Bank and banking fraud, predatory lending and predatory servicing refers to a lending institution using fraud or deception to cause a person to lose or surrender their property. Bank fraud can be due to mismanagement by the institution but is often due to intention acts of fraud in order to increase profits through thins like bogus fees, illegal overcharges, and hidden fees. Sometimes the situation can be corrected by confronting the institution with the discrepancies, but when that does not work, which is all too often, it's time to take the lender to court.
The most common type of banking fraud revolves around mortgages. Mortgages are not like they used to be back when our parents and grandparents went down to the bank and borrowed money for their home. Now they are bought, chopped up and sold to investors and serviced by what we call our “mortgage company”. Your mortgage company does not own your mortgage loan or your house. They don’t care if you pay on time or not – they actually make more money when you are late or can’t pay through the fees and charges they add to the loan. This is one reason they wait months and months before the foreclose on property. They also make money through the modification process, screening homeowners for modifications, but never granting a modification.
There is so much fraud and scams out there that we’ve written a pamphlet called “The Consumer’s Guide to Fighting Foreclosure” and offer it free to the public. If you are a homeowner in Mississippi, you need this information – knowledge is power!
If your mortgage company is:
- Telling you not to send in payments while they “review you for modification”
- Refusing your payments
- Denying you a modification
- Adding fees to your loan
- Threatening foreclosure
You need to call us TODAY. It is not right for a mortgage company to simultaneously review you for a modification while also processing the foreclosure, but it happens every day. If you have been the victim of banking fraud, predatory lending or predatory servicing or are currently experiencing difficulties with your mortgage company and would like to speak to legal representatives with your best interests in mind, contact the banking fraud attorneys of Coxwell & Associates in Jackson, Mississippi today.