Stop Foreclosure Answer

On June 9 the Attorney General of Massachusetts announced that Fremont General, a bankrupt subprime lender, agreed to a settlement of $10 million. It was alleged that the company had used predatory lending practices that led to foreclosures in Massachusetts. In the settlement Fremont denied that they did anything wrong.

Fremont had been a large subprime lender in the United States. In 2008 it filed for bankruptcy protection. The settlement also made permanent an injunction ordered by a court in Massachusetts in 2008. This injunction required Fremont to obtain approval from the court before foreclosing on any home where their loan had terms that were unfair to the borrower.

You might wonder what this means for you.

If you have a mortgage through Fremont, I suggest that you have all of the papers you got with that loan reviewed by a lawyer who specializes in foreclosures. There may have been language in those papers which was deceptive or predatory. If there is, the lawyer can negotiate with Fremont to modify your loan, lower your monthly payment and stop the foreclosure process.

If Fremont is not your mortgage company but you do have a subprime mortgage, I suggest that you contact a lawyer and ask them to review the all of the papers you got with the mortgage. The attorney generals in other states have taken action against other mortgage companies because of unfair, deceptive and predatory lending practices. Two of these were Countrywide and Option One.

If your lawyer finds that your mortgage company used unfair, deceptive or predatory lending tactics with you when you got your loan, they can get your company to modify your mortgage in your favor. That will lower your monthly payment and save your home from foreclosure.

Much Success,

Mark Elkins

Tags: foreclosure help, loan modification, preventing foreclosure, stop foreclosure

This entry was posted on Thursday, July 16th, 2009 at 4:10 am and is filed under General information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.