Foreclosed? Not so fast, Rules May Apply

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 17, 2009 -- November 17, 2009 For Immediate Release

Foreclosed? Not so fast, Rules May Apply

For the majority of American home owners, a closing is a stressful, often rushed event. Signing your name on the dotted line for a home loan is a complex and often confusing endeavor, consisting of paperwork often written in incomprehensible language and unbelievable length. On top of this, the paperwork is often fundamentally flawed, missing disclosures or information legally required to be disclosed to the homebuyer. Often this is simple human error, however sometimes this is an intentional oversight to encourage you, the homebuyer, to sign on the dotted line to a transaction that you may be unwilling to engage in.

The Real Estate Settlement Procedures Act, or RESPA, was enacted in 1974 to provide consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. However, this failure to disclose essential information to the homebuyer and kickback system is still alive and well, and standard practice in the mortgage industry. Indeed, mortgage companies even engage in a practice of kickbacks to brokers and sales people, often paying them a fee for getting consumers to buy a mortgage with a higher than standard rate, or complex repayment schedule, such as an Adjustable Rate Mortgage. This often leads to consumers having issues in the course of repayment of the mortgage, and dishonest business practices on the part of the mortgage company and sales people.

Short of major reform in this industry, the only recourse an individual has is to seek outside counsel when engaging in these transactions, to protect the individual taking the loan. More importantly, in the recent economic crisis, many Americans have felt the pinch of a lost job, or lost income, leading to many Alabamians and Americans becoming delinquent on their mortgage payments. However, should your mortgage be fundamentally flawed, seeking legal counsel to review your mortgage and challenge any irregularities may provide relief to those individuals wronged by unfair or improper business practices on the part of the mortgage company. Consumers with questions or wishing to learn more should go to www.protectprivateproperty.com or contact the law offices of William J. Freeman, Attorney at Law & Civil Law Notary No.10 at (205)323.3030

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