Foreclosure Lawsuit Reactivated Due to Suspected Fake Documents

Rick Slorp alleges that BAC Home Loans Servicing, L.P. and its attorneys at Lerner Sampson & Rothfuss LLP (LSR) created and submitted multiple fake versions of his promissory note to use as evidence against him in a foreclosure lawsuit.

How to Correct Mortgage Errors

How to Correct Mortgage Errors

For years, homeowners have complained that mortgage companies do not adequately address concerns about their loans, do not respond to requests for information, or fail to correct errors.  This has become such a problem that federal law now requires mortgage companies to formally respond to any homeowner’s written request when the request alleges the mortgage company:

Failed to accept payments or apply payments correctly;

Failed to credit payments on the receipt date;

Failed to pay escrows as agreed;

Charged unreasonable fees, or without a basis;

Failed to provide an accurate payoff quote;

Failed to timely provide transferring notices; or

Failed to provide assistance to avoid foreclosure.

Homeowners facing problems with their mortgage company have a right to demand the company research their complaint and provide a written answer within 30 days.  The company must correct any mortgage error immediately, or it must provide an explanation why it believes the account is correct.  It cannot simply mail the homeowner an accounting of the loan, and it cannot charge the homeowner to research the complaint.

Attorney Troy Doucet of the Dublin, Ohio law firm Doucet & Associates Co., L.P.A. regularly litigates mortgage cases on behalf of homeowners.  He recommends that homeowners with concerns about their mortgage send a written letter to their mortgage company that clearly identifies the concern, includes supporting documentation, and asks for a formal correction.  He cautions that the letter must be sent to the address designated to receive correspondence (not the payment address), and he recommends keeping a copy of the letter sent via certified mail.

The mortgage company must acknowledge receipt of the letter within five days, and respond to concerns within 30 days.  Failing to adequately respond to the letter can trigger damages under federal law, including attorneys’ fees.  If the letter does not produce the expected results, a knowledgeable foreclosure and consumer attorney should be able to help with the next step.  Call (614) 944-5219 to speak with one now.


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Can my credit card company sue me?

Can my credit card company sue me?

Troy Doucet is quoted in this Yahoo article about arbitration clauses.

He would also point out that every so often arbitration clauses will be reciprocal, but that is rare and he has only seen it in commercial contracts. Even then, the clauses are usually limited in some respect or another.

If you have an arbitration clause you are worried about, please contact the attorneys at Doucet & Associates Co., L.P.A. by calling (614) 944-5219.


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What is the difference between bankruptcy and a loan modification?

What is the difference between bankruptcy and a loan modification?

Bankruptcy is a section of federal law that enables people who owe money from having to pay it back. Bankruptcy is actually mentioned in the Constitution, and is recognized as a way for people to obtain fresh starts, usually after some catastrophic life event caused them to acquire significant amounts of debt. Studies have consistently shown the leading cause of bankruptcy is due to significant medical bills, job loss, business failure, or family turmoil.

Bankruptcy is the process of having your debts organized and either discharged (legally forgiven), or having them repaid in an organized way over time, or a mixture of both.

In the foreclosure context, Chapter 13 bankruptcy is the tool that enables homeowners to force their mortgage company to accept repayment and causes their loan to become current over time. You basically begin making your normal mortgage payment immediately, plus an extra amount to pay back the accumulated arrears. You will make these payments pursuant to a formal plan overseen by the bankruptcy court, over a period of several years. Once you complete all your payments, the plan is done and your loan is current. You then continue with just your normal mortgage payments.

On the flip side, a loan modification is where you and your mortgage company agree privately to terms that enable you to begin repaying the loan. The process is not part of any formal bankruptcy filing, nor is it overseen by a judge. Instead, a loan modification usually comes from your mortgage company realizing you are facing financial hardship and thus deciding to offer you (or is forced to offer you by the government) a lower interest rate or longer repayment period, which lowers your payment. Alternatively, a loan modification could mean you pay a higher payment for a period of time to repay any arrearages. It could be any combination of a series of terms and is only limited to everyone’s imagination and the existing consumer laws.

In any event, a loan modification is the result of an agreement reached directly between you and your mortgage company, rather than a bankruptcy filing, which is overseen by the bankruptcy court system.


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