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The National Mortgage Complaint Center Offers Smart Tips for Anyone in the United States Wanting to Refinance of Finance a Home & Suggests Honest Lenders

Monday, December 5, 2011

Out of concern that many would be home buyers, and or homeowners wishing to refinance might get overcharged, or gouged with unnecessary mortgage fees, or get stuck with inflated interest rates, the National Mortgage Complaint Center is offering tips for anyone looking at getting a fair deal on a mortgage. The National Mortgage Complaint Center says, "For starters anyone expecting to get the absolute best mortgage interest rates, needs to have good, to great credit. If your credit score is under 740, you will not get the absolute best mortgage interest rates. We are also urging both potential home buyers, or homeowners wishing to finance or refinance to steer clear of Internet ads, or mortgage companies advertising on the radio mortgage with interest rates that sound too good to be true-such as a 2% mortgage. While these products might exist, they are adjustable rate mortgages, which also means the 2% interest rate will not last for long. We are also warning all homeowners, or potential homeowners to be on the lookout for excessive fees, for their mortgage transaction. Typical junk mortgage fees we see include Administration Fee, excessive Underwriting Fees, Document Preparation Fees, and inflated Credit Report Fees." http://NationalMortgageComplaintCenter.Com

(PRWEB) December 05, 2011

The National Mortgage Complaint Center says, "After the Dodd Frank Consumer Protection Act, one would think everything would be better for US homeowners. In our opinion the Dodd Frank legislation with respect to the mortgage industry did nothing. As an example the new Good Faith Estimate designed by the US Department of Housing and Urban Development looks like something that the IRS came up with. The new Good Faith Estimate is too complicated, it leaves too much information out, and the old one page Good Faith Estimate was much easier to read, and to understand." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, "At this moment we have some of the lowest interest rates ever. However, we want to make sure every homeowner, or home buyer understands what they are getting. First we want to cover the no point mortgage, versus the regular fees included mortgage transaction. The no point mortgage is only a good option, if you do not have the money, or equity in your home to actually do the transaction. With the no point, or zero closing cost mortgage you will pay a higher interest rate, and monthly payment. When it comes to deciding if you want a traditional mortgage where you pay the costs, versus a no closing cost mortgage, simply ask the mortgage lender, or the bank, what are the best rates for a traditional mortgage-where you pay the costs up front, versus a non traditional mortgage where the lender pays all allowable closing costs. We want anyone looking at buying, or refinancing a home to know this information, and we want everyone to at least look at both options." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center suggests the following fees are junk mortgage fees:

  • Administrative Fee

  • Excessive Underwriting Fee

  • Document Preparation Fee on the mortgage, or in association with title insurance

  • Credit Report Fees that are over $30 are excessive

Who does the National Mortgage Complaint Center recommend as the best lenders in the United States?

American Interbanc (California, Washington, Oregon, Idaho, Massachusetts, New Jersey, Pennsylvania, Utah only) The National Mortgage Complaint Center & its parent group Americas Watchdog has endorsed American Interbanc for five years in a row, as the best mortgage lender in the United States. http://AmericanInterbanc.Com

Bank of America-According to the National Mortgage Complaint Center, "Believe it or not we actually like Bank of America's mortgage products, and of all major US banks, Bank of America would be the only lender to receive our endorsement. However, there is a catch. We like Bank of Americas mortgage products offered at a branch, where the consumer, or homeowner can actually see the loan officer, or branch manager, and it is a branch in your area." http://BankofAmerica.Com

For FHA, or VA Mortgages the National Mortgage Complaint Center continues to endorse, and recommend the James B Nutter Company. The James B Nutter company is a national mortgage lender based in Kansas City, Missouri, they are family owned, and they are the gold standard for honest FHA, or VA mortgage lenders. http://JamesBNutter.Com

 

 

 

 

 

 

National Mortgage Complaint Center Warns Homeowners About Mortgage Refinance Scams & Explains How Homeowners About To Refinance Can Save Money

Tuesday, November 1, 2011

The National Mortgage Complaint Center is one of the most quoted groups in the nation on predatory mortgage lending, and the group is urging homeowners to be on guard against flim flam mortgage refinance scams. The group is warning all homeowners, considering a refinance to not fall for a radio commercial, or Internet pop up advertisement offering 30 year fixed rate mortgages below 2.6%. The 2.6% type mortgage radio commercials, are not in fact 30 year fixed mortgages, they are adjustable rate mortgages, that will only stay at the teaser rate for a certain length of time. The group is also saying, "If you are about to refinance, almost every U.S. State requires title insurance companies to offer a reissue rate, that is greatly discounted over the title fee, a homeowner originally paid for the mortgage. The National Mortgage Complaint Center says, "typically mortgage lenders, or banks fail to tell a homeowner about the title insurance reissue rate. The reissue title insurance rate typically will save a homeowner about to refinance their home hundreds of dollars. The catch is the homeowner has to use their existing title insurance company for the refinance." http://NationalMortgageComplaintCenter.Com

(PRWEB) November 01, 2011

The National Mortgage Complaint Center is urging homeowners thinking about refinancing their home to not fall for a slick radio, or Internet advertisement offering interest rates that do not exist. The group says, "As we write this press release we are looking at a phoney Internet pop up ad that says, quote en quote Mortgage Rates hit 2.6%. Its not a 30 year fixed interest rate, and we think this is misleading. If a homeowner wants to see what the current best interest rates are nationwide, Google American Interbanc, go to their web site, and click on their rate page. We have endorsed this company five years in a row, and while they may not lend in your state, their rate sheet will give you an accurate picture of national mortgage interest rates." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center is also urging homeowners about to refinance their mortgage to reuse their existing title insurance company, because most states require title insurance companies to offer what is called a reissue title insurance rate, at a significant discount. What this all translates into hundreds of dollars in savings to an average homeowner, about to refinance their home loan. http://NationalMortgageComplaintCenter.Com

 

National Mortgage Complaint Center Warns About The US Residential Real Estate Market & Urges Congress To Restore The Home Buyers Tax Credit That Includes Investors

Thursday, September 1, 2011

The National Mortgage Complaint Center is warning of further US residential real estate valuation declines, based on new information related to US foreclosures. The group worries if the US residential real estate markets do not soon stop their declines, a second recession might be a optimistic thing. The group has called President Obama's, or former House Speaker Pelosi's attempts to help homeowners in foreclosures, or loan modifications, an utter failure, and a waste of taxpayer money. The group says, "We desperately need to stabilize the US residential real estate markets, and we think restoring the Federal Tax Credit for a home purchase would a huge step in the right direction. However, this time the Congressional Federal Tax Credit should be increased to $15,000, and it should be inclusive of not just first time home buyers, it should apply to every qualified home buyer, including investors." The National Mortgage Complaint Center says, "With the enormous devaluations we have seen in most US residential markets, we need to stop the hemorrhaging, and do something meaningful to stabilize one of the most vital aspects to the US economy-our residential real estate markets." http://NationalMortgageComplaintCenter.Com

(PRWEB) September 01, 2011

The National Mortgage Complaint Center is urging US House of Representatives Speaker John Boehner to introduce immediate legislation that restores the Federal Tax Incentive Plan for home buyers. However, the group says, "the Federal Tax Incentive Home Purchase Program should not be limited to first time home buyers only. We believe a more robust federal tax incentive plan is called for, to include not just first time home buyers, but all qualified home buyers, including investors. Someone needs to step up to the plate to rescue the US residential real estate markets, and leadership is needed-now." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center is now warning, "If someone in the federal government does not exert some leadership immediately, it might be too late for the US residential real estate markets, and our economy. We appreciate the concept of free enterprise, and or risk, and return is lost on President Obama, but someone in DC had better start thinking outside of the box now, or it could be too late to do anything about the sinking US residential real estate markets." The National Mortgage Complaint Center is also warning, "Now would not be a time for the US Congress to allow President Obama, and former House Speaker Pelosi to make an Economic Social Statement, with another insane program that allows individuals not qualified to buy a home, to get one. Now is the time to let the free enterprise system work, for qualified buyers, with tax credits being the incentive for participation." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, "On the topic of the US Federal Government, mortgages, and failure, we have a gigantic problem in Florida, and the extreme US Southeast involving imported toxic Chinese drywall, and probably 200,000+ homes. Typically these homes turn into foreclosures, because of homeowner fears about health effects to themselves, or their children. These fears are not unfounded. In a typical Florida home, or condominium, that contains toxic Chinese drywall, the electrical wires turn black, and copper tubes, or pipes also turn black, get pitted, and leak. The astonishing thing to us is in many to most cases US Taxpayer owned Fannie Mae gets the house as a foreclosure, and simply resells it to a new home buyer, with the only disclosure being As Is. As soon as the Florida, or Gulf States foreclosure buyer discovers the home contains toxic Chinese drywall, the home becomes a foreclosure all over again. And President Obama is contemplating getting the US Federal Government into the mortgage business? Has everyone in Washington, DC lost their minds? President Obama has yet to mention the toxic Chinese drywall disaster in Florida, or US Gulf States one time in public, after nearly three years in office?" http://NatonalMortgageComplaintCenter.Com

For more information about the imported toxic Chinese drywall disaster please visit http://ChineseDrywallComplaintCenter.Com

 

National Mortgage Complaint Center Wants To Hear From US Homeowners If Their Bank Or Loan Servicer Stuck Them With Forced Placed Insurance

Monday, June 6, 2011

The National Mortgage Complaint Center is beginning a national initiative to expose banks, or loan servicing companies for ripping off home owners with forced placed insurance, and they literally want to hear from every recent victim. What is forced placed homeowners insurance? Typically forced placed insurance was put on homes, that were no longer occupied, because of issues related vandalism, and increased liability to the bank, in most cases because the home was unoccupied. As a rule forced placed insurance can cost three, to five times what a standard homeowners insurance policy costs. The National Mortgage Complaint Center says, "The big banks, and the major loan servicing firms have figured out there are huge profits in forced placed insurance, so they are arbitrarily putting forced place insurance on any homeowner they possibly can. We have had enough phone calls from consumers to know this is a gigantic problem, so we are encouraging homeowners, whose bank, or loan servicing company has stuck them with ultra expensive forced placed insurance to tell us their story via our contact on our web site." http://NationalMortgageComplaintCenter.Com

(PRWEB) June 06, 2011

The National Mortgage Complaint Center is one of the premier advocates, and watchdog's for the US mortgage lending industry. The group is now beginning a new initiative designed to identify any US homeowner, who is needlessly paying for forced placed insurance to their bank, or loan servicing company. The National Mortgage Complaint Center says, "We believe there are 10,000's of US homeowners, who are paying an insurance premium three, four, or five times what it should cost, because their bank, or loan servicing company signed them up for a forced place insurance policy. We have recently talked to numerous homeowners, who actually have a standard homeowners policy with one of the major US property casualty carriers like State Farm, or Allstate insurance, and the horrified homeowner has just discovered their bank, or loan serving company also has a forced placed insurance policy on the same home. The only reason the homeowner even noticed was they thought their payments into reserves were way too high. We want to hear from any homeowner, who has been victimized by this practice." For more information please contact the National Mortgage Complaint Center via its web site at http://NationalMortageComplaintCenter.Com

The National Mortgage Complaint Center says, "In other instances of the forced place insurance scam, the bank, or loan servicing company has told the homeowner, quote unquote forced placed insurance will be required on your home." They say, "Unless the house has been abandoned, it is vacant, or the homeowner has stopped making mortgage payments, forced placed insurance should never be arbitrarily forced down the throat of an innocent homeowner. We do not think, we know the number of victims is in the 10,000's, or higher, its wrong, and we want to identify every US homeowner, who is a recent victim of the forced placed insurance outrage." The National Mortgage Complaint Center is encouraging homeowners victimized by the forced place insurance scam to contact them via the web site at http://NationalMortgageComplaintCenter.Com

Monday, April 4, 2011

The National Mortgage Complaint is blasting all US banks, and mortgage servicing companies for failing to allow all US homeowners wishing to do a loan modification, or attempting to do a loan work out with the opportunity of ever talking to the same bank, or loan servicing department customer service representative twice. This also translates into the bank, or loan servicing company never telling the borrower the same thing twice. The group says, "We currently have about 2 million plus US homes in the foreclosure pipeline for 2011, and we think there are another 2 million that are coming. In many cases because the bank, or mortgage servicing company never really bothered to treat the homeowner with anything close to a consistent customer service approach, or consistent work out plan. The net result is we just get a lot more foreclosures nationwide. How stupid is that?" http://NationalMortgageComplaintCenter.Com

(Vocus/PRWEB) April 04, 2011

The National Mortgage Complaint Center is accusing all US banks, and loan servicing companies of really dropping the ball, when it comes to assisting potentially a million plus US homeowners trying to qualify for a loan modification, or a mortgage loan work out. The group says, "When a desperate US homeowner attempts to call a bank, or loan servicing center, they never get the same customer service representative twice, and more often than not they are getting conflicting information. As an example one customer service representative, will tell a homeowner, who has always been current on their mortgage to stop making payments on their loan-in order to qualify for a loan modification? We have literally talked hundreds of consumers, who have been told to stop making their mortgage payments--the problem--the bank representative just instructed the homeowner to blow up their credit score, by missing mortgage payments! How amazingly stupid is that? Then another customer service representative will tell the same borrower--Oh my God you've stopped making mortgage payments-you are now in foreclosure." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, "If the national news media is actually interested in this US loan servicing disaster story--just let us know--we will do a press release targeting any US city you want & you can have a little town hall meeting with victims of this nonsense--the only problem--you in the press will need to rent the facility, and its going to need to be really, really big--because you will have tens of thousands of US citizens in any big, or medium sized metro area, who all will have a mortgage loan servicing nightmare story for you. The problem is that vast." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, "So how do we fix this loan servicing nightmare for all US homeowners? Actually, we think its kind of simple. When a borrower calls their bank about a mortgage issue, they should be assigned a specific customer service representative, who will provide the consumer with their full name, customer ID, and e-mail address. If its a loan modification, or mortgage work out, this bank, or loan servicing representative will stay with the consumer until whatever the task at hand is accomplished, and the bank rep sends the borrower specific instructions-not this verbal--stop making your payments nonsense." They say, "A huge part of our current US mortgage, or US real estate disaster is a direct result of banks, or loan servicers never providing the borrower with anything in writing, never allowing the homeowner to get an e-mail, or anything in writing, and never getting the same customer service person twice. This needs to stop now, if we ever have any hope of putting the current US real estate disaster in our nations rear view mirror-US banks, as well as loan servicing companies have to do a much better job, and the US Congress needs to stop giving banks money for mortgage bailouts, that are nothing more than an absolute waste of taxpayer money." http://NationalMortgageComplaintCenter.Com



National Mortgage Complaint Center Mocks The Feds' Transparency Mortgage Fee Attempts & Says It's Time For A US Mortgage Revolution

The National Mortgage Complaint Center is mocking the US Department of Housing & Urban Development's attempts to make the financing or refinancing fees for the average US consumer more transparent. The group says, "We are demanding HUD go back to the old one page Good Faith Estimate format, that at a minimum allows consumers to see who is making what. This new multi-page mortgage disclosure form looks like something that was designed by intoxicated bureaucrats at the IRS." The group says, "Further, we are demanding that banks and mortgage bankers be forced into disclosing all kickbacks, or quote en quote rebates know as yield spread premiums, along with the service release premiums, so the consumer can actually see how much the lender is making on a mortgage transaction." They say, "The US mortgage system is extremely wasteful, it is full of needless fees, redundancy, title insurance fees that are way too high, and we think it's the right time for a flat mortgage fee system for most homeowners--not the 'we are going to bleed you for every nickel and dime' mortgage system we have today." http://NationalMortgageComplaintCenter.Com

(Vocus/PRWEB) March 01, 2011

The National Mortgage Complaint Center is saying, "The US mortgage system is broken, it needlessly wastes the consumer's money, it gouges the consumer with schemes like title insurance costs, or lacks transparency with respect to kickbacks such as the yield spread premium, and it really is time for a revolutionary change in the mortgage world." They say, "Most consumers have never heard of a yield spread premium kickback mortgage brokers have to disclose, or are supposed to disclose, but banks have no such requirement, even though they get the very same kickback." The group is saying, "Most current US homeowners have no clue they are paying a higher monthly mortgage payment because of the yield spread premium kickback scheme--but they are. We are simply saying it's time for a change. The future of the mortgage industry is a flat fee approach regardless if the home costs $100,000, or $500,000--not this nonsense we have today." http://NationalMortgageComplaintCenter.Com

But the Federal Government will fix the US mortgage mess when it comes to financing, or refinancing a home, right? The National Mortgage Complaint Center says, "We have lost all faith in the federal government's ability to protect consumers in the mortgage process. Had the US Department of Housing & Urban Development, or the US Congress been on top of things in 2003 or 2004, we probably would not have the current US real estate disaster. Tragically they were all asleep at the switch, and with the federal government's or Congress's recent mortgage transparency attempts like the new Good Faith Estimate, it appears to us they are all still asleep at the switch, or worse yet, bought and paid for by the banking, mortgage banking or title insurance industry's special interest groups." http://NationalMortgageComplaintCenter.Com

So how would the new flat fee mortgage process work? The National Mortgage Complaint Center says, "Initially the flat fee mortgage fee service would be designed to service borrowers who have very good credit, with FICO scores of 740+. There would be a flat fee that would cover everything including loan origination fee, credit report, appraisal fee, processing, tax certification, and flood certification, all bundled into one fee, say $2500 to $3000, regardless if the home costs $100,000 or $500,000. This would save the typical borrower $1000's." They say next, "We would propose a completely brand new national title insurance company that would offer rates perhaps as low as one-third of what they are today--perhaps even closer to one-quarter of what they are today, there literally is that much profit in title insurance." The group says, "and finally we would have escrow hubs in each state, that do nothing more than prepare documents for closing, and disburse funds to sellers, mortgage holders, etc. All closings would be done by mobile notaries that come to the borrower's home for closing." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, "There is an old saying--build a better mouse trap and people will line up to get it. The flat fee, bundled mortgage service is the future for US high credit rated mortgage and equity-driven originations. Why is the cost of doing a $500,000 mortgage greater than a $150,000 mortgage cost when the same amount of work is done in each transaction?" They say, "The flat fee, bundled mortgage service is not only the future, it instantly makes all major US banks or existing title insurance companies obsolete, and they would be instantly forced to change or face extinction." The group says, "The win for the consumer would be obvious--instead of paying $6000 to $10,000 for a mortgage directly or indirectly, they would be paying close to half of this amount, and because the service has a flat fee, the service would be designed to get the borrower the lowest possible rate. The flat fee mortgage service would make its profits from volume, as opposed to gouging every consumer as much as possible." http://NationalMortgageComplaintCenter.Com

 

Ever hear of a Service Release Premium? The National Mortgage Complaint Center says, "A SRP, or Service Release Premium, is the amount an investor will pay a bank or mortgage banker for your loan. It's rarely, if ever, disclosed to the borrower." They say, "In the flat fee concept, the SRP will be included and disclosed to the consumer up front. It can range between $1000 to $3000 depending on the loan amount and the quality of the borrower." The group says, "The US Mortgage System is flawed, it is inefficient, it needlessly gouges consumers, it really is time for a change. So who wants to be the next Bill Gates?" http://NationalMortgageComplaintCenter.Com

 

 

 

National Mortgage Complaint Center Warns All US Homeowners About Refinancing Scams Foreclosures & Says Time for Justice for Greedy Banks

Tuesday, February 1, 2011

Think the new Obama Administration's made the mortgage process more transparent, think the Feds are going after multitudes of scam artists from foreclosures, to investment bankers, for wrong doing, the National Mortgage Complaint Center says, "think again." They say, "what worries us now is the same type slim ball mortgage companies are back offering interest rates that do not exist, or let 500 bankers kill each other for your business, its all baloney, and it needs to stop-now." They say, "its also time for accountability for US banks, investment bankers, and major US homebuilders-how many indictments have there been for the US mortgage meltdown? Pretty much zero. How many trillions did this cost the US taxpayers?" http://NationalMortgageComplaintCenter.com

(Vocus/PRWEB) February 01, 2011

The National Mortgage Complaint Center says, "as we enter 2011 we have a lot of really serious concerns related to US homeowners, consumers wishing to purchase a home, and accountability for what got us into this mess in the first place. Things have not improved, and if not the homeowners-the taxpayers should be steamed." They say, "what concerns us is Federal, or State Law Enforcement are doing little, to nothing about mortgage refinance scam artists, or foreclosure scam artists offering access to interest rates that do not exist, and or foreclosure programs, that require money up front-for nothing." They say, "what do state, or federal regulators, who are supposed to be protecting consumers, do all day long? They sure and the hell are not doing much to regulate all of this nonsense, and we think all US homeowners, and or taxpayers better wise up. One way, or another you are all paying for this baloney, and will be for as long as you live." http://NationalMortgageComplaintCenter.com

Refinancing: The National Mortgage Complaint Center says, "we think now would be a very smart time to refinance, because we think the realities of the Middle East meltdown mean much higher oil prices, inflation, and interest rates. Even if the US stock market has a meltdown-we think rates are going up-not down--because a Middle East meltdown probably means higher oil prices, and inflation." They say, "if you see some advertisement for a 3% mortgage-its not a 30 year fixed product, we consider it to be false advertising, and its high time federal, or state regulatory agencies shut these firms down for false, or misleading advertising." http://NationalMortgageComplaintCenter.com

Foreclosures: The National Mortgage Complaint Center says, "in 2011 we will see a record, or close to a record number of foreclosures. We expect an additional price decline of about 10% nationwide. The true national unemployment rate is north of 15%. Add in the Middle East meltdown, and 2011 is starting to look like a train wreck." They say, "and no--if someone has not made their mortgage payment for a year, or more-why should it be the taxpayers responsibility to bail them out?" However, the National Mortgage Complaint Center says, "there is one exception to this not paying your mortgage payment. In this instance, it applies to 10,000's of US homeowners stuck in a home with toxic Chinese drywall in the US Southeast. Haven't heard about toxic Chinese drywall? Well there is a good reason why most US citizens have not yet heard about the toxic Chinese drywall disaster--President Obama has forgotten to mention it one time in public since taking office. Not to worry-we think its in all 50 states-so everyone will know about it one of these days." They say, "toxic Chinese drywall is the absolute worst environmental disaster to ever impact US homeowners, and here's the good part-----US banks stuck with a toxic Chinese drywall foreclosures in places like Florida--are simply reselling these toxic homes-As Is-no mention of the fact the home could be lethal to the homeowner, or their children-so the house just becomes a foreclosure all over again." For more information on the toxic Chinese drywall disaster please visit the Chinese Drywall Complaint Center at http://ChineseDrywallComplaintCenter.com.

On The Topic Of Greedy Banks Investment Bankers & Accountability: The National Mortgage Complaint Center says, "in case you missed it, all of the big time Wall Street investment bankers, banks, international finance people had a big party in Switzerland last week. Apparently they all had a really good 2010. There is one slight problem, we think the US taxpayer picked up the bar tab." They say, "back in 2006-even 2007, US securities rating agencies were giving questionable Alt A mortgages a triple A rating, just so foolish pension funds would buy these soon to be greatly discounted, or worthless securitized mortgages." The group says, "the same people/firms at the free bar in Switzerland last week, were telling investors, and the US consumers, the US real estate party would go on forever back in 2006, and even 2007. They were all lying through their teeth, and now the US taxpayer gets stuck with trillions? We say its time for indictments!" http://NationalMortgageComplaintCenter.com

 

Press Release
 

Mortgage Complaint Center Warns about 2011 US Real Estate Values Says Now is the Time to Refinance & Warns of Foreclosure Scam Artists

The National Mortgage Complaint Center is saying, "because there are literally millions of foreclosures in the US residential real estate pipeline, we expect an additional devaluation of US residential real estate prices of 8% to 10% in 2011." They say, "because of this, now may be the best time ever, to refinance your home, but you need to be on guard against the same old, and some new scum bag mortgage companies. If you hear of a company on TV offering to have 500 bankers fight to the death for your business-pass-they will just cost you more money." Further they say, "if you wait 6 months-your equity could be eroded even more-or you could be under water-we are that concerned about 2011 market devaluations." The group says, "we just heard of a company offering 5.25% 30 year fixed mortgage rates on national TV-if you have good credit-its another scam-if have 740+ credit, and equity in your home the real 30 year fixed rates are around 4.25%-not 5.25%-this is just another way to cheat you." The National Mortgage Complaint Center also says, "we are demanding the US Justice Department go after the scam mortgage foreclosure help firms-they are simply ripping people off--they get big money up front & then do nothing, and the Feds need to shut this down now." http://NationalMortgageComplaintCenter.Com

(Vocus/PRWEB) December 07, 2010

The National Mortgage Complaint Center says, "because we expect 2011 to be another train wreck, with respect to US residential real estate valuations, due in large part to up to a million plus US foreclosures being dumped-now may be the last time for homeowners with equity, and good credit to refinance before their home goes underwater too, or interest rates go up." The group is vigorously warning against using mortgage services advertising on TV, about letting bankers kill each other for the best rates, or deals of 5% or more for high quality borrowers. If a homeowner wants the see what the best rates are, simply call American Interbanc at 1-800-724-0004, or check with Bank of America. The current best residential real estate mortgage rates are around 4.25% at this moment. The group says, "you would of thought the worst of the predatory mortgage lenders would have been gone after the US mortgage meltdown, but some are back. If you have equity in your home, and if your credit score is above 740, you will get the best rates, and fees from American Interbanc, or Bank of America. If you are looking to do a FHA, or VA mortgage we recommend the James B Nutter Company." http://NationalMortgageComplaintCenter.Com

Mortgage Foreclosure Scam Artists: The National Mortgage Complaint Center says, "we do not understand how, or why the United States Department of Justice has not shut down the major-mortgage foreclosure help, or relief-scam artists? These types of companies are completely ripping off homeowners, with promises of a loan modification, the consumers are then foolishly giving these companies thousands up front-and that's the last they hear from the company." The group says, "here is the reality-if you have not made your mortgage payment for one, or two years-you are going to lose your home. As far as we are concerned the Obama, or Pelosi homeowner salvation programs have been a gigantic waste of taxpayer money, and we need to get back to the real world. If you don't make your mortgage payments, you will lose your home to foreclosure." They say, "if you are trying to protect your home, and if you think you have valid proof about lender misconduct, consult your local Legal Bar Association to see what attorneys do mortgage modification work, and or bankruptcies in your area." http://NationalMortgageComplaintCenter.Com

The US Residential Real Estate Outlook Gets Worse: The National Mortgage Complaint Center says, "ever hear of toxic Chinese drywall? The nation needs to prepare for this worsening disaster. One of our affiliated groups has now formally called for a moratorium on US banks reselling toxic Chinese drywall foreclosures in Florida, Alabama, Mississippi, Louisiana, Virginia, and Southeast Texas, until the Fed's come up with a reasonable, and safe way to repair these homes-if not they will need to be bulldozed." Toxic Chinese drywall began entering the United States as early as 2001. The gas emissions from toxic Chinese drywall are bad enough to corrode electrical wires, and turn copper pipes black. The group estimates there are at least 200,000+ toxic Chinese drywall homes in the US Southeast alone. The group fears in 2011 toxic Chinese drywall will be discovered in all 50 US States. The National Mortgage Complaint Center is saying, "toxic Chinese drywall is a game changer for all US homeowners, for all US banks, and for the US homebuilding industry, and its going to get really ugly in 2011." For more information about toxic Chinese drywall please visit http://ChineseDrywallComplaintCenter.Com

Important Note: The National Mortgage Complaint Center is saying, "the vast majority of US homeowners are over paying on their property taxes. In some cases it could be thousands, and thousands of dollars each year. Check with your local real estate agents to see what comparable homes in your neighborhood are selling for, and then check your property tax bill. If you are over paying contact your county assessor for information related to a property tax assessment correction." http://NationalMortgageComplaintCenter.Com

Foreclosure Victims Who Were Paying On Time Before Their Bank Said Stop Making Payments Should Contact The National Mortgage Complaint Center

The National Mortgage Complaint Center says, "we are looking for a very specific group of homeowners in each state, who paid their payments on time, were not in the arrears, wanted a loan modification because they were upside down on their mortgage, and they then lost the house-little to no formal notifications from the bank." The National Mortgage Complaint Center says, "by now we are certain most homeowners have heard about all US State Attorney Generals investigating foreclosures in their states. Our investigation will attempt to clarify the most severe foreclosure fraud problems." Victims of a bank telling a homeowner to stop making mortgage payments, only to end up losing their home can contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com

Washington, DC (Vocus) October 18, 2010

The National Mortgage Complaint Center is looking for a specific group of former homeowners, who were never late on their mortgage payment, who had decided since they were upside down on their mortgage payment they would contact their bank/loan servicer for a loan modification, who were then told by their bank, or loan servicer to stop making mortgage payments, and rather than receiving a loan modification, lost their home to a foreclosure. The group says, "These are the exact people we want to talk to. One of the gigantic problems in the US foreclosure disaster is banks, or loan servicers do not assign a homeowner attempting to take advantage of a loan modification to the same customer service agent. Instead the borrower never talks to the same person twice-no names-e-mail addresses-nothing." The National Mortgage Complaint Center says, "The group of people we want to hear from are borrowers, who were always on time, who were told to stop making their mortgage payments by the banks, or loan servicer, who wanted a loan modification, but instead got a foreclosure notice." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, "we cannot help people who were already behind in their mortgage payments, before their bank contacted them, or before they were foreclosed on. We think it is very important to find people, who received no notice from the bank, that a foreclosure was imminent, meaning the bank sought foreclosure on their home without first notifying them of bringing the case." They say, "we know there are tens, and tens of thousands of homeowners, who were not behind on their payments, they simply wanted a loan modification, their bank told them to stop making payments, and instead of getting a loan modification-they got a foreclosure notice-typically without prior notice.You are the people we want to hear from." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com

There is no cost to consumers for this investigation, on the part of the National Mortgage Complaint Center.

The National Mortgage Complaint Center is one of the most quoted source in the United States on predatory mortgage lending. The group has been featured, or quoted in the Wall Street Journal, Money Magazine, Newsweek Magazine, Good Housekeeping Magazine, Parade Magazine, The New York Times, The Los Angeles Times, and numerous other news, or media outlets. In the June 2005 edition of Money Magazine, the group warned about a national economic train wreck if banks, and major US homebuilders did not put a stop to appraisal fraud. http://NationalMortgageComplaintCenter.Com

National Mortgage Complaint Center Wants To Hear From Victims Of Banks Saying Stop Making Mortgage Payments & The Resulting Foreclosure

The National Mortgage Complaint Center is initiating a national investigation of major US banks, or mortgage loan servicers telling their borrowers to stop making mortgage payments on their home, which then resulted in the homeowner losing their home to a foreclosure. The group is saying, "We are looking for a very specific group of homeowners in each state, who paid their payments on time, were not in the arrears, wanted a loan modification because they were upside down on their mortgage, and they then lost the house-little to no formal notifications from the bank." The National Mortgage Complaint Center says, "by now we are certain most homeowners have heard about all US State Attorney Generals investigating foreclosures in their states. Our investigation will attempt to clarify the most severe foreclosure fraud problems." Victims of a bank telling a homeowner to stop making mortgage payments, only to end up losing their home should visit the National Mortgage Complaint Center's contact page & let the group know the specifics of what happened, and who did what, to who. http://NationalMortgageComplaintCenter.Com

Washington, DC (Vocus) October 15, 2010

In an attempt to clarify bank misconduct in the US foreclosure, and real estate disaster, the National Mortgage Complaint Center is looking for a specific group of former homeowners, who were never late on their mortgage payment, who had decided since they were upside down on their mortgage payment they would contact their bank/loan servicer for a loan modification, who were then told by their bank, or loan servicer to stop making mortgage payments, and rather than receiving a loan modification, lost their home to a foreclosure. The group says, "These are the exact people we want to talk to. One of the gigantic problems in the US foreclosure disaster is banks, or loan servicers do not assign a homeowner attempting to take advantage of a loan modification to the same customer service agent. Instead the borrower never talks to the same person twice-no names-e-mail addresses-nothing." The National Mortgage Complaint Center says, "The group of people we want to hear from are borrowers, who were always on time, who were told to stop making their mortgage payments by the banks, or loan servicer, who wanted a loan modification, but instead got a foreclosure notice." The National Mortgage Complaint Center is saying, "please do not try to call us with this information, simply go to our web site contact page-fill out what happened-the name of the bank-when you were told to stop making payments-and when you lost the house. After reviewing this information we will contact you." http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, "We are most interested in homeowner, or former homeowners, who are in states with judicial foreclosure laws. Also, we think it is very important to find people, who received no notice from the bank, that a foreclosure was imminent, meaning the bank sought foreclosure on their home without first notifying them of bringing the case." The group says again, "Please no phone calls, we cannot handle thousands of calls per hour. Simply go to the contact page on our web site and fill out the contact form." http://NationalMortgageComplaintCenter.Com (http://NationalMortgageComplaintCenter.Com)

There is no cost to consumers for this investigation, on the part of the National Mortgage Complaint Center.

The National Mortgage Complaint Center is one of the most quoted source in the United States on predatory mortgage lending. The group has been featured, or quoted in the Wall Street Journal, Money Magazine, Newsweek Magazine, Good Housekeeping Magazine, Parade Magazine, The New York Times, The Los Angeles Times, and numerous other news, or media outlets. In the June 2005 edition of Money Magazine, the group warned about a national economic train wreck if banks, and major US homebuilders did not put a stop to appraisal fraud. The National Mortgage Complaint Center is now saying, "US banks are either creating foreclosures because of sloppiness, and incompetent customer service, or they are hiding the true number of potential US foreclosures, out of fear it would create an instant economic meltdown. What happened to all the mortgage bailout money the banks received from the morons in the Nancy Pelosi Congress?" http://NationalMortgageComplaintCenter.Com

 

National Mortgage Complaint Center Expands Its Free Mortgage Junk Fee Review For Homeowners Who Refinanced In Late 2009/2010 & Blasts HUD For New

 

Mon Jul 19, 3:00 am ET

The National Mortgage Complaint Center is dramatically increasing its investigation of national title insurance companies, and or national mortgage banks up-charging third party costs. At the same time the group is blasting the United States Department of Housing and Urban Development for their new Good Faith Estimate. According to the group," from credit reports, to junk title fees, the US title, mortgage industries have gone right back to their old ways, and we need to put an end to it. If a homeowner, especially a woman has financed, or refinanced their mortgage since August of 2009, and wants to know if they were taken advantage of, on junk mortgage fees, call us." The National Mortgage Complaint Center is also saying, "what and the Hell was HUD thinking with the new Good Faith Estimate format, introduced on January 1st 2010. Only the IRS could have come up with something more complicated, and or less transparent." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via their web site at Http://NationalMortgageComplaintCenter.Com

(PRWEB) July 19, 2010 -- The National Mortgage Complaint Center is saying, "Financial reform, or oversight is a myth in the mortgage industry, that is way over rated. You'd think after the US mortgage meltdown of 2007, banks & major US title insurance companies would have cleaned up their act. Wrong. We are right back to the way it was." The group says, "At no cost we will inspect the second page of a HUD-1 Settlement Statement to see how bad the consumer/homeowner was over charged-for free. The caveat is the finance, or refinance must have occurred after July of 2009." The group is also mocking the Department of Housing & Urban Developments new Good Faith Estimate. They say, "What was HUD thinking when they came up with the new Good Faith Estimate format. Morons! Where are the mortgage fees listed? Did the mortgage industry come up with this new format-courtesy of a campaign donation to Senator Dodd, or Congressman Barney Frank?" For more information please call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.com.



The Specifics Of The National Mortgage Complaint Center's Free National Junk Mortgage Fee Inspection Include:
* Was a homeowners credit report fee up-charged during a August 2009-June 2010 mortgage refinance, or home purchase?
* Was a homeowner overcharged by a national title insurance/mortgage banks courier fees, in a August 2009-June 2010 refinance, or home purchase?
* Was a homeowner over charged with up-charged notary fees by a national title insurance, mortgage bank's August 2009-June 2010 refinance, or home purchase?
* Was a homeowner victimized by up-charged Tax Certification-or-Flood Certification fees, in a home refinance, or purchase from August 2009-June 2010?
* Was a homeowner who refinanced their home after August of 2009 told, "California, and most US states have statutory requirements, that allow for a discounted title insurance premium-if the homeowner re-uses their existing title insurance companies?"
Special Note From The National Mortgage Complaint Center, "We also want to hear from former title insurance company employees about under the table kickbacks, and pay offs to mortgage brokers, real estate agents, banks, and State Insurance Commissioners. Its still a huge problem, and we intend to expose it."

The National Mortgage Complaint Center is offering this free mortgage document review for homeowners, who refinanced after July of 2009, as a way to level the playing field for all future US homeowners. For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.com

 

 

The National Mortgage Complaint Center Offers Dramatic Help For Homeowners Cheated By Their Lender or Loan Servicer

The National Mortgage Complaint Center is one of the most quoted sources on predatory mortgage lending in the US. Because so many scam artists, and or phoney's have gotten into the foreclosure, loan modification, and or loan servicing issue business, the National Mortgage Complaint Center is now offering a comprehensive honest service to help homeowners, who have issues with their mortgage lender, or their loan servicing company. The group is saying, "there is a catch. The catch is we can only help homeowners, who have been making their monthly payments, or homeowners who have been mistreated by their loan servicing company/bank. We cannot help someone who has not made a mortgage payment for the last year-no one can." The National Mortgage Complaint Center's program is designed to assist honest homeowners, who need assistance with their mortgage mess. For more information please contact the National Mortgage Complaint Center anytime at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center is now offering a comprehensive service for honest US homeowners stuck in a mortgage mess with their bank, mortgage lender, or home loan servicing department. The group has been auditing mortgage documents for nearly a decade, and is the, or amongst the most quoted sources in the US on the topic of predatory mortgage lending. The National Mortgage Complaint Center is now offering services for homeowners who were cheated in the process of getting a home loan, who are now unable to refinance their home-facing foreclosure, and or are living through a nightmare with their loan servicing company because of misapplied mortgage payments. The National Mortgage Complaint Center is initiating this robust effort in the hope of performing a vital help service for US homeowners in the mortgage mess of their lives. The group says, "the most important reason for us creating this mortgage foreclosure, or loan servicing rescue service is simple-most current US companies offering these types of mortgage help, audit, or mortgage rescue services are scam artists, who want a thousand dollars, or thousands of dollars up front." The National Mortgage Complaint Center is saying, "we will do our best to help homeowners who are current, or close to current on their existing mortgage, most were cheated. We will also try to help homeowners living through loan servicing hell, with a mortgage company/bank that has misapplied mortgage payments-creating a possible foreclosure situation." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, "many to most of these so called mortgage rescue, mortgage help groups, or mortgage relief organizations are mortgage lead generation firms, they want thousands up front, and they popped up as soon as the US mortgage crisis began, as another way to rip homeowners off." The group is saying, "we have been around for a long time, and we can really help innocent victims of being cheated by their mortgage lender, or bank loan servicing department-provided they are not months, or years behind on their mortgage, and the consumer has been making their mortgage payment." For honest US homeowners in a mortgage mess, the National Mortgage Complaint Center can help. For more information please call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center has been featured on CNN, NPR, or in Newsweek Magazine, The New York Times, The Wall Street Journal, Good Housekeeping Magazine, Money Magazine, CBS Market Watch, CNN Money, the International Business Times, in the Los Angeles Times as "The Good Watchdog, and numerous other US, or international news sources.

The National Mortgage Complaint Center charges $475 for this service. Consumers in a mortgage mess can call the group for a free consultation. The group says,"we will be up front with consumers-if we cannot help them-we will tell them-no charge. The groups service is designed to establish possible wrong doing on the part of a mortgage lender, a bank, or mortgage loan servicing firm. If we discover wrong doing-we will contact the lender, or loan servicing company in the hopes of correcting the problem." The National Mortgage Complaint Center is not a law firm, and its mortgage audit & inspection service is not an attempt to practice law. For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at http://NationalMortgageComplaintCenter.Com

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The National Mortgage Complaint Center Warns 80 Percent Of All USA Homewners Are Overpaying Their Property Taxes

- The National Mortgage Complaint Center is one of the most quoted sources in the United States on predatory mortgage lending issues, or mortgage issues in general. The group is saying, 'we fear over 80% of all US homeowners are paying too much on their property taxes. With the dramatic US residential real estate devaluations we have all seen in the last three years, most US homeowners could be paying 25% to 35%, or more on their property taxes, than they should be.' For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com

According to the National Mortgage Complaint Center,' if a homeowner feels like he/she/they are paying higher property taxes than are realistic in today's US real estate market, they need to contact their County, or in rare instances their City & County tax assessors office, and get the forms required to appeal their property taxes-at the same time they should check to see what the assessor says the home is worth, or check the tax statement.' The group says, 'hint, most of you are paying 25% to 35% more than you should be. In all likelihood you will be required to get an appraisal from an approved, or licensed appraisal firm, & the homeowner may have to appear before a hearing examiner, or county tax assessors board, to get your appeal approved.' But the group says, 'we think its worth the effort, because the savings could be in the hundreds, if not thousands of dollars, for an average US homeowner.' For more information please feel free to call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com

Note: Typically an appraisal from a licensed appraisal firm will cost between $350 to $450. The price varies in each state, or metro area.

The National Mortgage Complaint Center is also saying, 'for the 100,000+ homeowners living in homes with confirmed toxic Chinese drywall in Florida, Mississippi, Louisiana, Alabama, Mississippi, Texas, Virginia, Georgia, North Carolina, or South Carolina, your actual home is probably worth zero. The land may be the only thing of value. You should all appeal your current property tax bills.' For more information contact the Chinese Drywall Complaint Center at 866-714-6466, or contact the group via their web site at Http://ChineseDrywallComplaintCenter.Com

The National Mortgage Complaint Center is saying, 'these are really tough times, the government is really great at taking your money, but they rarely say, we overcharged you, here's a refund. Please don't get over charged on your property taxes.' The National Mortgage Complaint Center has always been about consumer protection. Http://NationalMortgageComplaintCenter.Com

 

 

International Business Times 

 

The National Mortgage Complaint Center is Warning All US Homeowners About Mortgages, Foreclosure Scams and the Future

Americas Watchdog's National Mortgage Complaint Center is warning all existing US homeowners about a seemingly endless amount of new mortgage scams, or schemes, designed to do little more than separate homeowners from their hard earned money. The group is saying, "while we do believe interest rates are going up, and homeowners with really good credit, and actual equity in their home should refinance, if they are paying more than 6% on their existing mortgage; don't fall for some telemarketing scam artist saying you have just qualified for a home loan, or a unsolicited mailer saying you are qualified for a new home loan." The National Mortgage Complaint Center is also saying, "for those of you in foreclosure, don't fall for one of theses scam foreclosure TV ads talking about President Obama, or saying they can help you with a bank. If you call these frauds, the first thing out of their mouth will be, send us $3000 to $5000, and we will try to get you some help." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com

(PRWEB) October 30, 2009 -- Americas Watchdog's National Mortgage Complaint Center is one of the most quoted sources in the US related to predatory mortgage lending. The group is warning all US homeowners about new mortgage scams that include everything from loan modifications, to loan foreclosures, and/or mortgage firms that are trying to refinance homeowners via telemarketing, or phony mailers that were not solicited by the consumer. The group is saying, "a TV commercial comes on with a picture of President Obama, and says we can help you. The part they forgot to say is, we may, or may not be able to help you, but before we talk, we need $3000 to $5000 from you up front. Don't do it." The National Mortgage Complaint Center is saying, "if you owe more than more than 20%, than your home is actually worth in today's actual real estate market, you are toast. You will not get refinanced, the best you can hope for is a forbearance agreement from your bank." The National Mortgage Complaint Center is all about protecting homeowners, or consumers from con job mortgage lenders, and or flim flam foreclosure/loan modification scams. For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com


Question: Are These Loan Modification, Or Foreclosure TV Ads For Real?


Answer: The National Mortgage Complaint Center is saying, "we do not think these slick TV ads on loan modifications or foreclosures are anything but one more way to take a homeowners money, before they are forced out of their home." The group is saying, "if a homeowner in a foreclosure bind really wants help, call your state bar association, to find out what law firms are qualified to actually help people craft a forbearance agreement, or loan modification." The group is also saying, "we are very annoyed with one or two of these so called loan modification web sites as they appear to have duplicated our own web site. We actually have been written about in Money Magazine, Newsweek Magazine, The Wall Street Journal, CBS Market Watch, Good Housekeeping Magazine, and the New York Times. We see no proof one article has ever focused on one of these so called loan modification firms." For more information please call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 


Question: Is Now A Good Time To Refinance?

 


Answer: Yes. According to the National Mortgage Complaint Center, "because of mindless federal bailouts we could see much higher interest rates in the near future. We are strongly recommending that any existing homeowner with a FICO score of 750 or better, and actual equity in their home, refinance right now, if they are paying more than 6% on their current mortgage." The group says, "within a year the Federal Reserve may be forced to dramatically raise interest rates out of fear of their ridiculous bailouts have cause inflation, or hyper inflation. If you are looking for honest mortgage lenders we recommend American Interbanc, The James B Nutter Company, or Bank of America." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 


Question: Does The National Mortgage Complaint Center Services For Homeowners In Foreclosure, or needing a loan modification?

 


Answer: No. The National Mortgage Complaint Center does not offer foreclosure or loan modification services to consumers. However, the National Mortgage Complaint Center will offer inspection services to actual lawyers or law firms with actual predatory mortgage lending issues. Lawyers are always welcome to call the National Mortgage Complaint Center for analysis of possible predatory mortgage lending problems. For more information actual lawyers can call the National Mortgage Complaint Center anytime at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 


Question: Does The National Mortgage Complaint Center Offer A Necessary Service For All Homeowners?

 


Answer: Yes. The National Mortgage Complaint Center offers a mortgage document inspection for $75, for any consumer who is about to finance, or refinance their home. The mortgage document inspection includes, a narrative report that looks at possible junk mortgage fees, inflated interest rates, junk title insurance fees and/or other issues involving the mortgage lender overcharging the consumer. The group says, "any consumer or homeowner about to finance or refinance their home should utilize our very unique mortgage inspection to make certain they are not being over charged, or gouged by their mortgage broker, or bank." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 


The group says, "every honest real estate agent should have the National Mortgage Complaint Center linked to their web site. Our mortgage inspection service will insure their client gets treated fairly by a mortgage lender."

 


The National Mortgage C

The National Mortgage Complaint Center is Warning All US Homeowners About Mortgages, Foreclosure Scams and the Future


Posted 30 October 2009 @ 03:26 am ET

 

 

Americas Watchdog's National Mortgage Complaint Center is warning all existing US homeowners about a seemingly endless amount of new mortgage scams, or schemes, designed to do little more than separate homeowners from their hard earned money. The group is saying, "while we do believe interest rates are going up, and homeowners with really good credit, and actual equity in their home should refinance, if they are paying more than 6% on their existing mortgage; don't fall for some telemarketing scam artist saying you have just qualified for a home loan, or a unsolicited mailer saying you are qualified for a new home loan." The National Mortgage Complaint Center is also saying, "for those of you in foreclosure, don't fall for one of theses scam foreclosure TV ads talking about President Obama, or saying they can help you with a bank. If you call these frauds, the first thing out of their mouth will be, send us $3000 to $5000, and we will try to get you some help." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com

(PRWEB) October 30, 2009 -- Americas Watchdog's National Mortgage Complaint Center is one of the most quoted sources in the US related to predatory mortgage lending. The group is warning all US homeowners about new mortgage scams that include everything from loan modifications, to loan foreclosures, and/or mortgage firms that are trying to refinance homeowners via telemarketing, or phony mailers that were not solicited by the consumer. The group is saying, "a TV commercial comes on with a picture of President Obama, and says we can help you. The part they forgot to say is, we may, or may not be able to help you, but before we talk, we need $3000 to $5000 from you up front. Don't do it." The National Mortgage Complaint Center is saying, "if you owe more than more than 20%, than your home is actually worth in today's actual real estate market, you are toast. You will not get refinanced, the best you can hope for is a forbearance agreement from your bank." The National Mortgage Complaint Center is all about protecting homeowners, or consumers from con job mortgage lenders, and or flim flam foreclosure/loan modification scams. For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 

 

 


Question: Are These Loan Modification, Or Foreclosure TV Ads For Real?

 


Answer: The National Mortgage Complaint Center is saying, "we do not think these slick TV ads on loan modifications or foreclosures are anything but one more way to take a homeowners money, before they are forced out of their home." The group is saying, "if a homeowner in a foreclosure bind really wants help, call your state bar association, to find out what law firms are qualified to actually help people craft a forbearance agreement, or loan modification." The group is also saying, "we are very annoyed with one or two of these so called loan modification web sites as they appear to have duplicated our own web site. We actually have been written about in Money Magazine, Newsweek Magazine, The Wall Street Journal, CBS Market Watch, Good Housekeeping Magazine, and the New York Times. We see no proof one article has ever focused on one of these so called loan modification firms." For more information please call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 


Question: Is Now A Good Time To Refinance?

 


Answer: Yes. According to the National Mortgage Complaint Center, "because of mindless federal bailouts we could see much higher interest rates in the near future. We are strongly recommending that any existing homeowner with a FICO score of 750 or better, and actual equity in their home, refinance right now, if they are paying more than 6% on their current mortgage." The group says, "within a year the Federal Reserve may be forced to dramatically raise interest rates out of fear of their ridiculous bailouts have cause inflation, or hyper inflation. If you are looking for honest mortgage lenders we recommend American Interbanc, The James B Nutter Company, or Bank of America." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 


Question: Does The National Mortgage Complaint Center Services For Homeowners In Foreclosure, or needing a loan modification?

 


Answer: No. The National Mortgage Complaint Center does not offer foreclosure or loan modification services to consumers. However, the National Mortgage Complaint Center will offer inspection services to actual lawyers or law firms with actual predatory mortgage lending issues. Lawyers are always welcome to call the National Mortgage Complaint Center for analysis of possible predatory mortgage lending problems. For more information actual lawyers can call the National Mortgage Complaint Center anytime at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 


Question: Does The National Mortgage Complaint Center Offer A Necessary Service For All Homeowners?

 


Answer: Yes. The National Mortgage Complaint Center offers a mortgage document inspection for $75, for any consumer who is about to finance, or refinance their home. The mortgage document inspection includes, a narrative report that looks at possible junk mortgage fees, inflated interest rates, junk title insurance fees and/or other issues involving the mortgage lender overcharging the consumer. The group says, "any consumer or homeowner about to finance or refinance their home should utilize our very unique mortgage inspection to make certain they are not being over charged, or gouged by their mortgage broker, or bank." For more information please contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 


The group says, "every honest real estate agent should have the National Mortgage Complaint Center linked to their web site. Our mortgage inspection service will insure their client gets treated fairly by a mortgage lender."

 

 




 

The National Mortgage Complaint Center Wants To Team Up With Actual Law Firms To Assist Homeowners With Loan Modifications and Foreclosures

According to the National Mortgage Complaint Center, "the Internet, TV and radio are filled with groups offering to do loan modifications or save a homeowner from foreclosure. There is one slight problem -- typically these are not actual law firms; more often than not, these groups are schemers trying to bilk a homeowner one last time, before they lose their home." The group says, "there will be record numbers of foreclosures in 2009 and 2010 and we want to create a list, to be posted on our web site, of actual law firms in each state that actually have the ability to assist a homeowners facing foreclosure." For more information law firms with a real estate, consumer or bankruptcy practice should call the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

(PRWEB) June 22, 2009 -- The National Mortgage Center is one of the most quoted sources in the US on predatory mortgage lending and the group is initiating a campaign to list real law firms on its web site, in order to get real help for homeowners needing a loan modification, or foreclosure assistance, in each US State. The group is saying, "we are sick and tired of the phony TV ads, the misleading radio commercials, and the fraudulent web sites, offering loan modifications, and/or foreclosure relief from non attorneys. We want to put an end to this by listing real attorneys or law firms in each state that actually have the ability to assist consumers with loan modifications and/or foreclosures." For more information, lawyers or law firms that have a practice area in real estate, foreclosures, bankruptcy, or short sales should contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 

 

 

From a credibility standpoint, the National Mortgage Complaint Center actually has been featured on CNN, NPR, or in Newsweek Magazine, Money Magazine, the Wall Street Journal, Good Housekeeping Magazine, CNN Money, The Los Angeles Times (As The Good Watchdog), CBS Market Watch, and numerous other publications. According to the group, "we expect the 2009 and 2010 foreclosure situation to get worse, and we need real attorneys or law firms to help these people." For more information law firms or attorneys can contact the National Mortgage Complaint Center at 866-714-6466, or contact the group via its web site at Http://NationalMortgageComplaintCenter.Com.

 

According to the National Mortgage Complaint Center, "we want to put the phonies out of business; we intend to list attorneys or law firms in each state that have the proper skill sets to help homeowners with mortgage or foreclosure issues, and we will do weekly press releases for years to make sure consumers in their state know where to go or how to get help. The group will allow no more than two law firms in each state to participate; this initiative is based on first come, first come, first serve, and its intent is to really get some help for homeowners in what could be the worst mess of their life. The cost for participation is $425 for a law firm, and the law firm must be based in the state it offers the foreclosure, loan modification, bankruptcy law, or short sale assistance. For more information law firms that specialize in real estate law, bankruptcy law, foreclosures, short sales, or consumer law should contact the National Mortgage Complaint Center at 866-714-6466, or contact the group at its web site at Http://NationalMortgageComplaintCenter.Com.

 

If a real estate professional or law firm knows of a colleague with these specialties, please share this press release with them.

Americas Watchdog Blasts The US Congress For A Mortgage Fee Kickback That Affects Most US Homeowners

For over five years Americas Watchdog's National Mortgage Complaint Center have been attacking a gigantic mortgage kickback scheme called a yield spread premium. What is a yield spread premium? "A yield spread premium is a mortgage kickback fee a bank, mortgage banker or mortgage broker gets for inflating a borrowers interest rate. Banks & mortgage bankers get the very same kickback, they just don't have to disclose it-brokers do. Why is this timely? Millions of Americans are losing their homes because of mortgage products that were built around the yield spread premium. The National Mortgage Complaint Center's Web site is located at Http://NationalMortgageComplaintCenter.Com.

(PRWEB) April 6, 2009 -- Americas Watchdog and its National Mortgage Complaint Center have been blasting away at the worst mortgage double standard in US history, called a yield spread premium for years--to an unreceptive US Congress. What is a yield spread premium? A yield spread premium is a kickback a mortgage broker, bank or mortgage banker gets for inflating a homeowner's interest rate/monthly mortgage payment, over the best rates available. According to Americas Watchdog's National Mortgage Complaint Center, "the reprehensible part about this yield spread premium double standard, is mortgage brokers rarely if ever explain, or tell the homeowners about this fee, that is typically in the thousands of dollars, even though they are required to disclose it. Banks on the other hand, have no such disclosure requirement, even though they get they exact same kick back." The National Mortgage Complaint Center's web site is located at Http://NationalMortgageComplaintCenter.Com.


* How many US homeowners have been conned by the yield spread premium kick back scheme? The National Mortgage Complaint Center estimates its over 95%+ of all existing US homeowners.

* How much is the typical yield spread premium? The National Mortgage Complaint Center estimates its between $2500 to $5000 per homeowner, or about $100 to $300 per month in higher monthly mortgage payments, per homeowner.

* Why is this wrong? According to the National Mortgage Complaint Center, "any kind of kickback is wrong. We are in the worst mortgage mess in our nations history, and the yield spread premium kick back scheme has a lot to do with it. Most mortgage brokers went crazy from 2002-2007 gouging homeowners with poorly disclosed yield spread premiums, & banks and mortgage bankers did the very same thing-they just didn't have to disclose it."

* Why do mortgage brokers have to disclose a yield spread premium & bank and mortgage bankers do not? "The reason for the yield spread premium kick back scheme double standard is really easy. Banks, mortgage bankers and homebuilders give a lot more money to the US Congress than do mortgage brokers. As a result we get a poorly disclosed mortgage fee double standard, that has literally cost US homeowners hundreds of billions of dollars over the years in higher mortgage payments."


A prayer for relief from the Obama Administration: The National Mortgage Complaint Center says, "African Americans and working class Americans have been disproportionately affected by this ridiculous yield spread premium double standard. We literally sat in a McDonalds, in Compton/Watts, California in 2006, and reviewed, now under investigation Countrywide Home Loan documents, where the homeowner was being offered a no appraisal fee, no credit check, $10,000 money back loan." According to the group, there was just one slight problem, "Countrywide had just refinanced the borrower six months earlier & the new loan came with a 4 point discount fee. Countrywide had no obligation to tell the unsuspecting borrower they were also making extra undisclosed thousands of dollars on the deal, because they were a bank, & banks and mortgage bankers do not have to disclose the yield spread premium mortgage kick back scheme. Other banks and mortgage bankers were also doing this. Many of these people have since lost their homes."


According to Americas Watchdog's National Mortgage Complaint Center, the US Congress has to stop taking campaign donations, if the member sits on a Congressional, or Senate Committee, that has oversight responsibility over the industries, or groups, that as it turns out are the Congress person's or Senator's biggest campaign donators. Congress and the US Senate need to immediately push through reforms that require banks and mortgage bankers to disclose mortgage kickbacks called yield spread premiums--just like mortgage brokers are required to do.


"The US economy is in a shambles in part because of banks, mortgage bankers, homebuilders, and even mortgage brokers deceiving consumers with the yield spread premium kick back scheme. If homeowners had actually seen what the bank, mortgage banker, or broker was actually making on the deal, we don't think the homeowner would have done the loan."


Americas Watchdog's National Mortgage Complaint Center is all about consumer protection and corporate responsibility. Their web site is located at Http://NationalMortgageComplaintCenter.Com.

 


Americas Watchdog Wants To Talk With Countrywide and Washington Mutual Employees About Loan Serving Practices
PRWeb

Posted: 2008-11-17 02:05:00

Americas Watchdog and its National Mortgage Complaint Center enlarging the scope of its national investigation of the loan servicing practices of Washington Mutual, Countrywide Home Loans and other mortgage loan servicers, that might be engaged in anti consumer practices in their mortgage loan servicing. Both Washington Mutual and Countrywide Home Loans are the subjects of numerous class actions and federal/state investigations. If a current or former employee of Washington Mutual, Countrywide Home Loans or other mortgage servicing firms have specific information about anti-consumer practices related to home mortgage servicing, the National Mortgage Complaint Center would like to hear from them. Individuals with specific information can call the National Mortgage Complaint Center anytime at 866-714-6466 or visit their web site at http://NationalMortgageComplaintCenter.com

(PRWEB) November 17, 2008 -- Americas Watchdog's National Mortgage Complaint Center is intensifying the scope of its national investigation of Washington Mutual & Countrywide Home Loans mortgage servicing practices. According to Americas Watchdog, "we want to hear from current or former employees who have specific information about loan servicing practices that may take advantage of borrowers, or put borrowers at risk." Individuals with specific information should call the National Mortgage Complaint Center at 866-714-6466 or visit their web site at http://NationalMortgageComplaintCenter.com



 

The National Mortgage Complaint Center wants to hear from former Washington Mutual, Countrywide, or other home loan mortgage servicing companies with specific information about the following:

 

  • Overcharging borrowers for fees and expenses.

  • Basing charges on estimated rather than actual fees and expenses.

  • Possible misapplication of the borrowers mortgage payment, resulting with the borrower showing late when in fact they were current.

  • Possible misapplication of the homeowners reserve payment for taxes and insurance, that results in a borrower showing as late.

  • Possible intentional putting homeowners into forced placed insurance even though the borrower had a current homeowners insurance policy that was current.

  • Possible alteration and/or destruction of documents, including faxes from borrowers, that would demonstrate the borrower was current.


The National Mortgage Complaint Center has been investigating mortgage servicing practices for half a decade. According to Americas Watchdog, "if most Americans saw how bad mortgage servicing is in the US there would be a homeowners revolt. We think poor mortgage servicing abusive practices are widespread and we need to hear from courageous current or former employees to try to help millions of US homeowners, who may have been mistreated in the mortgage payment process." Individuals with specific information can call the National Mortgage Complaint Center anytime at 866-714-6466 or visit their web site at http://NationalMortgageComplaintCenter.com

 

Americas Watchdog & its National Mortgage Complaint Center are all about consumer protection and corporate responsibility.

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Consumer Advocates Disclose the Yield Spread Premium Kick Back on Mortgages

RISMEDIA, Jan. 8, 2008-For the last four years Americas Watchdog has been vocal about double standards that exist in the U.S. mortgage industry. Because of these double standards, Americas Watchdog estimates that 9 out of 10 current U.S. homeowners pay a higher monthly mortgage payment than what they could have, or should have received when they financed or refinanced their home.

A “yield spread premium” is a kick back that banks or mortgage lenders receive for inflating a consumer’s interest rate on a home loan. According to Americas Watchdog, “mortgage brokers have to disclose this kickback to consumers, but banks and mortgage bankers are exempt from this disclosure requirement”. Also known as a rebate; according to Americas Watchdog, “yield spread premiums have a whole lot to do with the current US real estate disaster. Had U.S. consumers actually been able to see what their bank, or mortgage banker was making off their mortgage transaction, or how much it increased their monthly mortgage payment, most consumers never would have agreed to do the mortgage in the first place.”

According to Americas Watchdog and its National Mortgage Complaint Center, “the U.S. Congress and consecutive White House Administrations have failed to require banks, mortgage bankers and home builders to disclose the yield spread premium kick back, because these business groups are some of the largest campaign donors to members of Congress, the U.S. Senate, and consecutive White House Administrations”. Americas Watchdog added, “if most citizens want to know why we have an epic real estate disaster in the U.S., one needs look no further than Washington D.C. and an army of paid lobbyists to see how it happened”. Americas Watchdog went on to say, “Wall Street is also complicit in the U.S. mortgage disaster because most of the biggest investment bankers, and financial advisers sold US pension funds garbage mortgage loan portfolios, that now could literally bankrupt many of our nation’s pension funds.”

So how bad is the mortgage yield spread premium kick back issue? According to the National Mortgage Complaint Center, “it’s so bad that only 1 out of 100 consumers even know what it is. Even worse, on mortgage broker transactions, where the broker is required to disclose the yield spread premium kick back, only 2 percent of all consumers even know what it was, or how it affected their monthly mortgage payment.”

On mortgage loans or refinances from a bank or mortgage banker there is no requirement to even disclose the kickback, even though like mortgage brokers, they get these kick backs too. Americas Watchdog’s President estimates “the average U.S. homeowner pays about $125 more per month, because a bank, mortgage banker or home builder failed to mention that they received thousands of dollars for inflating an unsuspecting consumer’s interest rate over the best interest rates available. In the end an unsuspecting consumer simply ends up with a much higher monthly mortgage payment”.

So what immediate federal reforms are needed with respect to U.S mortgages/home loans?

1. Mortgage brokers, banks, mortgage bankers and home builders acting as mortgage lenders, should all be required to disclose to the consumer the yield spread premium kick back they are getting for inflating the borrowers interest rate, & what difference this will make in the borrowers monthly mortgage payment.

2. Banks, mortgage bankers and home builders acting as mortgage lenders should be required to disclose the “service release premium” (SRP) they get for selling a consumers mortgage to a loan servicer. A SRP is typically $1500 to $3000, and the home loan borrower should see this fee up front, in order to fully understand what the lender is actually making on the mortgage transaction.

3. According to the group, it should be illegal for banks, mortgage bankers or home builders to be set up phony title insurance companies, and then resell the title insurance policy to a title insurance company for pennies on the dollar. The National Mortgage Complaint Center has proof national home builders are deeply involved in this scheme.

According to the group, “it’s an election year and voters need to see how their Congress person or US Senator participated in this disaster. A bribe from special interest group is still a bribe, and millions of U.S. homeowners have been cheated, gouged and many may now lose their home.”

If a homeowner or home buyer intends to finance or refinance a home loan in 2008, the National Mortgage Complaint Center is encouraging all consumers to call its national toll free number for the name of a honest mortgage lender that can help them with a conventional, FHA or VA mortgage.

For more information, visit http://HomeOwnersConsumerCenter.com.

 

2005

Taking Out The Garbage-San Francisco Chronicle July 2005

TAKING OUT THE GARBAGE
The average mortgage borrower pays $1,250 in junk fees. Here's how to identify them -- and maybe not pay them at all By Lew Sichelman

Special to The Chronicle

Sunday, July 10, 2005

Most people facing surgery wouldn't go under the knife without first seeking a second opinion. After all, an operation can be a life-altering event.

Buying a house also is a major episode in people's lives. Often it is the largest investment most of us will ever make. And now there's a place you can turn to for a second opinion about your mortgage, another set of eyes to look over the lender's charges to make sure they are fair and reasonable -- before you sign on the dotted line.

Is such scrutiny necessary?

Absolutely, according to Thomas Martin of the National Mortgage Complaint Center in Seattle, who says borrowers pay $1,250 more on average in closing costs than necessary.

Martin, who has been reviewing loan documents for about a half-dozen years on behalf of consumers and class-action attorneys, says 3 out of every 4 borrowers are charged more than their loan officers had told them they would be.

"On an average day," he said, "I look at maybe 15 HUD-1s," the industry term for the government-proscribed form most lenders use to list the various settlement charges borrowers are required to pay. "Every time I think I've seen it all, a new trick or angle pops up, It's really discouraging."

Stephen O'Connor, vice president of government affairs at the Mortgage Bankers Association in Washington, would not dispute Martin's findings, saying that he couldn't comment until he reviewed the settlement sheets and "looked at all the factors."

But he did say the research "underscores the need" for the mortgage reform proposals long advocated by the Department of Housing and Urban Development.

"One of the reasons the White House is calling for a package of closing costs at a guaranteed price is so that consumers can shop fees as well as rates," he said. In the latest sample of 1,347 loans, Martin's Justice & Integrity Project found that the typical application fee was $177. Yet some borrowers were hit for as much a $650, almost four times the average.

Half of all borrowers also were charged a document preparation fee averaging $254. But in at least one instance, a borrower was charged $475. Also, 1 out of 3 borrowers was required to pay a funding fee, typically of $71. But Martin found at least one who paid $275, again almost four times the average.

Lenders have always padded their bottom lines to some degree with these and other junk, or garbage, fees. But everybody who should know better -- real estate agents and title representatives, in particular, but federal and state regulators, too -- has tended to look the other way. After all, nobody wants to be the one to blow the deal.

But during the past few years, Martin says, the degree to which borrowers have been cheated or overcharged with duplicative or needless fees has grown to epidemic proportions.

Because the flood of easy-to-originate refinance loans has all but dried up, he reasons, many lenders have been forced to try to squeeze every dollar they can out of consumers who seek more labor-intensive purchase-money mortgages.

"They're trying to make each deal more profitable to keep their doors open," Martin said.

To protect yourself, you should go over the good faith estimate of anticipated closing costs that your lender is required to give you within three days of applying for a mortgage. That is, if you get one.

Even though the good faith estimate is required by federal law, Martin's research has found that some don't see the document until a few days or hours before closing. Others don't see it until they sit down at the settlement table. Some have told him they never saw one at all.

In a yearlong study completed in 2004, Martin found that only 1 in 4 borrowers ever received this all-important document.

Unfortunately, the time to unearth overcharges and make sure you don't have to pay more than the going rate or perhaps not pay them at all is as soon after you receive your estimate as possible. So if you don't receive one within the allotted time limit, call your lender and demand that one be sent right away.

"Don't wait until closing day" to challenge unnecessary fees, Martin said. "That's what most people do. We all tend to put things off until the last minute. It's still not too late if you do -- if you are prepared to walk away from the deal.

"The problem is most folks show up at closing with the moving van already loaded, just itching to get into their new places, so waiting until the moment of truth is, indeed, too late."

If you don't feel competent to divine what's fair and what's not, Martin's firm will do it for you. For $35, the National Mortgage Complaint Center (www.americaswatchdog.com) will run your good faith estimate through its system and determine whether you are being overcharged and by how much.

Is it worth it? Jim Lowman of Baltimore says it is. The complaint center "was instrumental in helping me save over $2,000 in uncalled for mortgage fees before I closed on my loan," he said, "That $35 was the best investment I ever made."

Martin not only looks for duplicate and excessive fees, line by line, but also looks for terms and conditions you might not be aware of, such as prepayment penalties and undisclosed or hidden charges the lender that is funding your loan might be paying the mortgage broker that originates the loan.

These behind-the-back payments are known as yield-spread premiums. Of the 1,000-plus loans he studied in his most recent survey, 97 percent of the borrowers had no idea the broker received extra compensation, Martin says.


How to take out the garbage fees

Anyone who protests junk fees should do so in writing. A phone call won't do, warns Thomas Martin of the National Mortgage Complaint Center.

"Write a letter and ask the lender to explain the charges or rescind them, and request that the lender's response be in writing, too," Martin advised. "Everything should be writing -- your letter, the response letter and any offer to lower or eliminate the fees -- so you can have a record when you arrive at settlement."

If you aren't satisfied, don't be afraid to walk away from the loan and go elsewhere, even if you've already anted up $300 to $400 for an appraisal and credit report.

Martin says the very purpose of making borrowers pay these fees in advance is to prevent them from taking their business to a rival. To protect yourself, Martin says you should insist on paying for the appraisal and credit report at closing.

If you pay in advance and decide to leave, he says, demand copies. After all, you paid for them, so they are rightfully yours..

 

 

December 14, 2005

 


 

How to Prevent Excessive Loan Fees
by Lew Sichelman

 

Whether you are looking to finance a new house or refinance the one you're already in, you can protect yourself from being overcharged by following this list of "dos and don'ts" from the National Mortgage Complaint Center, a for-profit company which inspects loan documents for unnecessary and duplicative lender fees prior to closing.

Do:

Check out any lender with whom you are considering doing business. Check with your local better business bureau, consumer affairs agency and the state agency which supervises the mortgage business. Find out if any complaints have been lodged against them, the nature of the complaints and how they were resolved.

Ask each lender to give you a quote that includes not only the interest rate but also all the fees associated with the mortgage. And make the request before allowing them to run your credit report. You should be honest about how good or bad your credit history is, but you should not have to pay for a credit report or anything else in advance of obtaining a quote and actually making a formal application for a mortgage.

Remind the lender that he is required by law to provide a Truth in Lending statement and a Good Faith Estimate of your closing costs within three days of applying for the loan. Don't just remind the lender, though, but also inform him that you expect him to comply with these federal regulations. No excuses.

Confirm in writing whether you will be paying the broker twice, once in the form of an origination fee and again in the form of a "yield spread premium." YSPs are back-end fees which are paid by the funding lender to the broker for landing customers willing to pay a higher interest rate.

There are reasons why a borrower might be willing to pay more. You might want to roll the closing costs into the loan amount, for example, or you might want to borrow more than the house is actually worth. But you also have a right to know if the broker is double-dipping. According to Thomas Martin, president of the National Mortgage Complaint Center, "yield spread premiums are the number one source of overcharges in the mortgage industry."

Also confirm whether or not the loan you are seeking comes with a prepayment penalty for paying off the mortgage early, typically within the first three years.

If the lender is unwilling to make either of these two disclosures in writing, Martin strongly suggests that you "find another mortgage lender."

Have NMCC or some other reliable but also independent third party review the loan documents for possible overcharges or unjustified fees. The complaint center charges $45 for a narrative report detailing the fees it finds excessive.

Don't:

Do not be swayed by slick TV and radio ads. Some may be from legitimate lenders, but many are from companies which act as nothing more than middlemen who charge lenders for sending them "leads." Do your own homework.

According to Martin, "These middlemen frequently get huge fees for sending the borrower to the most expensive lenders, with the net result being, you end up paying more money."

Do not be fooled by offers that sound too good to be true. If it sounds too good to be true, it usually isn't true at all.

Do not sign any papers in which the blanks are not completely filled in or crossed out. And don't be talked into fibbing on your loan application by someone who says "everybody does it." It is illegal to falsify loan documents.

Don't go with the builder's in-house lender just because it is convenient to do so. Compare what the builder is offering to the rates and fees other lenders charge. His may or may not be the best deal, and sometimes the builder will sweeten the pot to gain control over the entire transaction.

But remember, builders who also act as lenders are earning the same fees -- or maybe higher fees -- that other lenders charge. Martin, who has reviewed thousands of transactions on behalf of borrowers, says some of the highest charges he's seen come from builders acting as mortgage brokers.

Do not allow yourself to be forced into closing the loan if you don't understand all the terms or if the terms don't match what you were told in the beginning. Give yourself some leeway – at least several days – between closing on the mortgage and moving into the new house so that if something isn't satisfactory, you won't be stuck with a loaded moving van and a car full of screaming kids waiting to get into their new digs.

Realize that both the lender and the seller have just as much incentive to close as you do. So if something isn't right, stick to your guns. Make one of them flinch first.


 

 


 

Homeowners Beware Of TV/Internet Mortgage Services and National Mortgage Referral Services (Press Release)

by Mike Adams, the Health Ranger, NaturalNews Editor

According to a just released report by the National Mortgage Complaint Center, homeowners wishing to finance or refinance their homes should consider steering clear of any mortgage service/mortgage referral service that promotes itself on TV or the Internet as a way to get mortgage firms to fight for their business, or as your helpful way to "get rid of debts or credit card bills".

According to the report, in the vast majotity of cases inspected, the lenders that would fight each other to give the homeowner "the best possible deal", were in many cases the very same lenders that have a reputation for gouging or over charging consumers nationwide (one lender that came up very often as a "competitive lender" is under investigation by numerous state attorney general's for gouging consumers). According to Thomas Martin, President of the National Mortgage Complaint Center, "this could be the biggest case of individual or massive fraud in US History, because the homeowner does not know who/what they are dealing with. In many to most cases studied, the Internet mortgage lender/ mortgage referral service appeared to be getting the most money out of the homeowner in fees, or in excessive interest rates". As a solution Martin suggested, "keep it local, deal with people you know, or deal with companies that have been around for a while".

Martin went onto say that his "biggest worry is mortgage firms promoting exotic interest only mortgage products that have starting interest rates as low as 1.5 percent to 2 percent", "or mortgage firms that charge excessive interest rates using the excuse that its better than paying for a huge credit card bill". "At some point reality will set in, and homeowners will realize that they received a mortgage interest rate that was much higher than what they deserved/could have received, the homeowner will realize that the mortgage lender's fees were excessive, and or the homeowner will be put in a position; no longer able to afford his/her mortgage payments". As a result Martin predicts a huge new wave of forclosures starting sometime early next year. While Martin claimed to have identified a few honest companies on the Internet/TV, he indicated that the majority should not be trusted with something as important as a home loan or the largest financial transaction in a typical persons life. At the same time Martin pointed out, "without federal laws that level the disclosure playing field between Mortgage Brokers & Mortgage Bankers regarding a kickback scheme called a yield spread premium", "the consumers have no chance of getting a fair or fully discosed deal". Currently banks and mortgage bankers are not required to disclose a kick back for increasing the borrowers interest rate, while mortgage brokers must disclose it. Martin attributes this un-even playing field to campaign "contributions" from banks & mortgage bankers to the US House & Senate Banking Committee Members along with the current and previous federal administrations.

Martin indicated; "most disturbing of all; the working class, the elderly and or minority groups are the most vulnerable to the Internet mortgage referal service or TV ads that say "we can help you", or "we can send you $10,000 right away to pay off your debts", or "we can get 25,000 banks to fight to the death over your mortgage". According to Martin it would be more correct for these lenders or mortgage referral services to say; "Call us so we can help ourselves to your home's equity, or call us so we or our friends can rob you blind". Martin also expressed a deep concern that these same types of companies force appraisers to come up with unrealistic valuations to qualify a medium, or low income borrower, for a home loan they cannot afford. Martin described this type of appraisal fraud as a "train wreck waiting to happen", and he indicates inflated appraisals are happening at historic levels nationwide.

If you think you have been a victim of being gouged in an TV/Internet mortgage transaction or by a mortgage referral service you should contact the National Mortgage Complaint Center for a thorough review of your documents. The National Mortgage Complaint Center web site is located at http://NationalMortgageComplaintCenter.Com/.

If you have information as a current or former employee of a mortgage origination TV/Internet operation or a mortgage referral service that took advantage of consumers, or if you are an employee of an appraisal service that was forced to provide false valuations on bank or a mortgage lender's orders, you are also encouraged to contact the National Mortgage Complaint Center.

 

 

2004---Mortgage Bait & Switch

Borrowers Beware Of Bait & Switch

 

According to the National Mortgage Complaint Center, the number of fraud cases in the mortgage has increased over the recent years. Mortgage companies have been using false documents and getting them signed by borrowers. Many of them have even charged high interest rates and borrowers have been making such high interest payments due to lack of awareness on recent market trends.

It is found out that an average homeowner in the United States has to pay $1250 more in sub-prime mortgage industry. Sub-rime mortgage are offered to high risk borrowers who may have been rejected by other lenders. In recent years this industry has seen a considerable growth with a lot of consumers getting qualified for this loan. Consumers who face difficulty with the credit market are generally availing this loan. But, this growth has simultaneously given rise to predatory lending affecting the most vulnerable lenders. This kind of abusive lending is generally directed to the lower income and minority borrowers. Generally the elderly homeowners with reduced incomes become the target of these sub-prime home equity lenders as they often have considerable amount of equity in their homes. The most harmful practice begins with a loan based on the home equity rather than on borrower's ability to repay. These borrowers often fail to repay and the lenders acquire the borrower's home equity and ultimately the borrower loses his home through foreclosure or by signing a deed to the lender in lieu of the foreclosure. There are some other kind of abusive practices which are illegal under various federal or state laws.

Considering the growing rate of predatory lending in the mortgage industry, the National Mortgage Complaint Center has decided to have an audit service for protecting homeowners from abusive lending practices. But borrowers should also be aware of such unlawful activities and keep themselves away from such lenders.

Borrowers should consider some preventive measures to protect themselves from predatory lenders. They should not go by the rates that lenders often advertise. These rates are in fact, much lower than the actual fees charged by such lenders. The lenders advertise such low rates just to lure consumers so that they can approach them for loans.

Borrowers should demand a written copy of the fees that they keep paying to the lender on a monthly basis. This is because lenders often provide an estimate of fees at closing and later they charge higher fees pretending that they have forgotten to include these charges. But keeping the proofs of such documents will help borrowers in case of any discrepancies in the mortgage process.

If there is a rise in rate in the market during the time period between the application and closing, the lenders charge higher rate to borrowers. On the other hand if the rate falls downwards, the lenders try to ignore it and the borrowers are deprived of the advantage of the lower rate. So, the borrowers should monitor the market during this period.

The borrowers should try to keep a track of all the documents involved during the process and ask for proper clarifications wherever they have a doubt. Going this way will minimize the problems of being cheated by the mortgage companies to some extent. The borrowers should try to consult an Attorney or a professional known to the borrower and get the documents verified by them.

 

 

 

 

 




 PR News Now 
Consumer Alert Home Builders Create Mortgage Monopoly Building Standards Also Questioned


 Newsweek
Money: Read the Fine Print - Newsweek: Tip Sheet Money - MSNBC.com


A second set of eyes - Closing-cost maze spawns document-review services



Appraisal fraud: your home at risk


The Los Angeles Times

A good watchdog can take a bite out of lender's junk fees



SFGate.com
TAKING OUT THE GARBAGE / The average mortgage borrower pays $1250 ...



American Mortgage Info
Mortgage SOS (Second Opinion Service) Could Save Borrowers Thousands on Home Loans


Mortgage Industry May Owe Homeowners Billions For Overcharges.
Millions of U.S. homeowners have been cheated or overcharged by mortgage lenders when financing or refinancing their home a new survey/study finds.

 


"Thomas Martin is unyielding in his efforts to abate illegal mortgage lending practices. Without Michael I would have never known about questionable practices of mortgage brokers in lockstep with mortgage lenders."

Catherine Anderson, Attorney At Law
homeowne
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