QWR letter/RESPA

exhausted3

LoanSafe Member
#1
I have been offered a verbal loan mod (in house) with GMAC....am told ResCap is the investor, my loan is registered on MERS. Bank denies me HAMP because I am self employed...they set up escrow and suddenly decide to give me a trial mod...the way I see it, just enough to cover themselves for the taxes and insurance escrow account.

I am not comfortable accepting a verbal phone offer. I have faxed to request proper documentation and nothing. Do not feel like this is a legitimate offer.

I think this may come under predatory lending? Not certain...purchased in 2006, no income verification, no documentation, interest only ARM loan...probably lost in the slicing and dicing of everything. I think GMAC or whomever just wants to get me to ALTER my original loan so they can then claim the house for a proper foreclosure??? No attorneys where I live are interested in helping as they are a part of it to begin as we have no title companies so we use attorneys when closing.

What does the QWR letter do in the process? Slow foreclosure down at the very least?

Do I send a certified letter stating that I am not comfortable with a verbal offer?

How do I prolong the foreclosure that apparently is ultimately going to take place?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
It is hard to sue on a purchase loan from 2006. The mortgage is 5 years old and many laws max out at 3 years.

Most all loan modifications are offered verbally. Especially trial loan mods.


What does the QWR letter do in the process? Slow foreclosure down at the very least?
It can and used to at one time, but too many homeowners abused it and also commercial loan modification firms who would send them to lenders in the tens of thousands. So, they just decided to start ignoring these QWR's about a year or so ago. Some people still to get help and responses, but it is tough to get them to respond to them.

Under the Real Estate and Settlement Procedures Act (RESPA) there is a little known consumer protection law that helps borrowers who have special inquiries and or disputes that are not being answered or met with their mortgage servicer. Under Section 6 of the Real Estate & Settlement Procedures Act (RESPA), a borrower can request that the lender document all claims for fees.


If you have been charged questionable fees or even if you have not, isn’t it wise to make your lender prove to you every penny that you owe them?


What a homeowner can do under RESPA is request in writing what is called a “Qualified Written Request (QWR). In this letter you can as about all questionable fees, entries, documentation and a life of loan history (all fees and payments ever made on your mortgage) from your lender.




If you believe you’ve been charged bogus late fees or are having other issues with the servicing of your mortgage, you can still use this letter to fight back.


When you contact your servicer in writing, make sure to document and include your account number. You’ll want to clearly explain why you feel your account is incorrect. Make sure that you send this separate from your payment and don’t send it to where you send your monthly mortgage payments. You’ll want to send it certified mail or fed ex to your mortgage servicers customer service address.
YOU SAID:
Do I send a certified letter stating that I am not comfortable with a verbal offer?
Sure you can.

How do I prolong the foreclosure that apparently is ultimately going to take place?
1. Play the loan workout game as long as you can

2. File a lawsuit against them or

3. File bankruptcy

Links: Qualified Written Request | LoanSafe.org