Foreclosuresurvivor's Blog

Surviving Foreclosure

Suing my mortgage company

Well, it’s my opinion that ALL subprime mortgage companies engage in predatory lending tactics.  That’s why they’re “subprime.”  

I had my mortgage papers that were provided at closing audited.  Not surprisingly, violations were found.  I sent a certified letter to my mortgage company requesting disclosures that were not provided with an outline of the violations.  I’m awaiting a response.

It’s actually my 2nd company.  My first was Fremont.  Turns out Fremont was sued in California. It has paid a hefty settlement to victims of their predatory lending techniques.

“In Massachusetts, Attorney General Martha Coakley reached a $10 million settlement in June with subprime lender Fremont Investment & Loan for its unfair lending practices. The state will distribute $5 million to state residents with Freemont loans, and another $3 million will go foreclosure relief and homeowners education. The rest will go to the state and to cover costs.”  

http://money.cnn.com/2009/10/08/news/economy/Predatory_lending_lawsuits_increase/index.htm

See, I’m not crazy.  They were crooks in Massachusetts and they were crooks Maryland too.   My second mortgage company shares liability with a subprime lender convicted of predatory lending methods. 

We must fight back.   Now I just have to find an attorney willing to work for free to sue both companies.  I think I’ll write the Attorney General in Massachusetts and Maryland’s Attorney General for advice.

Anyone who closed on a house with a subprime lender who is facing foreclosure or has already been foreclosed on, should having their mortgage papers audited for violations.  I did. 

Thanks for letting me share.

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October 16, 2009 - Posted by | News, Uncategorized

2 Comments »

  1. Yo
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    John
    self employed mortgage calculator

    Comment by JoJo Jack Jnr | October 24, 2009 | Reply

  2. Hey Wasup
    I i saw your thread on foreclosuresurvivor.wordpress.com
    Very informative
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    Great effort congratulations!
    John
    used car dealer orlando florida

    Comment by JoJo John Jnr | November 7, 2009 | Reply


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