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· For
Errors & Omissions · Reverse
Engineering · RESPA
Violations · Truth-in-Lending
Violations · GFE
Compliance · 1st
& 2nd Loans Examined |
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· Misleading
Disclosures · Over
Stated Values · Over
Stated Income · Misrepresentations · Usury
Violations · Prior
Loans Examined |
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· Servicing
Violations · Packing · Excessive
Points & Fees · Predatory
Lending · Forgery · State
& Federal Compliance |
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Attorneys |
HASKINS & ASSOCIATES APC
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Done The Right Way… “Through An Attorney” Over 23 Years Experience In The Mortgage
Industry. Hands On Examination Of All Your Mortgage Documents. No Automated
Compliance Software. Attorneys Available To Provide Initial
Counseling. |
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Charles
J. Horner, REB &
Associates Forensic
Mortgage Document
Examiners |
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Attorneys & Brokers |
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Are you in
foreclosure? Have an Adjustable Rate loan about to spiral out of sight?
Promised one thing then delivered something entirely different? You are not alone. Approximately 98% of
the documents I examine that were originated over the last several years has
had some form of predatory lending, misleading disclosures, or violations of
State and Federal regulations. State and Federal regulations that govern the mortgage
industry are extensive and complex to say the least but they have become law
to protect you, the consumer. There are hundreds of check points
involved in the forensic examination of real estate documents. Many
discoveries are made during the examination that lead to either legal action
against the lender or a demand letter from an attorney demanding that the loan
be modified into something you can actually afford.. Lenders would prefer the lesser of
expenses and avoid legal action by complying with the attorney's demands.
Even in the rare case that I find nothing wrong with your real estate
documents, the attorney will still proceed with the loan modification, and represent
your best interest during the mitigation negotiations. The best part of my
program is, you meet face to face with those who are going to represent you. Here
Are The Results Of Some Of My Cases · Home In Foreclosure - Client refinanced in
2006. Examination found Federal violations of section 32 Home Owners Equity
Protection Act. Failure to disclose high cost loan, and Rights To Cancel not
provided. Results: foreclosure stopped and law suit filed to
rescind the loan, refund all interest paid, all costs to acquire the loan,
plus attorney’s fees and damages. · Three Days Before
Foreclosure Sale - Real Estate Agent in panic mode rushed documents for examination
because lender would not accept short sale. Documents examined within 24
hours. The Deed Of Trust was determined to be unenforceable due to 1-4 Unit
Rider deleting paragraphs 6 & 19 of Deed Of Trust, “Owner’s Right To
Reinstate.” Property was an owner occupied two unit property and under
California law, you cannot void an owner’s right to reinstate an accelerated
loan. Results: Foreclosure sale was
stopped day before sale, and lender re-entertained agent’s short sale offer. · Home Already Foreclosed - Examination of documents concluded that the
foreclosed loan was a refinance loan and that the lender violated the FDIC
Consumer Protection, § 226.17 § 226.23 “Right of
rescission” by not providing Right To Cancel disclosures to co-owner. 6500
- FDIC Consumer Protection,
§ 226.18 (c) § 226.19, “Early Disclosure” by not
providing required disclosures within the time frames specified in this law. Results: Demand letter sent to
cease and desist from eviction proceedings, return ownership to the clients,
rescind the loan, pay $35,000 in damages plus attorneys fees. · Home In Foreclosure - Bait-in-Switch, Originating lender’s initial disclosures
indicated a 30 year fixed loan at 6.125% with no prepayment penalty. Terms
were discussed in Spanish. Final loan documents had a 2 year fixed rate with
three year prepayment penalty at 8.675% start rate. Clients thought they were
getting the terms as originally discussed in Spanish and signed the loan
documents which were printed in English and were not translated by the
notary. Results: Law suit filed for misrepresentation of
facts, loan fraud, and violation of California Civil Code 1632. “When a
contract is negotiated in a foreign language, a copy of that contract in the
language negotiated shall be provided to the consumer.” Foreclosure stopped. · Home In Foreclosure - Examination of the
servicing revealed lender miscalculated the ARM adjustments using a different
index than what was disclosed in the Adjustable Rate Rider causing the rate
adjustments to exceed the agreed amount by .125% for each adjustment
progressively. The rate over the previous six months was 8.875% when the rate
should have been 7.375%. Results: Demand letter sent to refund
$3,462 of over paid interest, cancel foreclosure, and modify the loan to a
fixed rate mortgage at the same rate as the original teaser rate of 5.375%. · Home Loan In Arrears - Clients refinanced
in late 2006 from a Option Arm loan into another Option Arm loan. Lender told
them it was a better loan because less interest being applied to negative
amortization. Lender failed to tell
them it was only better until the first rate adjustment in which the interest
will be grater than the previous loan. Federal laws state that “a refinance
must be a tangible benefit to borrower.” This loan had no tangible benefits
what-so-ever and indeed, just the opposite.
Results: Demand letter sent to modify the loan to a
30 year fixed at 5.625%. A foot note to this case is that, during the
examination, a pre-payment penalty in the previous loan was noted. The client
was called to provide the previous loan’s documents for examination of
servicing and charges. A miscalculation of the prepayment penalty plus the
daily per diem of interest was discovered. The client is due a refund of
$2342 in over payment of prepayment penalty and accrued interest. Seems the
previous lender calculated the prepayment penalty based on the higher loan
balance instead of the principle amount of the note which is in violation of
California law in regards to Option Arm loans. The foregoing cases are only a few
examples of the benefits of having your documents examined. A complete
document examination is the first step to achieving a beneficial loan
modification. Attorneys use my discoveries as leverage to obtain the best
loan solution for you. Whether it be
legal action against the parties involved in your loan or a loan
modification, the right place to start is here. |
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John
H. Bakhit, APC 9045 Haven Ave., Ste. 109 Rancho Cucamonga, CA 91730 Telephone: (909) 948 – 7100 Fax: (909) 247 – 2761 |
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