When I describe myself as a preforeclosure housing counsellor, people typically respond by saying, "You must really be busy now!" In light of the media's blitz, they seem puzzled when I tell them, "No more than usual."
"Usual" being the operative word. Mortgage foreclosures occur in good times, bad times, all times. It's a fact of homeownership life. Whether NJ has 15,000 foreclosures or 30,000, our caseload of work remains constant.
An interesting INMAN article today (Mortgage fraud climbs 30%) describes a spike in reported mortgage fraud. More instances of fraud are reported because more loans are in default earlier on in the loan term. People, like myself, consumer advocates who review mortgage origination documents for irregularities, are inclined to contest foreclosure due to predatory practices, and/or outright origination fraud by reporting loan fraud to lenders (who often bury their head in the sand); to state regulatory bodies (whose 'take a number' approach doesn't help in the short run), state's attornies general, and finally as a last resort, the Media. The Media's investigations exert an uncomfortable pressure on the lenders, and the regulatory bodies to act.
Mortgage Origination Fraud ANYWHERE USA
non profit preforeclosure housing counseling
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hi, my lender and seller and title company are all friends... I purchased a home with intentions it was an FHA loan. When we pulled into town and arrived at our home the lender came over to tell us our loan papers were lost and now he was to eat the loan... Raised our mortage to a 5 year interest only loan, then a week later he sold it to another company. Our payments went to $600 to $999.99 a month, which that is interest only. The day of closing we had no one there with us however the young lady spent most of the time on the phone with our lender.whispering. We had no ideal we were paying that 5 year interest only for three months until finally my husband called to ask why our principal hadn't went down. I feel we have a leagle isssue can someone help!!!