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Beware: Natural Disasters present profit opportunity for unscrupulous Mortgage Servicers

Livinglies's Weblog

lousiana-floods Beware: Floods and other natural disasters are another opportunity for servicers looking for additional profits.

By the Lending Lies Team

Mortgage Servicing should be more accurately called Mortgage Disservicing. The loan servicing industry is a rigged system that engages in a myriad of fraudulent tactics to ensure that homeowners fall behind on their mortgages so that a default becomes imminent. There is something very wrong with a service that operates with a conflict of interest from day one- and that is to find a way to engineer a very profitable loan default.  Natural disasters present another opportunity for predatory loan servicers to prey on the vulnerabilities of unsuspecting homeowners.

Covert tactics by servicers routinely include misapplying payments, not applying payments in a timely manner so that late payments and other charges can be assessed, and providing blatantly erroneous information in order to confuse the homeowner (e.g. If you miss three…

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