What happens after you are finished ?
Our final goal is to purchase the first mortgage at a discount. By challenging a foreclosure lawsuit, and forcing the lender and foreclosure law firm to comply with the law, our aggressive loan challenges can make life miserable for foreclosure lawyers and the banks they represent. We employ many different legal tactics. Once a new property is purchased by our company, we do a full and detailed analysis of the mortgage by ordering the original loan documents. Depending on whom the lender is, and the type of loan, we look for errors or other violations, or predatory lending practices that may have taken place. Mortgage companies routinely broke the law and violated consumer protection during the mortgage boom. Some of the areas we look for include violations of TILA (Truth in Lending Act). Some loans may qualify for rescission; others may have violations that we leverage against the banks, even as we are making them an offer to purchase the note. HOEPA (Home Ownership and Equity Protection Act) is another area that we look at. This is a section within Regulation Z of TILA that contains stringent rules associated with refinance loans considered high cost. These high cost loans require an extra layer of disclosures that lenders often did not give the borrower. Our tactic may include lender disputes such as; Failure to provide a correct notice of the right to rescind, failure to produce the Note, failure to verify income or assets, predatory lending, a defective Mortgage or Note, insufficiency of process, lack of standing, failure to comply with pre-foreclosure requirements, servicing abuse, failure to establish conditions precedent. We also look for possible violations of RESPA, the Fair Debt Collection Practices Act (FDCPA), problems with the Mortgage Electronic Registration Systems, (MERS), and a myriad of other tactics all designed to give us tremendous leverage with the bank in negotiating the purchase of the first lien mortgage.