Predatory Lenders

Mortgage fraud is a problem that is affecting millions of American homeowners.  We are still having a hard time determining the extent of the mortgage fraud problem, since it seems like every day we are hearing something new about how predatory lenders such as Wells Fargo, GMAC, JP Morgan Chase, Bank of America and US Bank have been committing mortgage fraud at a widespread institutional level.  Because of their actions, we have seen the amount of wrongful foreclosures as a result of mortgage fraud skyrocket to the point where 23 states that require judicial review on all foreclosures have had to suspend foreclosure proceedings because so many of them were proceeding because of mortgage fraud.

Predatory lenders engaging in mortgage fraud would have you believe that it is the homeowner’s fault.  That the errors and sloppy paperwork are simply due to homeowners being deadbeats, and not because they were engaging in widespread criminal activity, such as knowingly approving loans they knew people would not be able to keep up on payments for and employing robo-signers to forge documents and impersonate loan officers and not review any of the foreclosure documents they were legally obliged to examine.

What we are seeing take place is a blatant example of a predatory preying on the homeowner.  Predatory lenders have behaved like hungry jackals, treating their customers like a piece of meat.  They caused this situation, only to turn around and tell homeowners who are trying to stop foreclosure of their home that they can only talk to their lender if they need help.  Sadly, in many cases the homeowner doesn’t realize until it is far to late that their lender has no interest in helping them avoid foreclosure on their home and that all this time they have just been the victim of an elaborate mortgage fraud scam.

If you are facing foreclosure, and suspect that you could be the victim of Bank of America, GMAC, JP Morgan Chase or another predator preying on you, then please give serious consideration to having a securitization audit performed on your home loan immediately! Securitization audits are one of the best ways to fight back against predatory lenders so you can stop the illegal foreclosure of your home.

A securitization audit will examine your mortgage documents and determine if your loan has been securitized, and if the predatory lender attempting to foreclose on your home actually has a legal right to do so.  If you are suing your lender for wrongful foreclosure or mortgage fraud, a securitization audit can be a very important piece of evidence in your case.

Many people don’t know it, but many foreclosures that have been and continue to take place are illegal foreclosures that should never happen.  More often than you would think, banks are foreclosing on properties they have no legal right to do to, due to incorrectly following procedures to securitize home loans.

With foreclosure rates at record highs, many people once faced with financial hardship think the only options they have are bankruptcy and foreclosure.  This is what the banks that got people into bad situations by approving predatory loans to people they knew couldn’t afford to keep up with the payments want people to think.  Over the last 10 years, we have seen the greed of lenders spiral out of control and help destroy the economy.  People have lost their homes to foreclosure, not realizing that thanks to the out of control greed of the banks, they were victims of an illegal foreclosure.

If you have taken out a mortgage in the last 10 years, there is a good chance that your home loan has been securitized.  Securitization is a process where the title is separated from the home loan so that the loan can be traded and sold as a security, much like stocks and bonds are traded.  Approximately 85% of all home loans in the last decade have gone through this process.  Many of them were securitized incorrectly though.  This means it is no longer clear who has a legitimate claim to the title of the property, since the title became separated from the loan and lost track of.  This means that if you are facing foreclosure, it may be an illegal foreclosure.

The best way to stop one of these illegal, predatory foreclosures is to obtain a securitization audit on your home loan.  A securitization audit is a forensic audit that will examine all of your home loan documents and discover if you home loan was securitized, and if it was securitized correctly.  If any violations are discovered, that means that the illegal foreclosure must stop immediately.  A securitization audit will also be able to discover if there has been any evidence of robo signing techniques used.

Robo signing is a favorite technique of lenders used to push a predatory foreclosure through faster.  If robo signing is involved, this means that the documents were simply pushed through without any examination at all.  Many times, people singing the documents have lied and said they were loan officers when they were not.  Robo signing has been incredibly widespread, and due to the number of illegal foreclosures involving robo signing, a large number of states have ordered stops to foreclosure proceedings.