By Bill Purdy

The following are some excerpts from a very informative blog on a well-known consumer bankruptcy advocate’s web site: www.BankruptcySoapBox.com.

Spoiler Alert:  As a borrower, you are an expendable resource in home loan servicing to be exploited for fees and charges.

Mortgage lenders & servicers are in the business to take your money, not save your home.

Borrowers just trying to keep their homes are subject to a campaign of systematic and deliberate deception. This fundamental deception is now often combined with the fraudulent surcharging of fees costs and other “expenses” designed to make vast additional amounts of money for lender/servicers.

When used aggressively, their techniques run homeowners slowly into foreclosure, resulting in the permanent loss of home(s).

If the hapless borrower manages to retain the home, lender/servicers make hundreds of millions of dollars of additional annual revenue at little or no cost. (They make this money by doing as little as possible and getting you to do or not do things for which they can aggressively bill you.)

Lender/servicers frequently subcontract out the process of servicing your loans including applying for (among other things) loan modifications. By this I mean lender/servicers actually “farm these functions out” to ACTUAL SUBCONTRACTORS (FULFILLMENT COMPANIES) WHO DO NOT WORK FOR THE LENDER/SERVICER.

In the case of OCWEN, it was recently fined by the State of Washington for subcontracting out sensitive loan servicing functions to unlicensed entities in India and the Philippines.

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• Ever receive a letter from your “authorized contact” at the lender/servicer that seemed totally disjointed and disconnected from everything you had labored to achieve with him/her up to that moment?
• Ever receive a letter totally non-responsive to the written request you faxed to your point of contact?
• Ever receive a letter telling you the EXACT opposite of what you’d discussed verbally on the phone?
• Ever been told on the phone your loan mod was approved and then receive a letter saying you did not send documents required?
• Ever try to get your “contact” to fax you a confirmation in writing that your loan mod was approved (or that your foreclosure was postponed) after they assured you of this verbally on the phone?

See the rest of Mr. Purdy’s article for even more revealing and frightening truths about the lending and servicing market.