A house of loan horrors

An aptly titled article by the New York Post featuring Boot Camp graduate, Linda Tirelli.

“Nowhere has BofA disclosed the fact they are a servicer and this loan is owned by Fannie Mae,” says Tirelli. “That’s strike three.”

The servicer of a mortgages does not have standing in court to file a foreclosure unless the owner of the note issues an assignment to the servicer.

Tirelli said the case is currently with the state foreclosure mediator’s office and that she has contacted Connecticut Attorney General Richard Blumenthal’s office on the matter.

And on it goes. Thousands of homeowners have lost their property to the same circumstances because they did not know to ask questions and challenge the bank’s assertions.

Lisa Spinelli knows she owes the bank, but says, “All I want is a fair agreement so I can keep my house.”

However she also adds, “It is cheaper to hire a lawyer, than make a loan payment that is just paying off bank fees and not your principle.” …

In addition banks are being forced to deal with:

* Fraudulent paperwork: Banks and servicers facing a glut of foreclosures due to the weak economy and extended, nearly 10 percent unemployment levels, attempted to streamline the foreclosure process by hiring outside firms to handle the workload.

Congratulations to Linda for being recognized for her great work in saving her clients’ homes.