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How Servicers Engineer Defaults Using the Escrow Accounts, Forced Placed Insurance and False Projections

Good blog post by Neil Garfield discussing how mortgage servicers use unfair business practices to put homeowners in default on their mortgage. In some states such as California these tactics could be the basis for a cause of action for unfair and fraudulent business practices under the Unfair Competition Law found in Business and Professions Code section 17200, et seq. Many states have similar laws.

Livinglies's Weblog

Servicers are creating the illusion of defaults by manipulating the escrow accounts even when no escrow account exists. So even where there is no agreement for the “lender” to maintain an escrow account, they will create one anyway and engineer circumstances to make it seem like a default occurred not just in the “escrow account” but in the accounting for principal and interest.

THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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I have two cases involving this right now where I am attorney of record and several dozen where I am guiding lawyers and pro se litigants through the intricate process of showing that no reconciliation is possible between the payments actually made by the homeowner, the taxes that were paid, the insurance that was paid and who paid it or failed to pay it.

In one…

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