Help may be available to borrowers who have claims against their lenders for breaking the Truth in Lending Act and other laws governing loan transactions. Such violations could be a defense to a home foreclosure. If there is a violation, you may be able to invalidate the mortgage and assign all of your loan payments toward the principal. You could also be entitled to repayment of financial damages. You can find more foreclosure information at this site http://www.loan-modification-masters.com.

Should you say yes to any of the questions that follow, please arrange for a professional auditor to evaluate your mortgage documents (include collection and demand letters, all written contact with the lender, along with all account histories or monthly statements).

1. Has your loan been refinanced more than necessary? Was the most recent refinance within the previous 3 years? A common unethical practice is “flipping,” which involves repeatedly refinancing a loan without a benefit to the borrower, in order to profit from high origination charges, closing costs, points and other charges consistently eroding the borrower’s home value.

2. Did you have an increase rather than reduction of your interest rate upon refinancing?

3. Do you pay an interest rate more than 9.5%?

4. Did you get the loan to pay for a home improvement project that was not performed right or not completed at all?

5. Have you had problems with the lender regarding late posting of monthly payments? Sudden increases in payments? Have they tacked on fees to your principle for insurance, “property preservation,” or other “advances”? Does your principal amount never appear to lessen?

6. Were you slapped with high closing costs on the loan?

7. Did the mortgage company change the terms of the contract to your detriment just before the closing?

8. Did the lender pay money to your mortgage broker? (look on your HUD-1 Settlement Statement to see if there is a “premium” or POC (paid out of closing) “YSP” or “yield spread premium”)?

9. Do you have an adjustable rate mortgage, are the adjustments calculated wrong? Are you able to tell if the adjustments were correct or not?

10. Do you have a prepayment penalty written into your mortgage?

11. Has written communication with the mortgage company gone ignored? (Lenders have a statutory responsibility to answer complaints and requests for explanations of accounts. Often they don’t. Each failure may entitle you up to $2,000. If your claim against the lender exceeds the number of monthly payments you supposedly missed, the lender may not be capable of proving that you are in default.)

12. Did all collection letters sent to you by debt collectors follow the Fair Debt Collection Practices Act? You could receive as much as $1,000 or more if they did not.

13. Did you receive your duplicate of the loan documents at the closing? That would be in opposition to them being mailed to you later, or did the closing agent provide you signed copies at all?

14. Where was your closing conducted, at your home, in another city or by mail?

There seems to be a common misconception that mortgage companies do not desire to foreclose and acquire real estate. While not all lenders are scavengers by nature, there are some who are. Actually there is an increasing number of scavengers who purchase bad debts, including mortgages, for a fraction of face value and attempt to enforce them. Such entities make money off of foreclosure.

Fortunately there are foreclosure programs that can assist those who have been victimized by predatory lenders. You can find one of the best at Loan-Modification-Masters.com. They offer a free evaluation to determine if you are eligible for a mortgage modification and a 100% money back guarantee that they can get you a mortgage modification to make your payments more affordable.

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