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'The majority of mortgages are potentially eligible for renegotiation'

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The majority of mortgages are potentially eligible for renegotiation

08/29/09 18:02

Mortgage violations are critical violations and consumers are of being warned. The Consumer MOrtgage Audit center, or the CMAC, is behind this warning.

The majority of mortgage violations tend to be in the form of the following; Missing documents, Bad Good Faith Estimates, Bad Truth in Lending Documents, Hidden or misrepresented payments and fees, Lack of income documentation for borrowers and Double dipping brokers.

Ninety eight percent of mortgages are potentially eligible for renegotiation. This is simply due to the amount of Lending Act violations there are.

Link: National Home Loan Advocates LLC – Blog

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