Big mortgage scam
Big mortgage scam
They always say follow the money so who is to receive when the property, if the rule on? Company, holding the note says that they are not real estate business, they just want their money. Homeowners do not get anything, losing their homes because of judgments entered against them, the number of losses incurred by the mortgage lender. In addition to the losses incurred by the creditor homeowners charged by attorney for fees. In most cases, the lawyer – at supplement to the mortgage company.
Since the majority of homeowners already experiencing financial problems, they can not afford their own counsel argued the case. Once the home rule and to introduce the proposition, the property is resold, thus restoring all the costs that would have been lost to the lender, including the expected profit. So the only one who gets the money without being really interested in the property mortgage lender counsel.
Lawyers make money, not only with the permission of the case. They make money based on the extraction of business so that they can charge, in the case of freezing mortgage daily fees. The longer it is drawn, the more gets a lawyer, even if it does not work at all at this time. Now what to do if a lawyer was more than just these fees get?
Lawyers do not can not own stock in mortgage companies with which they have an agreement Braces. If the contract of pledge sails along not ever going to block, only the money that will make the poor lawyer will Braces; it makes for not so happy lawyer.
So, if you and a bunch of other lawyers come together to calculate your fate, what can be offered as a means of increasing your profits with these stupid people keep paying their mortgages? Oh, it would be nice if you somehow managed to get mortgage companies to sell to people who actually could not afford to make their mortgage payments? Ah, but it should look like, how can they afford to make these payments on the first way someone will be nasty little law that would keep us from selling these ideal customers. Cost tenure true American dream? He, he hehow on an adjustable rate mortgage?
Who needs to guess the percentage of lawyers are on the boards of directors of mortgage lenders.
