Foreclosure Mills

evince

evince

Truthmatters
http://www.nytimes.com/2008/03/30/b...siness&pagewanted=all&oref=slogin&oref=slogin

They are not even following the basic laws of forclosure says a Foreclosure Judge.

How they are making money on the downswing folks.


Much as Wall Street’s mortgage securitization machinery helped to fuel questionable lending across the United States, default, or foreclosure, servicing operations have been compounding the woes of troubled borrowers. Court documents say that some of the largest firms in the industry have repeatedly submitted erroneous affidavits when moving to seize homes and levied improper fees that make it harder for homeowners to get back on track with payments. Consumer lawyers call these operations “foreclosure mills.”

“They get paid by the volume and speed with which they process these foreclosures,” said Mal Maynard, director of the Financial Protection Law Center, a nonprofit firm in Wilmington, N.C.
 
James R. and Tracy A. Edwards, who are now living in New Mexico, say they have had problems with questionable fees charged by Countrywide and actions by Barrett Burke. In one month in 2002, when the couple lived in Houston, Countrywide Home Loans withdrew three monthly mortgage payments from their bank account, Mrs. Edwards said, leaving them unable to pay other bills.

WARNING to all those people who do auto debit.


This is why I do not allow auto debit from my account.
 
I would never allow auto withdrawn. And I hope regulations make it harder and more expensive for banks to foreclose. That said borrowers deserve what they get.
 
Toppy some of these people were NEVER behind in payments!

They are now being just as slimey on the way down as they were on the way up.
 
Because the companies are fileing on people jaut to get their homes and to force penalties on them and get their cash. In some places its all done in 40 days before the people even realize its about to happen.

They are fucking cheating just like they did when they sold the loans without full disclosure of the loans terms.

They will cheat if they can get away with it and make money.
 
I just read it and you are right. Countrywide is under investigation. Several from their company and the mills NEED to go to jail for fraud.
I hope regulations tripple the number of months behind needed to even start foreclosure.
 
I usually do auto pay out originating from my bank account so that I can control everything. Although my student loans are on auto pay originating from the bank because I get a lower rate that way.
 
It is not just Countrywide




A recent analysis of 1,733 foreclosures across the country by Katherine M. Porter, associate professor of law at the University of Iowa, showed that questionable fees were added to borrowers’ bills in almost half the loans.

Specific cases inching through the courts support the notion that figures supplied by lenders are often incorrect. Lawyers representing clients who have filed for Chapter 13 bankruptcy, the program intended to help them keep their homes, say it is especially distressing when these numbers are used to evict borrowers.
 
I don't have a problem with thousands of them going to jail. We've got thousands in jail for harmsless pot. Let the out and put crocker bankers and lawyers who deserve it in there place.
 
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