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 [...]
RESPA
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, [...]
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 [...]
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 [...]
