Borrowers in Need of Loan Mods Charged Hundreds for Copies of Loan Documents

June 11, 2009 No Comments »

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MFI-Miami, LLC, which recently published a list of the worst loan modification companies, is now calling on state and federal agencies to investigate closing agents and attorneys.

The company claims title agencies and attorneys have been charging homeowners hundreds of dollars for copies of loan documents that should have been supplied at closing.

These loan documents are essential to borrowers looking to execute a loan modification, and many are probably agreeing to pay any and all fees to get the much needed relief.

After completing hundreds of document examinations, MFI-Miami also discovered that many of the title companies overcharged homeowners for title insurance and other fees by thousands of dollars.

“The very people who are supposed to help homeowners are showing excessive greed, especially attorneys who took an oath,” said MFI-Miami president Stephen Dilbert, in a release.

“Closing agents are essentially holding mortgage files for ransom if homeowners don’t agree to pay a fee,” he added.

“These agents and attorneys got used to the easy life during the gilded age of mortgage lending. Unfortunately, they’re now clinging to that lifestyle at the expense of homeowners.”

MFI-Miami conducts forensic mortgage audits and mortgage fraud investigations, and is one of the few firms that investigate the transfer of the securitization instruments of homeowners’ mortgages.

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