Chain of Title Analysis by FRAUD STOPPERS Unveils Bank of America Mortgage Irregularities, Empowering Borrowers in Foreclosure Defense and Bank of America Dual Tracking Lawsuits

 

The article below discusses the persistent violations of Bank of America Dual Tracking during the loan modification process by major servicers in the United States. Dual tracking refers to the practice where a servicer continues processing a foreclosure while the homeowner is in the process of applying for a loan modification. According to a survey conducted by the California Reinvestment Coalition (CRC) in February 2013, dual tracking violations were still occurring despite measures put in place to protect homeowners.

The report highlights that Bank of America, Citibank, JPMorgan Chase, and Wells Fargo were identified as the main offenders, with over 60% of counselors reporting that these servicers dual track “sometimes,” “often,” or “always.” Ally was the only servicer that received fewer reports of dual tracking violations.

The survey also revealed that servicers were not adhering to the timelines established under the National Mortgage Settlement (NMS). The NMS required servicers to follow specific timelines for loan modification requests, such as acknowledging receipt of applications within three business days and providing a final decision within 30 days of a complete application. However, the majority of counselors reported that these timelines were rarely or never met by all institutions.

Additionally, the survey found that servicers frequently lost documents, causing delays in the loan modification process. Many counselors felt that seemingly qualified homeowners were being denied loan modifications without clear explanations, as required by the NMS and the Homeowner Bill of Rights.

The article concludes by expressing concern over the continued violations and lack of transparency in the loan modification process. It highlights the need for increased accountability and adherence to regulations to ensure fair treatment for homeowners seeking loan modifications and to prevent wrongful foreclosures.

A Chain of Title Analysis from FRAUD STOPPERS could be beneficial for borrowers with Bank of America mortgages. A Chain of Title Analysis is a thorough examination of the history of a property’s ownership and the transfer of its associated mortgage loans. It helps identify potential irregularities, errors, or fraudulent activities that may have occurred during the securitization and transfer process.

In the case of Bank of America mortgages, a Chain of Title Analysis can uncover any violations or breaches of legal requirements, such as dual tracking violations during loan modification. It can also reveal instances of lost documents, improper denials, or failure to provide understandable reasons for loan modification denials. By identifying these issues, borrowers can gain a better understanding of potential legal claims they may have against the bank.

The analysis can serve as a crucial tool in building a strong foreclosure defense strategy and potentially challenging the foreclosure proceedings. It empowers borrowers to take informed legal action, negotiate fair loan modifications, or explore other alternatives to foreclosure. Ultimately, a Chain of Title Analysis from FRAUD STOPPERS helps borrowers protect their rights and interests when dealing with Bank of America and potentially seek remedies for any violations committed by the bank.

A Loan Modification Audit from FRAUD STOPPERS offers valuable assistance to borrowers seeking a loan modification. This comprehensive analysis thoroughly examines the borrower’s mortgage and loan modification process to identify any violations, errors, or fraudulent practices committed by the lender. By conducting a meticulous review of the loan documents, communications, and applicable laws and regulations, FRAUD STOPPERS can uncover critical information that can be used as leverage in negotiations with the lender.

The Loan Modification Audit helps borrowers understand their rights, ensures compliance with relevant laws, and provides a strong foundation for challenging the lender’s actions if any improprieties are discovered. With the audit report in hand, borrowers can approach the negotiation table with confidence, armed with evidence that supports their case for a fair and favorable loan modification. FRAUD STOPPERS’ expertise in identifying violations and irregularities can significantly increase the chances of a successful loan modification outcome and provide borrowers with the tools they need to protect their homes and financial well-being.

DUAL TRACKING VIOLATIONS DURING MODIFICATION PERSIST

Posted on April 9, 2013 on http://deadlyclear.wordpress.com

Dual tracking is when a servicer has you filling out modification paperwork and sending them your bank statements, proof of residency, tax returns, P&Ls, payroll stubs, etc. (over and over) and actually is processing your foreclosure at the same time. Homeowners were supposed to be protected from dual tracking during modification.

But in case you were wondering if you can sleep at night while under the modification game – here are some interesting facts just released from the California Reinvestment Coalition (CRC) who distributed a survey to housing counselors in February 2013 to Report on how the banks were holding up their end of the bargain. So, if California is any indication of what the banks are doing around the rest of the country – be very wary. Continue reading →

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