Petition Urging Congress to Regulate Mortgage Servicing Industry and Protect American Homeowners

A new petition urging Congress to take swift action and regulate the mortgage servicing industry is circulating and growing momentum. As the economy and homeowners continue to struggle, this unregulated industry continues to be the source of  much of the pain and distress felt by borrowers who continue to search for help from the true holder of their mortgage, while simultaneously fighting against illegal foreclosure attempts by their mortgage servicing company. 

Here are a few points made in the Petition to Congress:

Tens of thousands of homeowners across this nation have spent hundreds of hours dealing with mortgage servicers who have little incentive to actually help them/us achieve permanent loan modifications; while in the process of obtaining a modification, many homeowners have been lied to, misled, foreclosed upon or threatened with foreclosure.

We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC.

The American Dream has now become the American Nightmare courtesy of the banking industry, which is taking a cavalier approach to the stress, heartache and despair caused by the current lack of oversight, transparency and enforcement of loan modifications. It is of the utmost importance that action be taken to correct this travesty in order to preserve home ownership for the thousands of Americans that are and will continue to be struggling in this economic time.

Click here to read the petition in its entirety, sign it and send your letter to Congress, urging them to take swift and immediate action.

Please also take the time to urge Congress to mandate that mortgage servicing companies allow all borrowers access to a  Monthly Mortgage Statement that would allow the accounting of a mortgage be transparent.

If a borrower has the ability to track their payments they can learn of any misapplied fees and penalties applied erroneously to their account. They will become aware of any mishandled escrow monies, inaccurately applied extra principal payments and learn of any missing mortgage payments. Monthly mortgage statements will give borrowers the ability to verify their mortgage payments are received and applied accurately each and every month.

With access to a monthly mortgage statement, errors and fraud can be detected before they've become too big to repair. The borrower can learn of problems long before they wake up to a nightmare scenario where they are forced to prove their innocence -and forced to right complex corporate wrongs.  Without the aid of a monthly statement borrowers are forced to blindly trust their mortgage is handled properly -and we should all know by now...that's just not the case. 

ALSO SEE:

10 Easy Steps to Being a Mortgage Servicer
with a Money Back Guarantee    (StopMortgageServicers.org)

   1. Become a Business
   2. Open a Line of Credit
   3. Pay $1 Million for 1,000 Loans Worth $100 Million
   4. Use your line of credit to ADVANCE each payment to the investors
   5. Accept monthly payments from the borrowers
   6. Repay your advances with borrowers' monthly payments
   7. Make Money
   8. Pretend to help customers while you delay reporting defaults
   9. When you finally have to report a default, Foreclose....FAST
  10. Lastly, above all else, play by the CRAs' Rules so your rating remains high

For more information and details about items 1-10 on being a mortgage servicer Download the Power Point Presentation