Mortgage Servicer Fees Take Big Bite of Recoveries on Bad Loans

American Banker posted an article (subscription required) about mortgage servicer fees in foreclosure.  According to Max, from his quote in the article, servicers “double-dip, triple-dip and charge fees on things that aren’t even real.”

One of the things Max teaches attorneys in his Bankruptcy Boot Camp training is how to obtain the true servicing history (not the one they want to give you) and how to read it so you can determine which fees are legitimate and which ones aren’t and whether the servicer has applied payments correctly to the borrowers account.  This is of the utmost importance because improper fees can get into the thousands of dollars.