Mortgage Fraud & Predatory Lending in the Antelope Valley!!! * Documents available upon request by the Court.
4/15 With 20 people with us and counting, this is what we came up so far:
VIOLATIONS FOUND IN OUR LOAN DOCUMENTS
1-Adjustable Interest Rates - Misrepresented the terms of the adjustable rate provisions of our loans, including misrepresented how the interest rate for the loan would in fact adjust. No disclosure whatsoever that the adjustable rate loans included a provision that the interest rate will never be lower than the initial rate of the loan.
2- Fabricated/Forged Income - Even after furnishing required pay stubs but in the application form we later found out that the amount was more than what the pay stub had.informed broker who in turn said after you refinance the loan the next time that should take care of it
3-Representation Regarding Future Refinancing - we can refinance and get a lower rate/better term to get rid of our higher ones which we can only have at this time due to our credit qualifications - this was one of their statements.
4- Value of home is way more than market value. Cannot sell home at this time. Negative equity. Appraisal was inflated.
5- Points and Fees - charged exorbitant closing costs without timely and adequate information as to the purpose they imposed on our loans.
6- Reported the matter to New Century and they in turn sold the loan to another Co.
7- After finding out what exactly our Rights as Borrowers are we found they have violated each and every letter of The Borrowers Bill of Rights.
Compliance being the key issue given the Truth in Lending Act and Regulation Z, there is no excuse for these widespread practices that seem to never cease. Well enough is enough. We are not taking this to the expense of our own homes. Let the court of Law lay down Justice once and for all. All we need to do is take our best step forward and the rest is Due Process.
We will never cease whether we lose our homes or not till these culprits are put behind bars. Someone has got to pay and may it be them this time.
If by any chance you have the time to pull out your Loan Documents Extending far back to 3 years and very throughly go over them page by page starting with the HUD 1 make a list of what you just found out. If you have any questions pls. Call anytime 24/7. The home you save may be your own.
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