Mr. William A Roper asked for some ideas on Regulation Z, so here is a small tid bit of what I have been working on.
These problems posted below are problems that We have experienced with our Loan. They may be different from the dileberate inexcusable actions you have had on your loans by the SERVICERS.
Hope this is what you were looking for Bill.
If not let me know.
Anyone who has anything to add to ANY of the sections below; PLEASE, PLEASE DO SO!
BTW---Drink some COFFEE, & WAKE UP A LITTLE cause it is monotonous @ times. In the same way reading other Rules & Regs can be. Good Luck.
HOPE YOU ALL LIKE THESE IDEAS.
GIVE YOUR FEED BACK PLEASE, BECAUSE YOU ALL HAVE MUCH VALUE TO ADD TO THIS!
& THANK YOU FOR READING
ALL ABOUT THE CREATED ESCROW ACCOUNT, IN WHICH THERE SHOULD BE NO ESCROW ACCOUNT ON OUR LOAN; AS LOAN DOCS STATE WE ARE TO PAY FOR ALL INSURANCES, & TAXES.
THE SERVICERS HAVE OPENED AN ESCROW ACCOUNT ON OUR LOAN.
HOW THEY DO IT IS BUY CHARGING A LATE FEE, & THEN ADDING IT TO THE ESCROW ACCOUNT THEY CREATED, & THEN BILL US FOR IT.
THE SAME METHOD IS USED FOR ALL OF THE OTHER ERRENOUS CHARGES SUCH AS BPOS, CORPORATE ADVANCE FEES, APPRAISAL FEES, EXECUTIVE BRANCH FEES, & THE MANY, MANY, OTHER FEES THEY CREATE ON THE LOAN.
-----HERE IT IS:
Our loan is supposed to be simple:
1. Pay $XXX.xx a month from inception of the loan through the end of the loan.
But it is not! See below for a list of problems we have had due to the “ESCROW ACCOUNT”,
1. ESCROW ACCOUNT placed onto a NON ESCROWED LOAN. For all of the Following Reasons Below!
2. “NON-ESCROW CHARGES”
3. Monthly payments applied to ESCROW & NON ESCROW charges, (& instead of applying them to the Principal & Interest “ONLY” as should be done.)
4. Corporate Advance fees
5. B. P. O. Fees (Brokers Price Opinion where pictures of our home are taken, then compared with the selling price of other comparable homes in the area.)
6. Appraisal Fees (this is where the SERVICERS, “claim” someone came to Appraise our PROPERTY & HOME; which are charges for SERVICES NEVER RENDERED, as we have never allowed anyone into our home to “APPRAISE” the condition of our home.
7. Executive Advance Fees.
8. Corporate Advance Miscellaneous Fees.
9. DISBURSEMENT Fees.
10. PHONE CALLS to the MORTGAGE SERVICERS. (if our payments were handled appropriately at $XXX.xx without all the other fees, then there would NEVER be any reason for us to call the MORTGAGE SERVICERS!
In which there would be none of the following:
A. No cussing at us.
B. No yelling at us.
C. No demeaning, snide, rude, vicious remarks, being made to us.
D. No emotional distress/worry/fear/helplessness/solidarity/isolation/dehumanization.
E. No mental distress/anguish/turmoil
F. No physical stress related ailments.
G. No hours, days, & months of wasted time in trying to correct the vast/incredible amount of problems on our account.
H. No extra incurred expenses in trying to correct the vast/incredible amount of problems on our account.
I. No financial strains.
----- END-----------Now back to the rest of the list, of problems we have had due to the ESCROW ACCOUNT---------------
11. Letters of “DEFAULT”.
12. Letters of “ACCELERATION”.
13. Letters from Attorneys demanding multiple monthly payments.
14. Fees of having to OVERNIGHT MAIL, demanded payments.
15. Letters of “FORBEARANCE“.
16. Multiple charges of HOME OWNERS INSURANCE in one years time.
17. At no time would our home be left in the “UNINSURED” status, for Home Owners Insurance as has been in that status before due to the SERVICER(S) NEGLIGENCE, & UNETHICAL Practices.
18. Multiple charges of FLOOD INSURANCE in one years time.
19. At no time would our home be left in the “UNINSURED” status for Flood Insurance as has been in that status before due to the SERVICER(S) NEGLIGENCE, & UNETHICAL Practices. (Unbeknownst to us at those times.)
20. False assessments of “LATE” monthly payment fees.
21. False assessments of “BOUNCED CHECK” or “RETURNED CHECK” fees.
22. Holding of our paid on time payment being held until….AFTER the DUE DATE.
23. Payments being sent back to us in the mail.
24. Phone payment fees, because of all the above, & especially #’s 22 & 23.
25. Continual checking of our banking account to make sure they did the right thing & cashed the payment on time.
26. Follow up phone calls to the SERVICER(S) when they failed to cash the check in a timely manner.
27. Negative reporting to the Credit Bureaus.
28. Need for written Correspondences to the SERVICER(S).
29. Wasted time in preparing & writing Correspondences to the SERVICER(S).
30. Expenses of mailing such Correspondences to the SERVICER(S).
31. “FORCED” payments of monies above & beyond the “NORMAL” monthly payment.
32. Attorney’s fees, charged to the account since the SERVICER(S) have manufactured fees, thusly causing:
A.) The shortages on the account….
B.) which then causes the defaults….
C.) which then enables them to “CLAIM” they have paid an Attorney for their “REVIEW” of the account.
As well as other reasons, we have probably failed/forgotten to mention, in this list.
Finally Here are some WAYS that these UNETHICAL & FRAUDULENT ACTIVITIES COULD BE BROUGHT TO AN END!:
1. Having our payments taken back down to the amount the loan documents state our monthly payments should be….$XXX.xx (as stated in the original loan documents.)
2. Putting an end to all of the concocted, created, false, manufactured fees.
3. Having our payments of $XXX.xx properly credited to our account.
4. Having our payments of $XXX.xx timely posted to our account on the day in which it is received.
5. Having all of the negative credit reporting REVERSED, with ALL of the credit Bureaus they have reported to.
6. The SERVICERS held LEGALLY Accountable for all of their failures ( which we understand would take further communications with your office, or a Governmental Entity in which you would refer us to.)
7. The SERVICERS held LEGALLY Accountable for all of their illicit collections ( which we understand would take further communications with your office, or a Governmental Entity in which you would refer us to.)
8. The SERVICERS held LEGALLY Accountable for all of their concocted, created, manufactured, fees in which are NON EXISTENT ( which we understand would take further communications with your office, or a Governmental Entity in which you would refer us to.)
9. The SERVICERS Charged in VIOLATIONS of RESPA. (REAL ESTATE SETTLEMENT PROCEDURES ACT.)
10. The SERVICERS Charged in VIOLATIONS OF F. D. C. P. A. (FAIR DEBT COLLECTIONS PRACTICES ACT.)
11. And finally we want an END put to the ESCROW ACCOUNT, & WE WANT THE ESCROW ACCOUNT PERMANENTLY CLOSED.
12. All proceeds from the fines the SERVICERS would receive for their misrepresentations, should go to the Home Owners for their troubles in having to deal with the stressful, financial difficulties, that are a huge relation to marital & family happiness.
If the Government had a problem with “Collecting” fines from a Servicer for a Borrower, & felt that the Government was entitled to a small portion of the fines, I am sure that HOME OWNERS ACROSS AMERICA, WOULD HAVE NO PROBLEM WITH THAT WHATSOEVER!
Well, Let’s see how could we make this work?
I propose the Government Issue a Press Release that It will no longer tolerate the Misrepresentations that have occurred on the Home Owners Loans. Informing the Mortgage Industry of The New LAWS, & Explaining the FINES that would incur & BE BILLED to the MORTGAGE SERVICERS, for each instance of misrepresentation, with each instance causing a fine of $10,000.00 to be assessed to the SERVICERS.
Here is some thinking on this:
1. There can be NO GRANDFATHER CLAUSE. (The reason is because that just can’t be done, since it would put ALL of THESE companies out of business. Though I would love that idea, the Government wouldn’t go for it.
It’s not feasible.)
2. The NEW LAWS WOULD BECOME EFFECTIVE WITH AT LEAST ONE MONTH’S NOTICE, TO THE SERVICERS.
(Again, it would not be feasible to have this made an Immediate law, because of the billing statements already in the mail; & the SERVICERS would also need time to go into their system & correct all of the erroneous fees for EVERY BORROWER. This one months notice would give the SERVICERS ample time to correct most of their loans IF NOT ALL.)
3. ALL BORROWERS GET A COPY OF THEIR ENTIRE LOAN HISTORY, (at the expense of the SERVICERS)
It would then be up to the borrowers to go through their Account History Pages, and document errors.
4. Which there then should be a CLAUSE for any HOME OWNER who has 10 or more financial errors on their loan to RECEIVE $50,000.00 TAX FREE compensation. (After the Government gets $10,000.00 from a $60,000.00 fine. (of course the home owner would have to provide the necessary “proof”)
So all of the above ideas would get us to NEW LAWS WHICH STOP FUTURE MISREPRESENTATIONS BY:
1. SETTING UP CALL CENTERS IN EACH STATE. (because for the first few months there will be an OUTPOUR of calls about people being CHARGED for fees they do not owe.
2. These Governmental Call centers would document the Home Owners Information, and then send a Letter to the Servicer, Billing them for the error. With a copy of this letter going to the Home Owner.
A.) First the Home Owner would have to Submit “PROOF” to the Governmental office.
B.) The Governmental Rep, would determine it was indeed an Error
C.) The letter of error would be typed by the Governmental Employee
D.) A copy of the Home Owners “PROOF” would be included in the “ERROR LETTER”
3. The Charge for the error would be $10,000.00 PER ERROR. With the Government getting to take $2,000.00 PER ERROR.
E.) This “ERROR LETTER” would state that the SERVICER has 20 days to Get payment of $10,000.00 PER ERROR sent out.
F.) This “ERROR LETTER” would also state that if payment is not received at the (Governments Address specified by the 21st day, that another fine of $5,000.00 will be assessed against the SERVICER.
G.) This “ERROR LETTER” would also state that the fines will continue to increase by $5,000.00 every 21 days, until it has reached a maturity of 63 days in which $75,000.00 would then be charged for each error.
H.) The Governmental Entity would then send this Letter of Error to the SERVICERS CERTIFIED RETURN RECEIPT.
4. The State Governmental Entity would also receive a $2,000.00 cut of the $5,000.00 “LATE FEE”. (mentioned in F. above)
5. In reference to G. above, the Government should get $20,000.00 of the $75k with the remaining going to the Home Owner TAX FREE.
So you ask why would this work?
Well this would work, because:
1. The SERVICERS would all be held accountable for their actions.
2. The SERVICERS would realize that it was much more economical for them to represent accounts honestly now.
3. The Government would be creating jobs, for America.
4. The Government would be making a Profit, from these fines.
5. THE HOME OWNERS ACROSS AMERICA COULD ONCE AGAIN “LIVE” THE AMERICAN DREAM, of HOME OWNERSHIP, WITHOUT FEAR.
6. The continued RISE of Homelessness would come to an end, & revert back to the “old days” of when homelessness was caused by the other factors.
7. THE ECONOMY WOULD STABILIZE ONCE AGAIN.
8. THE STABILIZATION OF THE ECONOMY WOULD AGAIN BRING BACK THE DAYS OF WHEN PEOPLE WERE BUYING & SELLING HOMES.
9. Which would then allow all the other occupations (WHO HAVE BEEN FORGOTTEN ABOUT IN THIS FRAUD) involved within the Mortgage Industry such as Painters, Carpenters, Flooring installers, Repairman, etc; to once again prosper.
10. The value of the Dollar would be stronger than ever.
11. This would be THEE AMERICA, our COUNTRY ONCE WAS……..ONLY BETTER!
12. Also, if each state is making money off of the SERVICERS MISREPRESENTATIONS, then those monies the STATE makes could be used to fund other State Agencies, or Resources.
13. Rise of taxes wouldn’t be needed.
Gosh wouldn’t that be a GREAT AMERICA??!!
So What could be the down fall of such laws or further prosperity of such laws?
1. There is then less profit for each STATE, since the SERVICERS have found it more economical to represent accounts truthfully.
Now let’s add some but’s to that:
A.) But the SERVICERS would still continue to make the mistakes, in hoping that the Home Owner doesn’t catch the errors.
B.) So the State would still have a steady but lowered income off of the SERVICERS.
2. But, Homeless would continue to DECLINE.
3. But, the State would be spending less money on homeless Shelters
4. Less food for shelters needed
5. Less Food for the poor needed
6. Less Food Stamps
7. Less Utility Funds for indigent services needed
8. Less criminal activity
9. Less Police officers called to crime scenes.
10. Reduced gasoline expenses
11. Reduced Police Car maintenance & repairs.
12. Reduced Court (criminal activity hearings)
13. Reduced Jail populations
14. Reduced food expenses for jail mates
If any of you have anything you would like to add to this list at all please do so.
If we can construct a list that truly is presentable to the Government, showing the Government how AMERICA, CAN COULD, & WOULD “BENEFIT” then we might just be able to bring the days of getting “SERVICED” to an end.
Truthfully……..I’M SICK OF BEING “SERVICED”, & IT IS HIGH TIME SOMETHING IS DONE ABOUT IT.
PLEASE ADD YOUR COMMENTS, & SUGGESTIONS!
Negative feed back appreciated too