How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Law Pro Your Own Question

Law Pro
Law Pro, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 22783
Experience:  20 years experience in consumer advocacy, debt collection violations, contracts, construction
Type Your Consumer Protection Law Question Here...
Law Pro is online now
A new question is answered every 9 seconds

WHILE IN PROCESS OF REFINANCING A LOAN WITH SAME BANK THEY

Resolved Question:

WHILE IN PROCESS OF REFINANCING A LOAN WITH SAME BANK THEY STILL ALLOWED DELINQUENCY NOTICES TO CREDIT BUREAU DROPPING CREDIT SCORE !
Submitted: 9 months ago.
Category: Consumer Protection Law
Expert:  Law Pro replied 9 months ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX X'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.

Are, or where you, current with the existing loan obligation during the refinancing?
Customer: replied 9 months ago.


YES< I HAD A VERBAL AGREEMENT WITH "ALL" AT BANK TO PAY A GOOD FAITH AMOUNT ON THE OLD LOAN AND IGNORE "COMPUTER GENERATED" DELINQUENCY NOTICES>. IHAD TO RE-APPLY AFTER WITHOUT EVEN NOTIFYING ME THAT THE FIRST APPLICATION (WHICH I HAD AN APPL. # XXXXX ) WAS CANCELLED BECAUSE "SOMEONE" THERE SAID I DID NOT WANT THE REQUIRED FULL APPRAISAL.I DID NOT SAY THAT ! (BACK IN MARCH AS ORIG. LOAN WAS DUE APRIL.I NEEDED TO DO ACOUPLE THINGS IN THE HOUSE BEFORE THIS FULL APPRAISAL WHICH MY ORIGINATOR CONDONED .THE APPRAISER NEVER CALLED AS THE MAIN OFFICE SAID THEY WOULD. MY ORIGINATOR KNEW I WAS GOING ON A VACATION.NOW MY CREDIT CARDS ARE ARTIFICIALLY MAXXING ME OUT, CUTTING AVAILABLE BALANCES BECAUSE I'M SURE OF THIS "DELINQUENCY". I'M TO CALL TODAY TO CHOOSE BETWEEN AN INSTALLMENT LOAN OF 25,000 ( I owe 23,000 ) OR ANOTHER EQUITY LINE. ONE REQUIRES HARDSHIP EXPLANATION ( WHAT QUALIFIES ?) I AM SUPPORTING AN UNEMPLOYED BROTHER WHO WOULD HAVE TO SIGN WITH ME ONLY ON THE EQUITY LINE> WHAT SHOULD I DO ???

Expert:  Law Pro replied 9 months ago.
Who is your lender in this - Bank of America or Wells Fargo?
Customer: replied 9 months ago.


PNC BANK

Expert:  Law Pro replied 9 months ago.
Oh.

Regretfully, most lenders do report a borrower late although they are modifying or refinancing the loan. This has caused litigation and lenders have been found wrongful in their practices routinely.

As reported by CNNMoney:

Homeowners who were victims of foreclosure abuses during 2009 and 2010 could receive more than $125,000 from lenders as part of an Independent Foreclosure Review that is being overseen by two government agencies.

The Office of the Comptroller of the Currency (OCC) and the Federal Reserve laid out the framework in which borrowers will receive compensation for a wide range of foreclosure abuses and errors that occurred as a result of robo-signing.

 

As part of an enforcement action by the agencies last April, 14 mortgage servicers, including Bank of America (BAC, Fortune 500), Chase (JPM, Fortune 500), Citibank (C, Fortune 500), HSBC (HBC), MetLife Bank (MET, Fortune 500), PNC Mortgage (PNC, Fortune 500) and Wells Fargo (WFC, Fortune 500), agreed to hire independent consultants to investigate foreclosure abuses and compensate those who suffered financial harm.

The review is separate from the $26 billion foreclosure abuse settlement between the nation's five largest lenders and attorneys general from 49 states and the District of Columbia. Under that deal, the banks promised to reduce the principal on loans held by underwater homeowners, refinance some mortgages to lower interest rates and compensate those who lost their homes due to improper foreclosure practices.

The Independent Foreclosure Review, which is being carried out on a federal level, has gotten far less attention. So far, only a fraction of the 4.4 million borrowers potentially eligible for review have responded to solicitation letters sent out by the banks informing them that they are eligible for a review by an independent consultant and may be compensated. As of May 31, only about 340,000 cases were slated for review, according to a progress report released Thursday by the Fed and the OCC.

 

 


Law Pro, Lawyer
Satisfied Customers: 22783
Experience: 20 years experience in consumer advocacy, debt collection violations, contracts, construction
Law Pro and 9 other Consumer Protection Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Infolawyer's Avatar

    Infolawyer

    Lawyer

    Satisfied Customers:

    5035
    Licensed attorney helping individuals and businesses.
< Last | Next >
  • http://ww2.justanswer.com/uploads/NY/nyclawyer/2012-6-7_22011_photo66139201112041.64x64.jpg Infolawyer's Avatar

    Infolawyer

    Lawyer

    Satisfied Customers:

    5035
    Licensed attorney helping individuals and businesses.
  • http://ww2.justanswer.com/uploads/RA/ratioscripta/2012-6-13_2955_foto3.64x64.jpg Ely's Avatar

    Ely

    Counselor at Law

    Satisfied Customers:

    2461
    Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    1527
    20 years experience in consumer advocacy, debt collection violations, contracts, construction
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    1294
    16 years legal experience including consumer protection law.
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Lawyer

    Satisfied Customers:

    1137
    25 years of private practice
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    1011
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    898
    Attorney with 13 years experience in various consumer protection areas