Dan Norris along with his brother Doug Norris of Bel Air, MD are in the practice of signing customers to bogus mortgage closings in which they tell the client that an escrow account is being set up for them (which it's not). Doug then takes part of the closing costs and puts it in his pocket prior to closing time for the alleged escrow account and then come closing time, that sum of money magically disappears.
After that, Dan comes in and actually does the closing and signs the customers to a no-disclosure contract.in essence what that means is the customer is not allowed to bring any court cases or charges against the mortgage company or the broker for one year or they forfeit the note. That gives the potential homeowner only 2 days after the one year waiting period to even file a claim. Since the customer also signs away their notification rights, the case then goes to court for foreclosure in absentia of the actual homeowner. The homeowner than only finds out years later they've lost their house which is then sold by Homecomings Financial with the homeowner being literally evicted and all monies and rights forfeited.
Is this legal you ask??? Well according to the law it is because the person hired to represent the client is the actual thief so it's done semi within the confines of the law making it virtually impossible for any litigation. And as most people on here have found out with Homecomings Financial the courts in most states are OVERLY corporate friendly making it impossible to get past the legal wrangling!!!
Is it legal, apparently so.
Is it immoral and bad business practice, absolutely! Classy acts.
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