Is current bank liable for loan orginators misdeeds?

[Hiprock]

If your loan has been sold, and sold again, is the current mortgage holder liable for any truth in lending violations made by the loan originator?
I was convinced by a loan officer from Equihome Mortgage to refi to an ARM which immediately raised my rate by 2.6% and about $700 per month, and it hasn't even gone adjustable yet... I was promised a no closing cost refi after 10 months of timely payments to a low, affordable payment. I was convinced to take cash out of equity to pay for the increased payment until the time came to refinance. Then, my loan was sold to Novastar. Then it was sold again to US Bank to be collected by Saxon. Equihome and Novastar are out of the picture. Saxon has not been understanding at all. If there were any Truth in Lending violations made by Equihome, is US Bank liable? Has anybody out there done business with US Bank? I would greatly appreciate any advice and any contact information for US Bank so that I may try to make my case, and save my home...My daughter is depending on it...Thanks!

[Moe Bedard]

Hi Hiprock,

Welcome to the forum and thank you for joining...................

The approval on the modifications are up to the investors, but they don't generally speak with the customers directly.............that is what they hire the servicer to do.............so I am not sure if this will help you, but here is the loss mitigation number for US Bank..........
US BANK 888-780-3997


If you feel that there are possible violations in your loan docs, you can have them reviewed............click on the link for more info on that, most use the leverage of the violations for modification results.............you can call and ask the question that you have about the liablility............

Free Foreclosure Help, Stop Foreclosure, Short Sales - Loan Safe


Please keep us posted on your progress..........

[Hiprock]

Thanks ***....I talked to a modification guy (Supposed) who says you need to bypass the servicer...so I'm going to see if it works...

[Hiprock]

So here's what's going on currently ***......I did speak with the US Bank Default Dept, Recovery Dept, and Customer Service.....They could not find any record of my loan, even though they are named as the creditor on the default letter from Saxon. They understand that Saxon is the servicer, and are willing to try to help, but could not find ANY record of even being the creditor. So, they said call back if I can't get anywhere with Saxon. So I called the "Loss Mitigation" number for Saxon, which connects you to the the same place as the Customer Service number - The Call Center with multiple lame operators. Fortunately, I was answered by a helpful operator, who has sent me a financial worksheet to get my case started. Even though my loan may be bogus (And it is), if they are willing to lower and fix my payment for at least 5 years, I see no reason to try for recission. If they give me a hard time (So far they've been cool) then I'll use the number you gave me to have my docs checked. Thanks for your help.