What Can You Do About Illegal Mortgage Company Transactions?
The country's largest banks in February agreed to pay $25 billion to settle a suit led by U.S. Attorney General Eric Holder. The suit was for illegal foreclosure practices those banks used against thousands of homeowners in Florida and other states. The U.S. Comptroller of the Currency, which independently looked at the mortgage companies' practices, have found over 138,000 cases that might have flaws in the foreclosure process. Inaccurate or sloppy documents and, in some cases, a lack of documentation hasn't stopped some banks from instituting foreclosure proceedings when, legally speaking, they shouldn't have.
Some of the mortgage and banking institutions being reviewed are Bank of America, Citigroup, JP Morgan Chase, which you'll remember just lost $3 billion of its investors’ money through questionable investment practices, and Wells Fargo. Most of the banks have contacted their mortgage customers who are eligible to have their cases independently reviewed under the settlement agreement, but only about 3% of them have responded. If you have been or are now in foreclosure and get such a notice, respond. Take advantage of the review. You might save your home or at least a lot of money.
Other problems with mortgage companies have also occurred, costing homeowners in Florida millions of dollars. For example, if you bought property that had been foreclosed on from Federal National Mortgage Association, commonly called Fannie Mae, or from Federal Home Loan Mortgage Corporation, usually referred to as Freddie Mac, you are probably owed hundreds and maybe thousands of dollars today in fees they illegally collected from you when erroneous calculations were made.
Time is too short for me to discuss this, but remember their names, and check your deeds. If one of them sold property to you, call me, and our team at The Pittman Firm will calculate how much you are owed.