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.
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Maybe you can all advise me on this issue, too. I know it's not mortgage-fraud related but my ARM matures next month. I am in the midwest where the economy is horrible and suffered unemployment at various times over a five-year period. Thankfully, I have a terrific job now (for the last 18 months). I have been trying SO hard to rectify my horrible credit rating by paying my mortgage every month in the hopes that Chase would give me a fixed rate when it matures. Well - that's next month, and they have been posting me as 30 days late because of that missing half a payment. Chase did call me to see if they could get me into a fixed and better rate (current rate is 10.25%) and after giving her some details, she said she would call back. She never did. I called her back three or four times and got voice mail and asked her to call. She didn't.

Will the interest rate go up much? Isn't it usely about 1% over prime - the max it can go to? I am already at that with my 10.25%. I wish I knew what to do.

These mortgage companies have screwed me over the years with their escrow and miscellaneous fees. I must admit, I think Chase is the best I have had to deal with of the three or four that I have experienced.

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Joe B

     You say your rate is going up? Are you sure? Find your original note and deed of trust. Determine the index your note uses, (T-Bill, LIBOR, etc), and the change date. Find the current rate for the proper index (as of the change date), add in the amount they add to that index, plus or minus any caps, and you should have your "new" rate.

     Most rate changes are actually either 30 or 60 days before your payment itself changes. Even if yours doesn't, you can still see what they current trend is (or what it would be now) for your given parameters. You may find out that your rate is getting ready to set aggressively down; maybe not. You may have some concerns, or you may have none!

     But first, let's find out, and then we can help!

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Thanks you, Joe. I had decided I need to pull out my mortgage documents but I did not know what to look for - until you replied. I plan to get them from the file cabinet in the morning so I will write back with details.

Thank you so much! Isn't it something when you can't trust your own mortgage company to help you!

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You need to pull out YOUR COPY of the promissory note and mortgage or deed of trust and very carefully scrutinize it to ascertain the precise provisions, which VARY WIDELY amongst ARMs.  Obtain a copy of the Federal Reserve Board TIL disclosure Booklet on ARMs [See for example ].   

See generally my post of 12/06/07 at 03:25 PM under the message thread "An ARM Financial Impact Question from Mr Ed" ( ) for a more thorough discussion of ARM terms.

It is futile to try to make rational decisions about YOUR mortgage loan absent specific facts about the loan terms.
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