Thank you for your contact information! A Predatory Lending Specialist will contact you within 48 hours with instructions via email.
The Kitchen Table Audit
In preparation for the preliminary consultation the please read the following:
The first step is to take a look at your mortgage closing documents. We can do this with a 30 minute phone conversation. We will call this step the "Kitchen Table Audit."
First we would like to tell you about who we are and what we do.
We are not a mortgage elimination company.
We help homeowners who are victims of predatory lending and bank fraud.
For more information about us click here
Step 1: The Kitchen Table Audit
In order to find out if you are a victim of predatory lending and bank fraud we will have to review your mortgage closing documents.
You will have to find your mortgage closing documents and get them out on your kitchen table.
We will review the following list of documents:
What are we looking for?
For the free consultation we are looking for TILA, violations, broker kickbacks and fraud.
If the answer to any of the following questions is "yes," you are most likely a victim of predatory lending practices and may be able to void the mortgage and apply 100% of your payments to principal. And, you may also be able to recover money damages.
Also, such violations can be used as a defense to a mortgage foreclosure.
1. Have you repeatedly refinanced your loan? Was the last refinance within the last 3 years? (A common predatory practice is "flipping," which involves "repeatedly refinancing a mortgage loan without benefit to the borrower, in order to profit from high origination fees, closing costs, points, prepayment penalties and other charges, steadily eroding the borrower's equity in his or her home.").
2. Did you increase rather than lower your rate upon refinancing?
3. Are you paying an interest rate in excess of 9.5%?
4. Was the loan obtained to pay for home improvement work that was not done properly, or even at all?
5. Have you had problems with the mortgage company regarding untimely posting of monthly payments? Sudden increases in payments? Adding amounts to your balance for insurance, "property preservation," or other "advances"? Does your principal balance never seem to go down?
6. Were you charged high closing costs (points and fees) on the mortgage?
7. Did the terms of the mortgage change to your detriment at the last minute before the closing?
8. Did the lender pay money to your mortgage broker (look on your HUD-1 Settlement Statement for a "premium" or "YSP" or "yield spread premium" or "POC", "Paid Outside of Closing")?
9. If you have an adjustable rate mortgage, were any adjustments done improperly? Can you even tell if the adjustments were correct or not?
10. Does your loan contain a prepayment penalty?
11. Do you believe you were treated unfairly by your mortgage company? Has correspondence with the mortgage company gone unanswered? (Mortgage companies have a statutory obligation to respond to complaints and requests for explanations of accounts. Often, they don't. Each failure may entitle you to $1,000. If your claim against the mortgage company may exceed the number of monthly payments you allegedly missed, the mortgage company may not be able to prove that you are in default.)
12. Did all collection letters sent to you by debt collectors comply with the Fair Debt Collection Practices Act? (Up to $1,000 more if they did not.)
13. Did you (or anyone else who has an ownership interest in and lives in the house) receive a "notice of right to cancel" that was not completely filled out?
14. Did you receive your copy of the loan documents at the closing (as opposed to being sent to you later)?
15. Did you sign a document at the closing stating that you were not canceling?
16. Did the closing occur by mail, or at your home, or in another city?
The following is an example of some of the other TILA violations you may find in your closing documents:
(i.e. yield spread premiums and service release fees)
Payment of compensation to mortgage brokers and originators by lenders.
Property taxes not paid by lender.
Unauthorized servicing charges.
(i.e. the imposition of payoff and recording charges)
Improper adjustments of interest on adjustable rate mortgages.
Referral fees to mortgage originators.
(i.e. a lender who pays a mortgage broker secret compensation may face liability for inducing the broker to breach his fiduciary or contractual duties, fraud, or commercial bribery)
Failure to disclose the circumstances under which private mortgage insurance (''PMI'') may be terminated.
Underdisclosure of the cost of credit.
Excessive escrow deposits.
Breach of Fiduciary Duty.
You may also find breach of contract claims.
If we find that you are a victim of predatory lending practices and/or bank fraud you will be instructed to proceed to the next step.
If you have your documents ready for the "Kitchen Table Audit" before a A Predatory Lending Specialist calls you please call Kenneth Michael at 401-349-4717.
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Bank Fraud Victim Center
Copyright © All rights reserved.