 RESPA/TILA violation |
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 Mar 29 2009, 10:24 AM
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#1
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Group: Members
Posts: 308 Joined: 17-May 08 Member No.: 75,276  |
I started a loan mod process late August. I am current, under water by 35-40% (in CA) and have an ARM that will reset in Oct. 1st with Indy and 2nd with Citi. I had the forensics done on my loan docs and it was determined that my interest over the life of the loan is unde rstated by more than 600,000. Also, the payment schedule they list going forward has payments listed that are clearly below what they should be. I've had an attorney working on this, but every call I feel like we have made NO progress. 1st time denied because my investor wasn't modifying, 2nd and 3rd because I am current I am told that these alone are not considered predatory and therefore may not be the force I need to get it done. Thoughts? suggestions?
This post has been edited by lotsagems2: Mar 29 2009, 10:24 AM |
  
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Mar 29 2009, 10:24 AM
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The MoneyMaker
Group: Accounting
Posts: One in Every Topic Joined: 1-February 03 From: Mountain Home, CA Member No.: 1 |
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Mar 29 2009, 12:56 PM
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#2
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Group: Newbies
Posts: 10 Joined: 28-March 09 From: Chicago Member No.: 92,630 |
These violations are significant enough to get a principal and rate reduction. Based on what you have it seems that you were not making a clear knowledgable decision when you were signing the closing documents. It is predatory and you have every right to try to get that adjusted/removed. Furthermore, you have the right to fight for every penny that you overpaid on your mortgage over the years. I suggest you stay a little bit more on your attorney. If he collected a ratainer from you for the service, he pretty much is obligated to present you with options available to you and follow the ones that you tell him to proceed on. If there is no ratainer at stake, find different representation...
Things to do: Find out who your attorney has been talking with at the bank. If he is still negotiating with loss mitigation, tell him to stop wasting time and contact the legal department of the bank; Present your intentions with the legal department and give them a clear deadline to make a settlement offer or proceed with the lawsuit; PICK YOUR JURY!! PICK YOUR JURY!!! PICK YOUR JURY!!!! Ignore the banks request to proceed with the case through arbitration. Request a JURY and interview the jury carefully. You want someone who did not themselves go through the foreclosure process (banks attorney will disqualify the jury) but someone who has immidiate family or friends who are struggling with that process or have lost their house to the foreclosure process. When you file a lawsuit against the bank, try to get the loan rescinded. That way at a worst case scenario, you will at least leave with principal reduction and payment/rate reduction.  -Tom T
"When written in Chinese, the word crisis is composed of two characters, one represents danger and the other represents opportunity" -John F. Kennedy |
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Mar 29 2009, 07:29 PM
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#3
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Group: Members
Posts: 308 Joined: 17-May 08 Member No.: 75,276 |
QUOTE (Living Modifications @ Mar 29 2009, 01:56 PM)  These violations are significant enough to get a principal and rate reduction. Based on what you have it seems that you were not making a clear knowledgable decision when you were signing the closing documents. It is predatory and you have every right to try to get that adjusted/removed. Furthermore, you have the right to fight for every penny that you overpaid on your mortgage over the years. I suggest you stay a little bit more on your attorney. If he collected a ratainer from you for the service, he pretty much is obligated to present you with options available to you and follow the ones that you tell him to proceed on. If there is no ratainer at stake, find different representation... Things to do: Find out who your attorney has been talking with at the bank. If he is still negotiating with loss mitigation, tell him to stop wasting time and contact the legal department of the bank; Present your intentions with the legal department and give them a clear deadline to make a settlement offer or proceed with the lawsuit; PICK YOUR JURY!! PICK YOUR JURY!!! PICK YOUR JURY!!!! Ignore the banks request to proceed with the case through arbitration. Request a JURY and interview the jury carefully. You want someone who did not themselves go through the foreclosure process (banks attorney will disqualify the jury) but someone who has immidiate family or friends who are struggling with that process or have lost their house to the foreclosure process. When you file a lawsuit against the bank, try to get the loan rescinded. That way at a worst case scenario, you will at least leave with principal reduction and payment/rate reductio I hear what you are saying. My attorney thinks a 5 year rate freeze is all we will get. He says litigation is expensive. I don't think I have overpaid interest, have I? If I file a lawsuit, do I continue to pay my mortgage? You sound very knowledgeable and experienced in this area. thanks for your input. |
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Apr 2 2009, 08:00 AM
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#4
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Group: Newbies
Posts: 10 Joined: 28-March 09 From: Chicago Member No.: 92,630 |
Without even considering mortgage fraud on your file, I will tell you right now... Rate freeze you can get yourself without an attorney and without any type of legal knowledge. Any adjustable rate can be extended on the term now-a-days. You can do it yourself by grabing the phone and calling your bank with that request. You can actually do a modification yourself in the same matter and not only get a rate freeze but also rate reduction.
If that is all that he is offering you, and furthermore he suggests doing this through a legal process... ask him for itemization of work performed and get your money back (whatever is left of the retainer). What you need is representation that knows and understands your rights as a disstressed homeowner, who found himself in a financial hardship due to inconsistencies in your mortgage documentation. If you are capable (funds wise), you should always make your mortgage payments, but if your financial situation doesn't permit then a letter of harship is enough to get some leverage.
Reason for edit: removed solicitation
-Tom T
"When written in Chinese, the word crisis is composed of two characters, one represents danger and the other represents opportunity" -John F. Kennedy |
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Apr 8 2009, 07:12 PM
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#5
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Group: Newbies
Posts: 3 Joined: 20-December 08 From: Miami, Fl Member No.: 87,712 |
it sounds like you have a good case but not a good lawyer. yes try to find a another lawyer who has knowledge about your case. Get a realestate lawyer.
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Apr 15 2009, 11:00 AM
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#6
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Group: Members
Posts: 81 Joined: 3-April 07 Member No.: 47,597 |
QUOTE (lcabassa @ Apr 8 2009, 07:12 PM) it sounds like you have a good case but not a good lawyer. yes try to find a another lawyer who has knowledge about your case. Get a realestate lawyer. Anyone have any recommendations for a good real estate attorney in Chicago? Scores
4/6/07 Transunion 688 Equifax 648 Experian 697 TL's Pre - CB First Premier $350 Orchard Bank $600 Countrywide Mort $233,000 Wells Fargo Auto $28,000 Student loans $40,000 After - CB Macy's $300 Victoria's Secret $250 Wamu $1500 Crown Jewelers $500 Carnival Sea Miles $2000 US Airways $3000 Amex Delta $15000 Countrywide CC $2000 Chase Freedom $1000 Hooters $1500 JFCU Platinum $10,000 Countrywide Mort $232,000 JFCU Auto Refi $26,500 Student loans $40,000 Orchard Bank - burn baby burn!!!! |
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Apr 27 2009, 12:03 PM
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#7
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Group: Members
Posts: 1,880 Joined: 10-February 08 Member No.: 68,277 |
oops
This post has been edited by bonbonXO: Apr 27 2009, 12:06 PM |
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Apr 30 2009, 08:41 PM
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#8
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Group: Members
Posts: 780 Joined: 23-December 03 From: Somewhere over the rainbow Member No.: 2,849 |
QUOTE (clevelar @ Apr 15 2009, 11:00 AM) QUOTE (lcabassa @ Apr 8 2009, 07:12 PM) it sounds like you have a good case but not a good lawyer. yes try to find a another lawyer who has knowledge about your case. Get a realestate lawyer. Anyone have any recommendations for a good real estate attorney in Chicago? PM me I may have someone to refer you to if you still need a Chicago attny for tila/respa. |
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