Where the abuses towards elderly and minorities continue, our take is that all borrowers
cannot remain quiet and should seek enforcement of federal law and a right to full disclosure.
The claim of predatory lending has likely played itself out throughout the years and is the
cause for more borrowers to become exposed to hardship. You idea of providing assistance
should not have empasis on a boorwers economic instability and need for releif where it
is shown to be soley due to lender and servicing negligence.
A deed conveys an interest in Real Estate where the obligation is secured by a lien recorded
against the real estate.The lien acts a collateral for the obligation and becomes the lenders
security. A lender will assign the serviing to an internal laon collections department or outside
thrid party servicing agent. The servicer will collect payments every month subject to the rules
and regulatory requirements promulgated under the statutes provided by the federal governement,
a “Qualified Written Request” is a law puruant to Section 6 of RESPA (12 U.S.C. Section 2605)
whereby a borrower is provided certain rights with regards to the loan. payments and servicing
rights. You are seeking an answer and the servicers assistance in circumventing a
wrongful foreclosure action brought against the benficiary, Servicer and trustee in the event of
a wrongful foreclosure.A failure to adhere to a “Qualified Written Request” is a violation of Section 6
of RESPA (12 U.S.C. Section 2605) whereby a borrower is provided certain rights with regards to
servicing.
You, the client is no longer patient and we are together seeking an answer for your willingness to
entertini a negotiated loan settlement. For the record, the servicing agent, Countrywide, has
failed to comply with the law whereby the Trustor provided your client with a satisfactory resolution
to the matter The lender and its agents’ have superior knowledge concerning the origination and financing
provided to you, the borrower. The lender cannot misrepresent the condition of the borrower
and overstate the encumbrance. There is evidence of false and misleading information caused
by the lender that can be found throughout the file. Therefore the Trustor will argue “a deed is
likely to be considered void if obtained through false representations and withholding of material
facts to the detriment of the borrower”.
If the deed is determined to be defect and sale or encumbrance must fail. If there was a willingness
by your client to accept a sensible approach towards mediation they are smart to let this problem
resolve it before escalating to an action. A suggestion is to allow for "offer in compromise" to be considered
as an accord in satifsfaction" . The terms of the exisiting loan can be modified as follows:
1. Allow the loan to be recast as a balabce totaling 80% of the current outstanding amount
including all interset and fees due and payable.
2. Allow the borrowers to assume the 2. modify the terms to relflect an amount equal to 80%
of the prior outstanding balance.
3. Offer to recast the interst rate charged and coupon rate adjusted to 3% which would be
payable interest only
4. Have the borwer indemnify the lender frmany willingness or against
the adjusted balance.
Upon meeting these and anyother terms, the new loan would be
underwrtitten at the current reduced balance and at the best possible rate at such time,
not to exceed 200 basis points from the adjusted 3% proposed rate or combined 5% per
annum.The exisitng loan balance would be determned by using properly executed accprtance criteria
issued by HUD and according to industry “full income” verification standards. The borrower
will have no other recourse towards your client assuming you agree to expunge the current
obligation as “void”. We, the auditor move for each party to agree to forgo any claims for any
losses and potential damages for wrongful lending practices and negligence.