Are You a Victim of Bank Perpetrated Fraud?

Often the people who come to Truth in Lending Auditors feel that they have been the victim of fraud perpetrated by the banks. The type of fraud that now has them in foreclosure, and desperately trying to get a loan mod. They often feel that the bank or broker ran a scam on them. They feel betrayed and untrusting. Often this distrust will prevent them from taking any action at all. Sadly, They’ll lose their home to foreclosure all because of a predatory loan.

For the many who dared to trust again, Tila staff helped them using Forensic Loan Audits to show clearly what the bank did wrong. Often finding that what the homeowner felt all along was true: the borrower was defrauded by the bank, broker or loan officer.

There are several federal laws that protect borrowers and loan forensics reveal where the bank did not follow those laws. Despite the false claims that banks and competitors like to make about Tila2, they continue to represent the homeowner. They confront the banks with the forensic loan audits showing the bank’s true crimes  when they made loans  to unsuspecting homeowners. It becomes clear to the bank that the homeowner now knows the bank violated these laws.

Often, people will have loans that are insured by the federal government. If there is fraud in the loan, there is a good chance foreclosure is no longer an option for the lender. Understanding what fraud is may help you to understand if you are another victim of the scam that the banks have perpetrated upon millions over the past decade.

Understanding that Tila will take your audit to the bank and help you by getting new terms negotiated – usually in the form of a loan mod has made Tila a friend to thousands of homeowners, but maligned by competitors and banks. This is to be expected. Yet, Truth in Lending Auditors continues forward, saving homes, restoring dignity, and most of all helping those who have so often been the victims of fraud.

The following make not make much sense to you but it gives you insight into this complex area. This is why you need Tila. Tila audits state the exact laws broken on your mortgage which then gives you ammunition to save your home.

In Common Law, there are nine elements used to determine if fraud has been committed. In this article, we will provide those elements as it has pertained to so many who got mortgages over the past decade. The examples we use are not the only types of fraud, they are just some of the more common ones that many should be able to relate to.

The first element of fraud is classified as the representation of an existing fact. A common example of this is when you originally got your loan. Were you told that this was the only loan you could qualify for, or that you had to take this loan, even though it wasn’t the loan you were originally promised because there was no time to get you a different one? Perhaps you were told you could get a better loan in a year or so? Many people were. The existing fact represented to you was that you were being put into the ONLY or the BEST loan available to you,  which was a 30-year contract, but that you were going to be able to get out it in very short order.

The second element of fraud is stated as its materiality: This has many meanings in law, yet the one that applies is “material: being such as would affect or be taken into consideration by a reasonable person in acting or making a decision” meaning what you were told or given or shown was done in such a way that you, as a reasonable person, felt that you could act on it or make a decision.

The third element of fraud is described as it’s falsity: What proof did they provide to you that there was ONLY one product available to you? Where was the clause in your loan that said, “This is a 30-year contract that you can get out of in a year?”

The fourth element of fraud is classified as the speaker’s knowledge of its falsity. The bank, or loan officer, or broker knew the truth. They were educated in such matters as real estate markets, credit scores and of course their own practices and products being offered. Recent investigative reports show they knew there would be high numbers of defaulted loans.

The fifth element of fraud is identified as the speaker’s intent that it shall be acted upon by the other party. They got you to sign, right?

The sixth element of fraud covers the other party’s ignorance of its falsity. Not all borrowers know or fully comprehend the real estate markets, how they fluctuate, credit scores and lender practices and products.

The seventh element of fraud is stated as the other party’s reliance on the truth of the representation. You trusted your broker, loan officer, or banker, right? He made it clear that he was helping you get the house? You believed what he told you?

The eighth element of fraud is described as the other party’s right to rely on it. You were operating with a licensed individual authorized to represent the bank or employed by the bank. Did you not have every right to rely upon what he told you, and what he gave you to sign?

The ninth element of fraud is the consequent damages suffered by the other party. How much damage have you now sustained? Credit scores wiped out? Savings gone? 401K depleted? Home value dropped? Relationship destroyed? Job lost? Bank claiming you owe them thousands upon thousands in accumulated fees, penalties, and interest? All of the above plus you also lost your home?

If any Fraud exists (or violations of TILA, RESPA, HOEPA, and ECOA) then there is really no good reason for you to give up and walk away. You need a forensic audit to find out. Contact a Truth in Lending Auditors Consultant at 307 — 316 — 0044. It may be the smartest thing you ever did. There’s no reason to lose your home to foreclosure. Visit the Tila website at http://www.tila2.com/.

Tags: Truth in Lending Auditors, Tila, Tila2, fraud, Loan Mod, Loan Modification, Forensic Loan audit, Loan forensics, Foreclosure, stop foreclosure, scam, predatory loan

Why Are You Listening to Your Lender?

Looking around on the internet, one very clear statement comes across – Lenders lie to homeowners. Why are you listening to your lender? The most common lie is that the lender really wants to help you, and is working on a loan mod for you, but actually he is just stalling while he waits for the foreclosure to complete.

Tila Solutions saves homeowners from these lies every day.  Tila Solutions conducts forensic loan reviews for homeowners. Tila then helps them get a loan mod, using those results to show the lender that he has given the homeowner a predatory loan. The forensic audit shows that there are numerous TILA and RESPA violations (and often there is fraud) in the loan.

You can find thousands of stories online that show what is happening to homeowners.

The lie: “We are working on a loan mod for you.”

The truth: “We are foreclosing on you and expect that you will be stupid enough to ignore the foreclosure proceedings waiting for the loan mod that will never come.”

Here s an example of the lies from Rip Off Report (a small excerpt only) – as far back as 2002!

“My loan was assigned to Chase in February of 2002. Chase contacted me in December of 2003 offering me a loan modification. This sounded good to me because I was struggling due to a horrible payment plan they offered me when I had fallen behind in May of 2003 due to an illness. At that time, they took me from paying $710 to $1,310. In hindsight, this is when I should have gotten an attorney involved.

“I was given the particulars of my new “loan modification” by a Chase representative and was waiting to receive the papers to sign. I waited six months! I called and I called and I called again. I finally called a lawyer. Once Chase received his letter, they responded to me. They responded by telling me that they would not give me the modification that “I” had requested, and that I should find a way to either pay off my entire loan or get financing elsewhere. I was in shock!

“Little did I know, this was only the beginning. What Chase failed to tell me was that, while I was waiting for my loan modification papers, they had commenced foreclosure proceedings against me. “Phyllis Riverdale, New York

Heres another:

“My complaint concerns the Loan Modification that I’ve been dealing with BofA and BAC Home Loans since October of 2009 to help me with my Mortgage payments. ”
“My home equity loan was with BOA for 4 years. When BAC took over and talked to me about their Loan Modification Program, they started splitting my payment letting me pay only half of my mortgage. In the meantime, BAC will be looking into my loan to see if I qualify for a Loan Modification. I sent in all the requested docs, never make a Late Payment, and now after six months BAC is telling me that I have not been accepted into the program and I have to pay the full amount of $16, 051.01 by April, 24 2010 (They NEVER mentioned that if I do not qualify I have to pay whatever the full amount is by he time that they finish the paperwork) They are not giving me the chance for a repayments plan. I looks to me that they are trying to force me out to pay this amount if not I am going to lose my house! I need someone to help us. We have no other choice but to send this letter to everyone to know about this after they told us and told us that we would get help! ”

Today, many homeowners contact Tila Solutions looking for a solution to get their lender to stop disqualifying them, and stop the foreclosure process on them.  Through the use of Forensic Loan Audits, Tila Solutions does just that.  First they investigate.  Then they negotiate.

Thousands of homeowners are stuck in predatory loans today.  It was actually the first round of lies from the lender – “these are good loans, and you can always refi in a year or so.” No they were loans that put you on the road to foreclosure the moment you signed the documents and the lenders knew it!

There are several federal laws that protect borrowers.  A Tila Solutions Investigation locates the laws the lender violated, and uses that information to get the lender to give you a loan mod.  You can find out more about Forensic Loan audits and predatory loans at tila-y.com.

You do not have to let the bank rip you off.  Just contact a Tila Solutions Consultant.  They can help you.  Tila Solutions uses loan Forensics to locate all the federal laws that were violated when the lender gave you the loan.

Contact a Tila Solutions Consultant at 307 459 0232 or visit their website at http://www.tila-y.com/. They can help you – often when nobody else can.

Tags: Tila Solutions, Tila, Tila-y, Loan Mod, Loan Modification, Forensic Loan Audit, Loan forensics, Foreclosure, stop foreclosure, predatory loans