Consumer Protection Law
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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 ???
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.
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