IT IS NOT JUST A MATTER OF DOTTING I'S AND CROSSING T'S


The ownership status of hundreds, and possibly thousands, of foreclosed properties in Massachusetts became muddier after a state Land Court judge reaffirmed his March decision that invalidated the sales of two Springfield homes because of improper paperwork.

In a 27-page ruling, Justice Keith C. Long described a convoluted process in which mortgages for the two homes were transferred multiple times without being properly recorded, as required by state foreclosure law. He said any problems the banks now face to clean up title questions – which could include redoing the foreclosures altogether – are “entirely of their own making.’’

“The issues in this case are not merely problems with paperwork or a matter of dotting i’s and crossing t’s,’’ Long wrote. “Instead, they lie at the heart of the protections given to homeowners and borrowers by the Massachusetts Legislature.’’

Judge Long's Order


 



Victim of predatory lending?

  • Did you purchase or refinance within the past six years?
  • Do you have an adjustable rate mortgage?
  • Do you owe more than your home’s current value?
  • Has your loan been securitized and sold to unknown investors?
  • Has your loan already been paid off by an insurer?
  • Were you mislead about the true terms of your loan?
  • Was your income inflated by the lender without your knowledge?
  • Is your debt to income ratio over 50%?
  • Was the mortgage broker or lender operating without a license?
  • Did the lender fail to give you all the required disclosures?
  • Was the appraisal inflated?
  • Did you give up a fixed rate in exchange for a toxic sub-prime mortgage or a Pay Option ARM?
  • Has the same lender refinanced you several times?

Predatory Lending Practices

  • Predatory lenders use deceptive or aggressive practices to sell their loans, often targeting certain neighborhoods.
  • Predatory lenders strip equity form homes through excessive fees without considering the borrower’s ability to repay the loan.
  • Predatory lenders use prepayment penalties and adjustable loans that increase without regard to market conditions.
  • Predatory Lenders offer you one rate and fee structure, but change the loan terms at the last minute without proper disclosures.
  • Predatory lenders may use Spanish speakers to gain the trust and confidence of Hispanic Homeowners.
  • Predatory lenders charge excessive fees, points, and interest rates.
  • If you did a “stated income” or “stated asset” loan, you likely were the victim of mortgage fraud.
  • If you are elderly (over age 65), you may also be the victim of Elderly Abuse

WARNING


TILA Audits that use standardized check-off lists without providing a mathematical determination of the TILA Disclosure Statement are NOT Forensic Audits. Our Forensic TILA Audits specifically focus on evaluating substantive rights to rescind or cancel a mortgage loan transaction.

Discrepancies are found in around 70% of mortgages audited. Our Forensic Loan Audit will provide you with a detailed list of violations and where they appear in your mortgage documents. It will expose serious non-disclosure violations, accounting errors, fraud, misrepresentation and predatory lending. With documented proof in your hands you can choose to move forward and turn the table on your predatory lender.



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