Well, they have been wrong about just about everything else, so it should come as no surprise that Daily Finance reports banks may well be wrong about how much you owe. It just doesn't get any more basic than that -- another excellent reason why hiring a Miami foreclosure lawyer is the best course of action to protect your rights and the future financial well-being of you and your family.
Help for Miami homeowners should start with a well-qualified attorney. Whether mortgage modification, strategic default, fighting a deficiency judgment or negotiating a short-sale, banks are coming out on top in cases in which a homeowner does not fight for their rights. And, since the government has thus-far given banks a complete pass (even in the case of criminal allegations involving forged ownership documents used in court), hiring an experienced law firm to fight for your rights is the best course of action.
As far back as 2004, there was Congressional testimony that mortgage companies were messing up payment amounts and incorrectly applying payments to mortgage accounts. Now, sworn testimony in a New Jersey mortgage fraud case has revealed that employees for Lender Processing Services were given logins and passwords so that they could access bank records to justify account balances and files.
Testimony revealed the passwords for employees and supervisors were not safeguarded and were commonly used by multiple employees. "Crunch times" also frequently led employees to cut corners, which has led to numerous billing irregularities. In many cases in which homeowners don't challenge the billing, the errors may never be known since the vast majority of homeowners never pay off their entire mortgage.
Meanwhile, the company's system of rewarding bonuses to employees based on speed virtually assures that the problems will continue to occur. Like the rest of Wall Street, bonuses are paid based on volume, without regard to performance, which may lead an employee to "make something up" to get their job done.
LPS is an enormous default servicer, doing more than $1 billion in business last year. It's clients include Bank of America, Wachovia, Key Bank, Wells Fargo and HSBC. Meanwhile, the company does not even charge banks for its work -- it charges the network of lawyers who are hired to foreclose on the bank's mortgages.
So the banks get the service for free.
If you need help with foreclosure issues in Miami or the surrounding areas, including short sales, deficiency judgments, strategic defaults or other help for Miami homeowners, contact Bruce Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 358-7991.