LBPS-IBM Lender
This is a scam and only about 1% of all mortgage loan holders will actually qualify for refinancing under the gov terms

Our mortgage loan was moved from MetLife Mortgage Loans to LBPS underneath the guise of the "bank". This compnay is just a statement collector (not really a bank) which instantly modifications/reduces a credit rating. Additionally, when the mortgage was moved, it had been designed to "remain exactly the same" as whenever we originally funded (conditions, quantity, etc) as there have been no modifications towards the mortgage except our fees had really reduced because of the property market. The very first thing LBPS did was increase our payment by $200. The next thing they did wasn't permit any extra funds to become put into the main. Although under MetLife we'd never overlooked or created a payemnt overdue, we'd decreased our primary by $10,000 within the first year or two. Today, we've needed to maintain the main in the same location (aside from the minimum quantity that comes down with each regular payment per month). While attempting to include funds to lessen the principal, they maintain the cash but set it towards the following weeks cost in the place of lowering the principal. Is not this illegitimate? Or even it ought to be.

Anyway, we've had only prolems with this particular compnay and that I hardly understand how banks/mortgage brokers/bill collectors may maintain promoting my mortgage. I will comprehend a-one-time purchase but to keep achieving this is absurd. We got our existing mortage within the drop of 2008 and contains been moved four-times; every time we've needed to set up a brand new online bill, deliver fresh paperwork, have experienced the quantity of a "mounted" mortgage transformed, Etc.-Can somebody tell me if this method, for this degree, is authorized? Why are not there guidelines in position to safeguard customers out of this kind of scam (which it's)? And incidentally, LBPS (or every other mortgage processor) doesn't have purpose of reducing anyones payment per month, replacing, or else running any (phony) government loan applications. This can be a fraud and no more than 1% of home loan cases may really be eligible for replacing underneath the gov conditions. This really is only a method to have more of one's personal data available to market to entrepreneurs.

Company: LBPS-IBM Lender
Country: USA

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