Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us

     It seems peculiar that after all the recent revelations.....Trial Lawyers are STILL NOT looking to represent Damaged Individuals!! (or am I wrong??)
Quote 0 0

You are right on target. I have been saying since we first became victims of ms fraud where are the lawyers? I believe that a big reason that they are not popping up everywhere is that it would be lawyer against lawyer. Theirs against ours. Lawyers are all in this together. There is no way that they will fight each other in court. Which is again one of the reasons why we will pay for this scam.

Quote 0 0
Moose
It's really simple. Their public relations people know what they're doing and are well paid to shape the public (and political) opinion about people having trouble with their mortgages. There are probably less than a dozen real servicing predators but they all work together in lobbying and PR. There are tens of thousands of msfraud victims who don't have a cohesive mesage and are routinely painted as being some kind of disgruntled nut cases who don't know how to handle their finances. The scarlett letter of "borrowers with less than perfect credit" is very powerful. Their favorite spin is to point to lower credit scores meaning higher risk and then telling stories about people living in their houses for years without making a payment.

As I've said before, the real answer is long term: Put them out of business by refusing to take on a subprime loan. As soon as people recognize credit scoring for what it is (the industry's interest-rate ratchet-scam tool) and walk out of the offices of any broker or lender who says you can't qualify for a conforming loan, the market will eventually have to adapt to honest dealing or go out of business.

Walk out or say "no thanks, bye."  Don't hesitate or negotiate. If they say your credit score puts you in a non-conforming loan, say, "Sorry, you won't be getting my loan."  They'll try to tell you no one else will lend to you. Nonsense.  That's the monopolistic system in action. The only reason they can say that now is they control the credit scoring game. Consumers have fallen for it by not being able to say "no," when they're being abused by a system designed to abuse them.

Informed borrowers = no subprime loans = no opportunities for predatory servicing and manufactured foreclosure.

Simple question to lender/broker: "Do you use the FICO score in determining the interest rate?" If they say "yes," you say "goodbye." If they say "no," keep talking.  When 90% of their prospects say "goodbye," someone will start looking at alternatives to the automated FICO underwriting-driven scam that has brought on this debacle.

Moose





Quote 0 0
right on brother

AMEN  ,  AMEN 

Quote 0 0
CONTINGENT FEE AGREEMENT   ................to represent us in connection with all claims which I may have against any persons or entities arising out of our actions as mortgagors of the real property located at ... ..... .. ....... ...... , and matters related and incident thereto including the foreclosure of our mortgage loans.      After many hours of work and meeting with a law firm here in Ma. that is what I am looking at.  The home was foreclosed on at the beginning of 08, my lawyer seems to think we may have a case so at least in this part of the country there seems to be an attorney that feels "these people were victims"  Hope that helps
Quote 0 0
Write a reply...