Amherst Securities has testified that more than 10 million homeowners are likely to lose their homes – about 1 in 5 of all mortgages existing today.

The Center for Responsible Lending has “compiled data to create a state-by-state snapshot showing costs associated with bad lending in recent years. These fact sheets include delinquencies and foreclosures and also include data showing the share of high-rate (subprime) mortgages made by national banks that were allowed to ignore state lending laws.”  See the FORECLOSURE DAMAGE INDEX here.

COULD YOU HAVE BEEN A VICTIM OF PREDATORY LENDING?

• Do you feel you may have been a victim of predatory lending or servicing?
• Are you unsure that you were treated fairly at the closing table?
• Did you feel pressure from the broker or lender to close your loan?
• Where the terms different right before closing than what you expected?
• Where you told you could easily “get out” of this loan in a couple years by refinancing?
• Have you been working with your lender but feel you are in a “loop” in Loss Mitigation?
• Are you a member of a protected class and feel you were given a loan that wasn’t in your best interest?
• Have you recently been denied for a loan modification or assistance from your lender?
• Were you denied for “Excessive Forbearance” or “Negative NPV”?

If you answered YES to any of the questions above, you may be a Victim of Predatory Lending and also a Candidate for a Fair Housing Complaint.

If you suspect your lender has not treated you fairly in their loss mitigation efforts, may be intentionally delaying decision or forcefully pursuing foreclosure even though you are willing to work with them, they may be out of compliance with Fannie Mae, HUD, FDIC and HAMP. Lenders are obligated to follow certain procedures, guidelines and rules.

You may have received a form from the OCC’s Independent Review Service which should be answered with supporting documentation.

If you suspect this may be happening to you, please call us. We can gather the details and advise you on the situation.

Foreclosure is “Hazardous to Your Health”

According to the Center for Responsible Lending, “new studies show a strong correlation between foreclosures and serious health issues, including depression, suicide and more frequent hospitalizations for diabetes and high blood pressure. In a New York Times article, “Foreclosures are Killing Us,” experts call the health hazards associated with foreclosures a “bona fide public health crisis.”

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