What is Loan Servicing Fraud? |
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Answer:
A home buyer’s worst nightmare occurs when they The perpetrators of Loan Servicing Fraud work in agreement with the lenders to entrap the borrower and force greater and greater amounts of money from them through a high pressure collections process. On the surface, it may appear to the borrower that individual within the ‘collection agency’ are not doing their job, but in reality, these agencies trap the borrower in ever increasing interest rates, penalties, and fees, until the borrower is swamped with unpaid debts and forced to foreclose. These forced foreclosures allow the lenders to claim a loss on the mortgage, recover the property, and start the process all over again with a new victim. Because borrowers believe the original mortgage house to be a legitimate mortgage lender, Loan Servicing Fraud often goes unreported, allowing these businesses to make huge profits from such conspiring practices. Trackback(0)
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