When your mortgage holder transfers servicing of your loan to a new company, you are entitled to receive a notice from both the old servicer and the new servicer within 15 days of the transfer.  The notice must tell you:
1.  The effective date of the transfer, the date your current servicer will stop accepting payments [...]

If you have a dispute with your mortgage holder, or the mortgage servicer of your account, you can send a Qualified Written Request letter seeking answers to your questions, says foreclosure defense attorney Andy Miofsky.  The Real Estate Settlement Procedures Act requires your lender acknowledge receipt of your letter within 20 days.  The lender has [...]

No, if you paid your original lender on time, the new lender cannot charge you a late fee for the first 60 days after a transfer, according to the federal Real Estate Settlement Procedures Act.  Plus, each lender is required to give you notice 15 days before your payment is due when an account is [...]

Here are six arguments to stop a foreclosure:

1. The Truth In Lending Act (four states have their own approved versions; in MA it is the Consumer Credit Cost Disclosure Act) allows for rescission, if there are defective disclosure. Rescission requires repayment of the principal amount borrowed, less all payments made. In the old days, maybe [...]

The National Association of Consumer Advocates (NACA) will conduct a Mortgage Lending Litigation Conference on September 5th, 2008 in Cleveland OH.  The program is restricted to NACA members, however, qualified candidates who are members of the National Association of Consumer Bankruptcy Attorneys can submit an application for membership to the NACA board of directors.
Ohio courts [...]

Earlier, I described what a “Right of Rescission” is in the context of a mortgage refinance.  A summary review of the cases in my office show some of the common mistakes that lenders (and attorneys) make when exxecuting mortgage refinance documents.  A typical Notice of Right of Recission is found here.
An obvious common mistake is [...]

When you borrow money against a home you already own, the Federal government is there trying to help you avoid making a serious or costly mistake.  The Federal Truth In Lending Act (in effect since 1979) requires that you receive a three business day “cooling off” period after you sign the mortgage papers to decide [...]

Mortgage brokers tend to charge more to place a loan than you would have to pay if you went directly to the lender, according to a recent HUD Study. This is not a surprise to consumer advocates but it tends to contradict the story told by mortgage brokers and their lobbyists. There’s a [...]

When shopping for a mortgage loan, most consumers are concerned with the interest rate of the loan. Within the past five years, interest rates on mortgages have hit historical lows and many home loans have been made. But there is more to a mortgage loan than the interest rate and a careful shopper [...]

The Atlanta Journal-Constitution reports today that the Federal Reserve has released a proposal for new rules that impose “tough new restrictions meant to curb unfair and deceptive home-lending practices and prevent a recurrence of this year’s meltdown in subprime mortgages.”