Wednesday, June 17, 2009

Are you a Victim of Carnivorous Lending Practices?

Help is available to borrowers who have claims against Rapacious Banks . Banks all over the country are violating the Truth in Lending Act and other State laws controlling mortgage banks and financial consultants. If the solution to any of the following questions is "yes," please get out your mortgage closing documents and audit your loan documents for violations. ( A common carnivorous practice is "flipping," which involves "repeatedly refinancing a mortgage without benefit to the borrower, to profit from high origination costs, closing costs, points, prepayment penalties and other charges, continuously eroding the borrower's equity in their home. Was the loan got to pay for home improvement work that wasn't done correctly or even at all? Did the conditions of the mortgage change to your detriment at the very last minute before the closing? Did the bank pay money to your hom! e loan broker ( look on your HUD-1 Settlement Statement for a "premium" or POC ( paid out of closing ) "YSP" or "yield spread premium" ) ? If you've got a variable rate mortgage, were any adjustments done improperly? Are you able to even tell if the adjustments were correct or not?

If you use visa cards, owe cash on a private loan, or are paying on a home loan, you're a "debtor.

You must know that in either situation the Fair debt Collection Practices Act needs that debt collectors treat you reasonably by prohibiting certain techniques of debt collection.

This leaflet provides answers to usually asked questions to help understand your rights under the Fair Debt Collection Practices Act.

Private , family, and household debts are covered under the Act. This includes cash owed for the purchase of a vehicle, for medical therapy, or for charge accounts. However, a debt collector may not get in touch with y! ou at irrational times or places,eg before eight a.

Yo! u can st op a collector from getting in touch with you by writing a letter to the repo agency enlightening them to stop. Once the agency receives your letter, they may not get in touch with you again except to point out there'll be no further contact.

Did the closing happen by mail, or at your house, or in another city? "Mortgage sources confide that some unfair banks are intentionally permitting certain borrowers to fall further into a money hole from which they will not escape.

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