why mortgage companies keep calling when they know you have a lawyer

What can a mortgage attorney do for me?

Mortgage lenders and other debt collectors are well-known for harassing people with consistent, annoying phone calls and threatening messages. Most people don't know that there are laws in place to protect them from these phone calls. The Fair Debt Collection Practices Act (hereinafter referred to as “ FDCPA ") limits the timing and recurrence of phone calls from creditors, and …

What are the legal issues when dealing with a mortgage lender?

A mortgage lender, also known as a “mortgagee,” is a person, group of persons, or a company, that provides money to a borrower, also known as a “mortgagor,” to purchase a home. Typically, mortgage lenders are financial institutions, such as a bank or mortgage company. However, there are some individual mortgage lenders.

What should I look for when dealing with a mortgage lender?

This creates even more corruption in nc and empowerment with the mortgage companies . No one to enforce the laws . Lawyer fraud is the highest in nc then in any other state because they know the home owners are desperate . This means any mortgage company can tack on any amount of money , like they did me , and say pay it or we foreclosure .

What to do if you have a dispute with a lender?

7031 Koll Center Pkwy, Pleasanton, CA 94566. master:2021-10-20_10-59-58. A "loan modification" is a permanent restructuring of your mortgage loan where the lender changes one or more of the terms so that your payments are more affordable. With a modification, the lender might agree to do one or more of the following to reduce your monthly ...

Why does my mortgage company keep calling me?

Other factors that could trigger a call include a history of late payments, rising debt on other credit accounts or a drop in your credit scores. It's also possible that your mortgage servicer is just being paranoid and harangues every borrower who doesn't pay on or before the due date.Feb 13, 2011

How do you stop harassing phone calls from a mortgage company?

Make sure your phone is in the Do Not Call Registry. You can register for it here: www.donotcall.gov. Alternatively, you can call toll-free, 1-888-382-1222 (TTY 1-866-290-4236), from the number you wish to register. Registration is free.

Do mortgage companies call you?

But that doesn't mean they can't call. A new rule by the financial protection bureau requires that lenders and servicers get in touch with borrowers before the payment is 36 days late, and the time clock starts running right after the official due date, usually the first of the month.Apr 14, 2014

Will a mortgage company call you to refinance?

If you're a current homeowner who's hoping to refinance your mortgage, scammers might be targeting you. They'll use email, phone calls, flyers and even direct mail to lure you in, but beware — these scams are designed to steal your money or personal information.

Can a mortgage company harass you?

No harassment The Fair Debt Collection Practices Act (FDCPA) says debt collectors can't harass, oppress, or abuse you or anyone else they contact.Jan 12, 2017

What can the police do about harassing phone calls?

If the caller is not calling from a spoofed number, the police can identify the caller and will forward the case to be prosecuted. To obtain a restraining order or report the caller to the police, you will have to prove that you are being harassed, threatened, or intimidated.

What is red flag in mortgage?

The biggest mortgage fraud red flags relate to phony loan applications, credit documentation discrepancies, appraisal and property scams along with loan package fraud.

What does a bank get out of refinancing?

Refinancing a loan can save you money by lowering your interest rate, but it also requires you to pay fees. For example, you may have to pay an application fee which allows institutions to make more profit. If you're refinancing a mortgage, you'll also have to repay your closing costs.

Why is my mortgage company offering me a lower rate?

Your servicer wants to refinance your mortgage for two reasons: 1) to make money; and 2) to avoid you leaving their servicing portfolio for another lender. Some servicers will offer lower interest rates to entice their existing customers to refinance with them, just as you might expect.Aug 29, 2018

What are the risks of refinancing a mortgage?

8 Dangers of Refinancing and How to Avoid ThemRefinancing When it Doesn't Make Sense. ... Don't Disregard Your Credit Score. ... Don't Skip the Homework. ... Cashing Out Too Much. ... Refinancing Too Often. ... Paying Too Long. ... The “No Closing Costs” Loan. ... Finally, the Fine Print.Mar 4, 2021

What is a mortgage lender?

A mortgage lender, also known as a “mortgagee,” is a person, group of persons, or a company, that provides money to a borrower, also known as a “mortgagor,” to purchase a home. Typically, mortgage lenders are financial institutions, such as a bank or mortgage company. However, there are some individual mortgage lenders.

What is the role of a mortgage broker?

The broker’s role is to assist the borrower by researching multiple loan options from many lenders and helping them find the best loan for them.

What are the remedies for breach of contract?

Additionally, breach of contract remedies may include remedies in equity, such as: 1 Cancelling the mortgage contract; 2 Rewriting the mortgage contract to better reflect the parties agreement; or 3 Ordering specific performance under the contract.

Can you sue a mortgage lender for negligence?

As mentioned above, if your mortgage lender commits negligence, you may sue your mortgage lender. Examples of this can include where they negligently fail to include terms in the loan agreement that were agreed to by both parties, or if they breach their fiduciary duties.

What does a real estate agent do?

Finally, a real estate agent will also be involved in helping the borrower find a property to purchase, as well as work with the mortgage lender and broker. As can be seen, with so many parties involved in the purchase of a home, it is not difficult to see why legal disputes often arise.

Is the real estate process complicated?

Further, the real estate process is often a complicated process involving numerous parties.

What is foreclosure in mortgage?

In short, foreclosure is the process where the lender takes the borrower’s property and sells the property at a public auction in order to satisfy the borrower’s debts; Mortgage Fraud: Mortgage fraud occurs when false or incorrect information is provided on a loan application.

Is RESPA a law?

RESPA is a powerful law. It’s very helpful when you’re facing foreclosure, and especially if the mortgage company has made any mistakes. Usually they do make mistakes, or at least they make things confusing. Maybe you’ve sent Notice Of Error and Request For Information letters which they haven’t responded to.

Can I sue my mortgage company?

One of the questions that may come to mind is, “Can I really sue my mortgage company under RESPA?” The answer is “Yes” — if your mortgage company has violated RESPA then you can sue and that may stop a foreclosure against you.

How to get a mortgage modification?

Hiring an attorney may be a good idea if you want a mortgage modification, but you don't understand the application process or have a complicated situation. For example, it might be worthwhile to hire an attorney if you've spoken to your loan servicer about a modification but are confused about: 1 how to fill out the application 2 what documentation you need to submit along with an application, or 3 how to explain your financial hardship or situation in the application.

What to do if you have difficulty with foreclosure?

Ultimately, if you find yourself having difficulty with the application or your servicer isn't abiding by the law, you should consider consulting with a qualified, reputable foreclosure attorney who can help you with the process.

What happens if a servicer violates state law?

If your servicer violates state law while foreclosing on your home, your attorney might be able to use the violation or violations as leverage in getting you a loan modification. Keep in mind that servicers often make mistakes when servicing loans and in the foreclosure process. A lawyer could uncover errors that you won't even notice.

What is a loan modification?

A "loan modification" is a permanent restructuring of your mortgage loan where the lender changes one or more of the terms so that your payments are more affordable. With a modification, the lender might agree to do one or more of the following to reduce your monthly payment: reduce the interest rate. convert from a variable interest rate ...

What to do if you aren't sure what to do?

If you aren't sure what to do—say you're facing foreclosure, but you aren't sure if a modification is right for you—and want to know about all of your options, an attorney can help you understand your legal rights and give advice about the best course of action in your situation.

Can you submit all documentation to a servicer?

If you've spoken to the servicer about getting a modification, done your homework to educate yourself about the process , are confident the servicer hasn't violated the law, and feel you have a good understanding of what goes into the application, you likely can submit all of the necessary documentation and navigate the process adequately on your own.

What happens if a servicer denies a modification?

If the servicer denies your modification request, in many cases, you'll also get some time to make an appeal. An attorney might be able help you in showcasing why the servicer made an error in denying your application so that you're more likely to get approved for the modification in your appeal.

How to tell if a mortgage is a scam?

Scam Signs. 1. Not Taking Into Account Your Ability to Pay. Your mortgage payment should be no more than 28% of your gross monthly income. 1  It's not the mortgage company's job to create your household budget, but it should have a lot of questions regarding your finances.

What is the closing cost of a mortgage?

For a larger mortgage, expect the closing costs of your mortgage to be between 2% and 5%. If you're borrowing less than $150,000, costs could exceed 5%. Some lenders will work costs into the loan in the form of a higher interest rate, but the lender should clearly disclose that to you. Always talk to multiple lenders about the total cost ...

What is a point discount?

A "point" or "discount point" is like prepaying your mortgage interest. Borrowers purchase points to lower the amount of interest they will pay on the loan. Your lender should give you the option to lower your interest rate through the purchase of points.

Can you balloon a mortgage?

Balloon payments are not allowed on homes with a qualified mortgage. 3  Carefully evaluate if a balloon payment is right for you. 8. Income or Home Value Inflation. A lender shouldn't help you qualify for a loan by inflating your income or the value of the home.

What is good faith estimate?

Your good faith estimate will contain an itemized list of costs associated with the mortgage with some very exact figures. Based on certain factors, it won't necessarily remained unchanged when you receive the final mortgage paperwork to sign. Some of the fees are allowed to change by as much as 10%.

Can you pay off a loan early?

For certain loans, lenders can charge a penalty if you pay off your loan early. These prepayment penalties must be disclosed to you in your loan documents. 2  If you see it, ask for a loan with limited or no prepayment penalties.

What is a restorer in a mortgage?

A restorer is arguably a third party beneficiary to the mortgage contract. A third party beneficiary is not a party to the contract, but is one who stands to benefit from the performance of the contract. For example, a grandparent contracts to buy a car for a grandchild. If the seller refuses to go through with the deal after receiving payment, the grandchild may sue, even though not a party to the contract. A suit by the restorer against the mortgagee for breach of third party beneficiary contract allows the restorer to enforce the mortgage against the mortgagee!

What is claim and delivery?

Claim and delivery is an action for the recovery of specific personal property wrongfully taken or withheld from its rightful owner, with recovery of any damages resulting from the taking or possession of the property. Where the lender is wrongfully withholding the funds assigned to a restorer, the restorer can file an action for claim and delivery. If successful, the action results in a court order to the bank to turn over the funds to the restorer. A common illustration of a proper claim and delivery action is where a security agreement or installment contract has been signed for the purchase of an automobile and the purchaser defaults. Provisions in the security agreement or installment contract allow the seller or lender to take immediate possession of the automobile.

What is conversion in insurance?

Conversion is the civil form of theft. It is the wrongful use and/or retention of the property of another. The bank may be liable for converting insurance proceeds that have been assigned to a restorer, even if its initial taking of the funds was lawful. The liability stems from the wrongful retention of the funds. Conversion is a particularly attractive claim because it allows for punitive damages and/or treble damages in addition to the ordinary compensatory damages recoverable under other civil claims.

Who is Edward Cross?

“The Restoration Lawyer” Edward H. Cross is president of Law Offices of Edward H. Cross & Associates, PC, and represents restorers nationwide from his office in Palm Desert, California; www.edcross.com. He can be reached at (760) 773-4002 or by email to ehc@edcross.com. Disclaimer: this article is intended to provide general information and is not intended to be specific legal advice. It does not create an attorney-client relationship. Every legal case is different and the reader is advised to consult a licensed attorney regarding the particular circumstances of a given case.

Do restorers see the restoration industry as a threat?

The Lender: The number of restorers that have pursued formal legal action against banks or lending institutions is extremely small. As such, the lenders do not see the restoration industry as a threat. This contributes to abuse by the lending industry.

What is quantum meruit?

Quantum meruit is a Latin term that means “what one has earned.” In essence, it means that a service provider is entitled to the reasonable value of the services he rendered. It does not require proof of a contract, only a request for services or a benefit to the owner if both parties had the expectation that during the time the services were performed that compensation should be made. As such, skilled practitioners often plead a quantum meruit claim as an alternative to, or in addition to, a breach of contract claim. It is useful where there is a potential problem recovering under a breach of contract theory, and since the restorer has no contract with the lender, it is particularly helpful in a suit against a lender that is withholding funds.

What is intentional interference?

“intentional interference with contractual relations”) occurs when a third party intentionally damages the contractual or business relationship between two other parties , such as where a lender wrongfully withholds funds paid under an agreement between a contractor and a building owner. When the owner is essentially forced to breach its contract with the contractor by not paying what is owed, the mortgage company may be liable for the damage the contractor suffered. Like conversion and other intentional torts, it allows for recovery of punitive damages.

Michael Scott Rothrock

It could be that you are a witness to some event that they represent someone else for, they could represent a creditor of yours, or many, many, many other reasons.

Stuart Sandweiss

Lawyers are ethically prohibited from calling prospective clients. Most likely they are a debt collector attempting to collect a debt for one of their clients.#N#More

Joseph A Blaszkow

We can speculate from now till the cows come home, but you will never know unless you return the call. Good luck.#N#The author of this post is licensed to practice law in the District of Columbia, Maryland, and Virginia. This post is intended as general information only, and is not...

Gregory Howard Wiley

I would need a little more information but send a certified cease and desist letter. FDCPA does not apply to original creditors and only applies to collection companies. Texas does have a Debt Collection statute that ties into the DTPA statutes that are applicable to original creditors.

Allan M. Darish

If possible, document all the dates and times calls were received at work, and what was said and who the caller was. This information will assist your lawyer in determining damages for violation of the law. Typically the law allows a certain damage amount for each violation. Each call is a violation, so the damages will mount as the calls continue.

Marc Gregory Wagman

Contact a consumer lawyer they are violating the FDCPA because of calling after work when they know they don't have permission.