage Litigation show that  consumer protection statutes can turn the tables on the lender if you have a qualified professional do a mortgage analysis. Real debt elimination will open the doors for real freedom.

When you applied for your mortgage did the bank give you the contract and give you three days to examine it before you signed it? if not, this is a title violation. Did the bank sign wherever you signed? If not, that is a title violation of the TILA. Each missing signature is a violation. In fact, if the lender does not provide you with fully executed documents within 48 hours of your signing, the mortgage is null and void. The right of rescission, the right to take back your agreement extends for three years. But that is three years AFTER receiving properly and fully executed documents. And there are many more violations, usually 25-35 on each mortgage when an expert mortgage analysis is completed.

If you are a victim of predatory lending or home loan fraud, you may be able to void the mortgage and be awarded your home free and clear of debt. You may also be able to recover money damages in the 6 or 7 figures range. Ocwen Federal in Corpus Christi lost security interest in a home AND paid over $3 million in penalties. Mortgage analysis can determine if you qualify for this process.

If the answer to any of the following questions is "yes," please get out your mortgage closing documents and have our mortgage analysis experts analyze them for violations.   

1) Have you repeatedly refinanced your loan? Was the last refinance within the last 3 years?

(A common predatory practice is "flipping," which involves "repeatedly refinancing a mortgage loan without benefit to the borrower,  in order to profit from high origination fees, closing costs, points, prepayment penalties and other charges, steadily eroding the borrower's equity in his or her home.")

2) Did you increase rather than lower your interest rate upon refinancing?

3) Are you paying an interest rate in excess of 9.5%?

4) Was the loan obtained to pay for home improvement work that was not done properly, or even at all?

5) Have you had problems with the mortgage company regarding untimely posting of monthly payments? Sudden increases in payments? Adding amounts to your balance for insurance, "property preservation," or other "advances"? Does your principal balance never seem to go down?

6) Were you charged high closing costs (points and fees) on the mortgage?

7) Did the terms of the mortgage change to your detriment at the last minute before the closing?

8)  Did the lender pay money to your mortgage broker (look on your HUD-1 Settlement Statement for a "premium" or POC (paid out of closing) or "YSP" ("yield spread premium")?

9) If you have an adjustable rate mortgage, were any adjustments done improperly? Can you even tell if the adjustments were correct or not?

10) Does your loan contain a prepayment penalty?

11) Do you believe you were treated unfairly by your mortgage company? Has correspondence with the mortgage company gone unanswered? (Mortgage companies have a statutory obligation to respond to complaints and requests for explanations of accounts. Often, they don't. Each failure may entitle you to $2,000. If your claim against the mortgage company may exceed the number of monthly payments you allegedly missed, the mortgage company may not be able to prove that you are in default.)

12) Did all collection letters sent to you by debt collectors comply with the Fair Debt Collection Practices Act? (Up to $1,000 in fines are available to you if they did not.)

Here's your NEXT STEP

This is one of the strongest remedies for foreclosure, eviction, or bankruptcy. Before you take a beating that you don't deserve, you might wish to have a Free Preliminary Consultation on the phone and if that points toward a successful process, you can opt to have experts do a formal mortgage analysis. Whatever you decide, the courts have a history of ruling in favor of the Plaintiff/Consumer in Truth in Lending cases. See Truth in Lending Act Case Law favors the consumer

The right of rescission is a consumer protection law found within the Truth in Lending Act and Regulation Z.  When applicable, the law allows consumers the opportunity to reconsider certain obligations for three days after the loan is closed. During this "cooling off" period, consumers are free to change their minds and rescind, or cancel, the deal for any reason.  When a transaction is rescinded, all parties must be returned to their pre-transaction position—the transaction is cancelled. The right-of-rescission rules are technical, and the consequences of noncompliance can be very costly to an unwary or careless lender.