Truth In Lending Act

[JacMac]

JacMac, maybe we can review your docs also as a test and see if we can start using this as a tools to stick it to these lenders.

Gosh, Moe, I would be so grateful. I was just thinking I needed to have them reviewed by somebody. I'm sure a knowledgeable person would find a lot of interesting things in them. How would I go about getting that done?

[Andrew]

Brian I will send over the rest of the docs today. I had them all in one file and it was about 32mb my email server wouldnt let me send them out. Ill break them up into files. Its 61 pages total.

[Andrew]

oh boy oh boy. Countrywide called today. They want your info Brian (Address etc.) Should i supply it? It was on my voicemail. By the way i taped the phone call yesterday my phone enables phone recording and puts the beep in every 10 seconds lol.

[Brian K.]

you need to call me.

[Moe Bedard]

sswiz, talk with Brian first and see how he wants you to do this. What's the deal with the beep, is this a law in PA or a fed law?

[Moe Bedard]

JacMac,

Let's have Brian review them for you. He has agreed to review loan docs for a few select members of Loan Safe, because we are going to team up on my plan with this website and we are going to use the law to stick it to these lenders that do not want to play ball.

We will make them play our game!

[Andrew]

yeah I called your office yesterday and left a message. Just tried calling again and left one message and tried the locate you thing on your voicemail.

[Andrew]

Moe,

btw PA is both party consent

One-Party Consent
One-party consent means that at least one person is aware of the phone recording. The laws and regulations on phone call recording differ by federal and state governments. These regulations are based on wiretapping and eavesdropping legislation. Only one party consent is required in thirty-seven states and the District of Columbia; this means that you are allowed to record conversations which you are party to without informing the other party. Additionally, regardless of the state, it is not legal to record a call to which you are not a party, or a call that you do not have permission to record. It is not legal to disclose the content of an illegally recorded conversation, except where litigation is concerned.

All-Party Consent
All-party consent involves notification that the phone call is being recorded. This may be verbal notification or in the form of an intermittent beep that both parties on the line can hear. Twelve states in the United States require all party consent, whereas most states have only one-party consent. If the telephone call recording is on an interstate level, make sure you follow the regulations of both states.

[Andrew]

it just keeps on getting weirder and weirder. Countywide called me again the hope now dept. Saying they need to update my financial's meanwhile I gave them Brian's info earlier after I spoke to him. They said they are forwarding my updated financial's to the negoitor. But its the same info they had already. They are showing that I only have 35 left over a month. Will see but its not a rate reduction which would have been good. Interest will stay at 8.29

[Moe Bedard]

I would wait for Brian. He may be able to get that lower and get some cash???? If they violated the law, they shall pay, no?

If you gave them a check that was fraudulent or something of the sorts, I'm sure they would take action against you.

[Andrew]

Yes I am going to wait for Brian.

[Andrew]

Wow. Maybe things may be changing. Received another call from countrywide today (In the meantime before i said i had submitted my docs to a lawyer I never got calls). Well my negoitors supervisor called and was very nice. She said she will go over my case and look for rate reduction now. She gave me her direct phonen umber and even extension. And I tried calling back that number and it did patch me straight through to her. So we are keeping our fingers crossed.

[Andrew]

I was just reading over the truth in lending disclosure. It says amount financed was 212,791.91 but my loan was for 221,000.00. What's up with that?
Also under impound authorization I pay my taxes separately. And it is marked that impounds and mortgage insurance is required. But I haven't paid mortgage insurance. My house appraised at 260,000 for that loan so it was well over 80%. IT was 85% LTV
Don't know if this makes a difference. But first payment was to go to home loan center dba lending tree. We sent payment on time to them. Then Countrywide called and harassed us around the 5th of March. Meanwhile our payment was cashed by homeloancenter. Countrywide also charged me late fees on that month. But I was able to have them dropped but it still shows on my transaction history. Isn't the new lender supposed to give you 60 days and cant mark you late for mailing the payment to the original holder of the note?

[JacMac]

Someone else might chime in, but if you look through your loan docs. you should have a break down of what the charges were. The 212K is probably what was needed to pay off your note, and the difference were the fees, part of which I'm sure was the broker's fee. I got hit with an obsene amount, not anything like $9k but I'm sure that's what it was. Any YSP on your HUD1? I'm curious to know.

Don't know if this makes a difference. But first payment was to go to home loan center dba lending tree. We sent payment on time to them. Then Countrywide called and harassed us around the 5th of March. Meanwhile our payment was cashed by homeloancenter. Countrywide also charged me late fees on that month. But I was able to have them dropped but it still shows on my transaction history. Isn't the new lender supposed to give you 60 days and cant mark you late for mailing the payment to the original holder of the note?

Yes, it matters.

I sued the Olympia Mortgage, who serviced my first home loan for a reason close to the scenario you described. They sold my loan and told me pay another bank. Two months later they said, oops, made a mistake, you need to pay us. I said, Go get the money from the other bank, because by that time my loan had been sold again to another servicer.

I was in the midst of attempting to refi to consolidate two loans, because to avoid paying the PMI I was given two loans at my closing and the second loan had the outrageous interest rate of 12.99%.

THe new servicer had no record of this payment. It seems that the first servicer who was paid applied that payment to my principal, but never put it down on the books (I was like what the hell did you guys do, did someone go on vacation with my money???)

I had to go through hell and back to get the old bank to call the new bank, and have the principal payment callobrated so that it was reflected in my principal balance. So I had to go through hell to get them to apply the payments right. They kept saying they wouldn't until I paid them what I owed, which was absolutely nothing.

Meanwhile, the first bank tried to play hardball and reported me delinquent for not making the payment to them, even though they instructed me to pay the new servicer.

I sued them in small claims court for violating the FCA, and reporting me delinquent when I had in fact paid, and had proof that I paid and I WON!!!

I got $1,500 which was sweet because they were looking for a payment of 1,049. The person I dealt with at the first bank was very rude, so it felt really good to get THEIR check.

So yes, it matters. I suppose Countrywide got their money from Lendingtree?

YOu were never late, they should remove it, and if it was reported to the Credit bureaus, they should remove that, too. And yes, you do have 30 or 60 days when they sell your loan before they can report you delinquent.

[Andrew]

No that wasnt the part to pay off my note and also I dont a YSP on my closing docs, my refi was done through lending tree dba homeloancenter. Also called countrywide today and no update. And that supervisor never answers her phone when I call too.

[Moe Bedard]

Originally Posted by sswiz

I was just reading over the truth in lending disclosure. It says amount financed was 212,791.91 but my loan was for 221,000.00. What's up with that?

That can be a big problem for the lender. Ws this TIL from your loan docs at closing?

Also under impound authorization I pay my taxes separately. And it is marked that impounds and mortgage insurance is required. But I haven't paid mortgage insurance. My house appraised at 260,000 for that loan so it was well over 80%. IT was 85% LTV

Maybe a clerical error. Not a law violation to the best of my understanding. Maybe Brian can shed some light on that.

Don't know if this makes a difference. But first payment was to go to home loan center dba lending tree. We sent payment on time to them. Then Countrywide called and harassed us around the 5th of March. Meanwhile our payment was cashed by homeloancenter. Countrywide also charged me late fees on that month. But I was able to have them dropped but it still shows on my transaction history. Isn't the new lender supposed to give you 60 days and cant mark you late for mailing the payment to the original holder of the note?

Good question and am under the same understanding as you sswiz, but again, lets wait for the attorney and see if he can clear this up.

[Andrew]

Quote by moe:

That can be a big problem for the lender. Was this TIL from your loan docs at closing?



Yes it was. It was in my loan docs on the truth-in-lending disclosure. Then there is another page I found itemization of amount financed it shows loan proceeds to 211,190.76
amount financed 212,727.91
prepaid finance charge (Paid outside of closing) 8,272.09 which brings loan amount to 221,000.

But those prepaid finance charges say paid outside of closing I didn't pay anything out of pocket??????

Also they are saying they paid taxes of 1417.15 but they didn't cause no tax bill was due.

Shouldn't the truth in lending disclosure be 221k and figures to match that?

I sent over all my docs to Brian.

[Moe Bedard]

Yes it was. It was in my loan docs on the truth-in-lending disclosure. Then there is another page I found itemization of amount financed it shows loan proceeds to 211,190.76
amount financed 212,727.91
prepaid finance charge (Paid outside of closing) 8,272.09 which brings loan amount to 221,000.

Very fishy.

Also they are saying they paid taxes of 1417.15 but they didn't cause no tax bill was due.

This could have been prepaid taxes required by the lender?

Shouldn't the truth in lending disclosure be 221k and figures to match that?

Yes, that's what they are for. Funny, huh? It's supposed to give a borrower a clear picture of what they are paying for. Obviously it doesn't.

I sent over all my docs to Brian.

Smart. Let's see what comes of it.

[Andrew]

No they arent prepaid taxes. My taxes arent escrowed. I pay myself. And i even verified with county they never received that payment of 1417.50 because when we closed the new tax bills werent even released. I paid that 1417.50 like 6 months later on my own.

[Moe Bedard]

sswiz, any status on this from Brian?

[Andrew]

Spoke to Brian yesterday and he said he should be done today with it. They did find a lot of violations. I think we may move to rescind the loan. Im working on getting other financing in place which is looking good. That will really show countrywide. All I wanted was help from them and its like pulling teeth. And I was hung up on 4 times yesterday by different people there.

[Andrew]

From Brian's email:

After the complete review of the file I discovered

That your APR was overstated (a possible violation of TILA)

A broker fee split with lending Tree (possible RESPA violation)

The rescission form deviated from the government promulgated form.

I'll try calling him to find out more!

[Moe Bedard]

Looks good, lets keep our fingers crossed.

[Brian K.]

Well not as many strong violations as we had hoped, but I think enough to move to rescind the mortgage. As we discussed, we need to time this very carefully, so we can be ready to fulfill out side of TILA with a tender of the $$. With any luck the bank will just call and settle, but we can always hope they don’t do anything within the required 20 days.

Lets face it, what do we have to loose, they are not responding, not negotiating and generally playing hardball with you and your family. When can we close your refinance?

[Andrew]

I'll know more tomorrow about the refi. They are trying to get a conforming loan at 6.125 rate. I was intialialy approved for an alt-a loan at 6.875 due to disputes I had on my report. And the disputes were to gmac to show I have a zero balance now. Wish I knew that before hand. But they don't see a problem at really getting the 6.125 since our credit is pretty good. I'm hoping to close end of January. Prepayment ends on Jan 23rd.