In September of 2009 Citimortgage, my mortgage provider, offered me a Home affordable mortgage. They said it would lower my interest rate and my monthly payment. It sounded great so i signed up. They said it would take 30-60 days for the review process and that I should make reduced payments while my account was in review. They told me exactly how much to pay. I paid what they said, and the review process took much longer than 60 days, in fact, it was the end of April 2010 before I was declined. Then I was told that My account was in default because I had been paying a reduced payment (as I was told by them) and that if i didn’t pay it all, my account would be at risk for foreclosure. Then, they offered me a traditional modification, which they said it looked like i would qualify for. they said that would take 30-60 days to review. It is now approaching the 60 day mark and I have gotten a letter in the mail reminding me that my account is delinquent and approaching the date foreclosure proceedings will start. I get 2 or 3 phone calls a day, from their collectors. I talked to a guy today who told me that despite being reviewed for a traditional modification, they may still start foreclosure! I feel like I have been wronged, lied to and deceived by this company, as well as harassed constantly. I have been stressed out to the max over this and I just want help…Is there anything I can do Legally?
Your story can be grounds for a Truth in Lending Act (TILA) violation, however it may not be of the extent to be viewed as grounds for a suite. Nevertheless, it may be grounds for dismissal of their petition for foreclosure. In fact in several cases it was believed that the petition was so defective that the mortgage was also dismissed. The best place to start your complaint of harrasment is the attorney general in your state, and carefully document your case. You should after prepairing your case call your local bar association and ask for a consultation with a foreclosure attorney specailising in TILA violations. If deemed that there was a violation of TILA, and the violation was a crime you may be due a damage claim. Ask your laywer, and program the lawyer to win in advance of retainer
Good Luck
I can’t believe YOU are the one who didn’t pay and you want to sue THEM?
How incredibly over-entitled of you.
You signed a contract. You have not held up your end of the bargain, nor is any lender required to modify any of the loan terms. And you think YOU are in the wrong here? Think again.
PS-If you can’t pay the mortgage, where will you get the money to sue?
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Legally? No.
Here is the black and white as far as the law is concerned: You signed an agreement (your original mortgage) to pay a set amount of money per month. You have not paid that amount. You are in violation, foreclosure granted, relief denied.
Nothing stops that (original) agreement from having the force of law except the actual cancellation of that agreement.
That said, if you cannot afford the house you are in, you might have the upper hand. Look at how many and how quickly foreclosures happen in your neighborhood. The less desirable your property and the more "overpriced" your mortgage, the less likely the bank will actually foreclose on you in the near future.
If you can afford the house you are in, pay up that darn mortgage and be done with it.
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Your story can be grounds for a Truth in Lending Act (TILA) violation, however it may not be of the extent to be viewed as grounds for a suite. Nevertheless, it may be grounds for dismissal of their petition for foreclosure. In fact in several cases it was believed that the petition was so defective that the mortgage was also dismissed. The best place to start your complaint of harrasment is the attorney general in your state, and carefully document your case. You should after prepairing your case call your local bar association and ask for a consultation with a foreclosure attorney specailising in TILA violations. If deemed that there was a violation of TILA, and the violation was a crime you may be due a damage claim. Ask your laywer, and program the lawyer to win in advance of retainer
Good Luck
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Joey Gabris is a mortgage broker with over 15 years experience in the real estate industry.
You might want to consider a forensic audit of your loan process. Lenders have many requirements that they are supposed to follow when making a loan and in the last few years have not fulfilled their requirements.
Nearly all loans that were – ARM’s, Stated Income, Negative Amortization, Interest Only, No Doc, had a prepayment penalty, were made to someone speaking a foreign language – were made out of compliance. The audit will show what the lender has done in violation of the lending requirements.
You use their violations of RESPA, TILA and Predatory Lending laws to give yourself a position of strength in dealing with them, instead of being under their thumb begging for help.
People can use this information to force a lender to negotiate a reduction of the principal amount, interest rate, the payment, or to complete a short sale.
Good Luck!
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They are trying all sorts of tricks to take peoples houses. Go to youtube there’s all sorts of stories.
http://www.youtube.com/watch?v=GTMsNKeIlCA
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