Mortgage problems abound in all types and categories. Over the years I have seen documentation and disclosure failures of all types, budgeting and loss of income failures, underwater mortgages, bait and switch schemes, improper payment application, refusal to accept payments, incorrect escrow calculations, incorrect rate adjustments, improper note construction, improper mortgage or deed of trust construction, predatory mortgage schemes, many types of fraud perpetrated by real estate agents, loan originators, lenders, borrowers, and investors.
The first step in mortgage problem resolution is always identification of mortgage problems, like any problem solving. Sometimes it is as simple as tracking and breaking down payments. Other times mortgage problems are so complicated one needs to review the entire transaction to see how multiple parties or actions came together to cause harm.
Unique to mortgage transactions is that one is often rewarded for keeping an open mind when looking for problems, as unrelated problems can often be utilized or point to relief. A loan modification obtained as a settlement for lending violations may solve a loss of income problem, regardless of whether or not they are related. Finding fraud in an appraisal is a common sign to look for additional loan originator fraud manipulating the loan application, which can serve as the basis for a breach of contract claim for loan repurchase to get rid of a problematic loan.
Everyone has a goal of the resolution they want with a mortgage problem. Sometimes that resolution is achievable simply by clearly documenting and communicating the problem. When that fails or if that option is not available, the fall back is that one needs to immerse oneself in the entire transaction. Ultimately, you are not looking to identify a mortgage problem for the sake of identifying it; you are looking for information that may be used accomplish a goal.
Need help accomplishing your goal? Let me know!