Consumer Shock


By G.B. Taken

According to a study by *Professor Katherine Porter, ninety percent of people with mortgages are unhappy with their servicers. The number indicates many people are having some bad loan experiences. Your bad experiences may violate consumer laws and be grounds for suing your bank. This could result in the loan being voided or the terms being renegotiated in your favor.

Bad business is standard operating procedure for banks, and homeowners don't like it. Most people are so desensitized to the pushy, uncompromising attitudes and the poor accounting habits of their bank, that they give little thought to the overall bad behavior in regards to their consumer rights. Our banks are rude, obnoxious, and deceptive, but are they doing anything wrong or illegal? 

What your bank does not want you to know is that you have rights under state and federal law. If the company servicing your mortgage is being abusive or threatening, then you may have grounds to sue. If your account balance is not accurate or the bank refuses to provide you with an accurate written statement of your account, then you need to see a lawyer.

The Federal Trade Commission has identified several illegal charges routinely added to loan accounts by banks, for example, unwarranted late fees, unnecessary insurance, warehouse fees, and other miscellaneous fees. These particular abuses go largely undetected by a homeowner until it is too late. Identifying these violations requires an expert in state and federal law, as well as, forensic accounting skills. 

Servicing agents are bad people that use strong-arm tactics in collection; they are negligent and deceptive in billing and accounting and noncompliance to requests. This is why almost every American dislikes their servicing agent and why many people seek an attorney to stop these abusive collection and predatory lending practices. Remember, nothing stops foreclosure like filing a civil suit.    

*Professor Katherine Porter- Misbehavior and Mistake in Bankruptcy Mortgage Claims

All content on this site is property of G. B. Taken. All rights reserved January 1, 2010