I am livid after reading a story about the servicing companies such as OCWEN, LITTON, SPS, SLS, and almost all of the other lenders.
In order to make my point I will simplify the story but if you are trying to obtain a modification I strongly urge you to read the full M.S.N.B.C article.
The majority of the home mortgages in this country are owned by investors. Funds and individuals purchased shares of mortgage pools and earn interest on their investment through the payment of your mortgage. The Mortgage companies and servicing companies collect your payments on their behalf. So while you are paying say Bank America they are basically collecting the money for some faceless investor's benefit.
The way a servicing company makes money is charging a fee for collecting the payments and or collecting on a defaulting mortgage. These companies are striking it rich in this foreclosure rich environment. They charge servicing and late fees amounting to 6percent of the mortgage payment which they keep for either processing your payment or managing a foreclosure if you fall into default.
If you think about it, when you fall into default all sorts of charges get added to your balance. The servicing company collects this money even if the house ultimately sells for less than the mortgage balance. Can you see why the companies are reluctant to modify your loan.
These companies have set up title companies and real estate management companies in order to profit from the Foreclosure sales and management of the inventory of the investors. This is a scandal and you should not take this sitting down!
At E Mortgage Recovery we are aware of this practice and we tenaciously pursuit a modification on behalf of our customers. We realize that a company will modify a loan that is being vigorously represented for modification and take a home from someone who is powerless, thus reaping the fees and add ons to their bottom line.
We are dedicated to "Saving the American dream one family at a time". Please call to see if you qualify: 610-317-1501 ext 108. The longer yo wait the more fees the service can impose on your mortgage making it harder to modify your loan. Here is the MSNBC :link: http://www.msnbc.msn.com/id/32214198/ns/business-the_new_york_times/page/2/
Contact me at: info@emortgagerecovery.com
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