Servicer-Created "Shifting Platform Of Financial Doubt" May Lead To Unnecessary Foreclosures
- April Charney, a lawyer with Jacksonville Area Legal Aid, is familiar with these scenarios and described some of the key issues: "The net effect to the borrowers is that they stand upon a shifting platform of financial doubt unable to rely upon the servicer for customer service to avoid further debt and expense. This result is driven by the fact that the servicer is conflicted by the layers of padded fees and costs that can be secretly pocketed by the servicer upon the event of the borrower's default.
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- With mortgages sold to a series of servicers, the link between borrower and lender is broken. It seems a basic consumer right to provide consumers with the updated status of their debt.
For more, see Foreclosure: Full disclosure, all the time.
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