Daily Finance | Why Your Bank May Be Wrong About What You Owe on Your Mortgage

Why Your Bank May Be Wrong About What You Owe on Your Mortgage

By ABIGAIL FIELD

Attention homeowners with mortgages, whether you’re current or in default: Double-check your mortgage bank’s math. There’s a significant chance that the bank is wrong about how much you owe them, particularly if you’re behind on your payments.

The revelation that mortgage servicers have been incorrectly applying payments and otherwise messing up their records isn’t new. Professor Kurt Eggert of Chapman University documented the problem as early as 2004, and in his recent testimony before Congress, he underscored that nothing had changed. What is new, however, is testimony in New Jersey that gives real insight into how the mistakes are happening.

Late last week, Adrian G. Lofton gave the New Jersey court that is investigating mortgage fraud in New Jersey a sworn statement that details how mortgage servicer records are altered by employees of Lender Processing Services. Although the LPS employees are given logins and passwords to access the banks’ own records for the purpose of correcting and reconciling the files, Lofton, a former LPS employee, explained how they instead destroyed the integrity of the banks’ business records.

Read How It Works — and Why It Fails here…

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4closureFraud.org

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Adrian Lofton Affidavit

Comments
6 Responses to “Daily Finance | Why Your Bank May Be Wrong About What You Owe on Your Mortgage”
  1. Fury says:

    yep. i want my money.
    it’s being hidden by the banksters in the cayman islands.
    Bonus my ass…

  2. Just one more way for the Banks to robed you clean, The Government, AG;s Congress, Senate, don’t do anything, Banks have a licence to rob you with the permission of the government

  3. Stephen says:

    Mortgage lenders love to under-amortize loans. After 13 years, my payoff was exactly the same as the original loan amount. I hear this all the time.

  4. look out says:

    AH are you for real? Names, places info please.

  5. Excellent Stuff this is just another example of what is out there to uncover if we stay diligent and fight the banks at every step of the way!

    http://diligencegroupllc.net

    American Homeowner

    -AH

  6. Pamela says:

    Wish we could’ve had this info. 6 years ago.I would have run away instead of signing papers on my house if i had any idea this is how things are done.This is the big deal if any of us had had any knowledge of this type of stuff going on we would have never done business with these people .We would have had the chance to say no way to thier shady,slimey,used car sales approach to doing business.Instead with malice of forethought they sucked us in and because they were not transparent,we all got taken to the cleaners.They must have laid awake at night plotting our demise.These are the people we were supposed to trust.Well so much for that.

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