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Monday, 14-Nov-2011 17:26 Email | Share | | Bookmark
Don’t Let a Predatory Lender Keep You From a Loan Mod

Over the past decade we have seen predatory lenders such as Bank of America, US Bank, JP Morgan Chase, Wells Fargo and GMAC take advantage of innocent Americans who just wanted a home to call their own by approving predatory loans that they knew most people would not be able to afford. We saw them extract thousands of dollars in high interest rates and fees from homeowners, taking every penny they could before finally foreclosing on them.

Because lenders were essentially behaving like a large predator preying on innocent homeowners, the Obama administration stepped in and created a program called HAMP that was designed to prevent people from losing their homes to foreclosure by making it easier for people to obtain a loan mod on their mortgage. This would allow people to get out of predatory loans such as adjustable rate mortgages and get into fixed mortgages at lower interest rates that would make monthly mortgage payments much easier to afford.

However, the HAMP program has not gone exactly to plan, and the banks have continued their predatory lending practices by denying nearly 80% of all applicants who have applied for a loan mod. Homeowners that have been denied these loan modifications are told that they have no other options except to keep talking to their lender and apply for another loan mod. While the homeowner is getting the run around from their bank, since they are not getting the help that they need, they are falling behind on their payments and going into default on their loan. While this is happening, their lender who is supposed to be helping them is already preparing to foreclose on their home before a verdict has even been reached.

People are led to believe that they have no other options, that there is no additional help available, that if you are facing the foreclosure of your home that it is your fault and not the fault of banks who have lied and deceived and defrauded you at every possible opportunity. You do have options though. You can fight back.

By working with a qualified loan modification attorney, and having a forensic loan audit that will examine your loan documents for violations in TILA and RESPA on the part of your lender performed on your home loan documents, you can get the help and leverage you need to get your bank to negotiate favorable terms for a loan modification for you.

This is why if you need foreclosure help, you should contact a reputable audit company such as Tila Solutions to give you the foreclosure help you need. For over a decade, Tila Solutions has been looking out for the homeowner with their forensic loan audits and securitization audits, and they can put you in touch with a reputable loan modification attorney. If you need help stopping foreclosure, a Tila Solutions Consultant is available by telephone at (702) 508-0335. Or you can visit the Tila Solutions website at predator preying.


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