These six major players own the vast majority of the business and profits that are made each from the interest on home mortgages from home borrowers. And while the problems that abound in the areas of predatory lending, defense of foreclosures, and even mortgage fraud, are widely and intensively documented and published, these six major mortgage players continue on in their quest for ever expanding profits on home mortgages, while homeowners themselves continue to face unreasonable or even inconceivable hurdles to paying the actual, fair and reasonable terms of the deal they entered into.
Problems homeowners face include:
- Real Party in Interest: knowing who is truly the right party to pay for the loan,
- Loan Documentation: having documents (the mortgage, promissory note, HUD-1) that are consistent, match up and available. Many times the originals are either unavailable, or even if they are available, they have been copied or had stamps or other marks added to them subsequent to an actual change in the status of the holder of the document or a party claiming a right to enforce obligations stated within the terms of the document. The Best Evidence Rule, properly applied, calls into question any document that is altered in anyway after the evidence on the document is relied upon for enforcement, or after the evidence relied upon is visible to the party who would challenge it. This is explained in more detail in examples we will consider in other articles.
- Calculation of Amounts Due: the proper calculation of what is due on a loan, especially after compounding interest, adding in late charges, attorney fees and other penalties, can be an incredible mystery. I have had many homeowners come to me and inform me they have actually made payments that are greater than the original loan value, yet they are in foreclosure nonetheless. With the accumulation of years of interest, of course, it is possible for this to occur, but when you see loan balances that exceed the original balance in spite of hundreds of thousands of dollars in payments to the lender, the situation wreaks of error along the way – and the error must be on the one calculating the amount due – the lender.
There are numerous other problems facing the homeowner as well. But the bottom line is that the mortgage world is filled with situations where a simple homeowner is tasked with dealing with an enormous financial entity, any one of the “Gang of Six” cited above, and never really even has a chance to deal with an individual or other person who can help you identify an actual resolution to your problem.
If you’re a homeowner facing these kinds of problems, The Thompson Law Office can help. If any of the above or something similar resembles your own predicament, please call us today, at (317) 564-4976 for a free consultation.