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Monday, October 6, 2008

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Mortgage Refinance "Junk" Fees

When lenders and mortgage brokers take advantage of you, there is something you can do. New home-buyers are eager to close the deal and move in, but who wants to holdup the deal because you think some charge looks a little too high. After all, you are spending thousands of dollars. The moving trucks are probably waiting. The Lakin Law firm has focused its mortgage related litigation in four areas - for buyers and for those who have refinanced.

We currently have cases pending against the following companies:

  • National City Mortgage
  • RBMG, Inc.
  • Creve Coeur Mortgage Associates, Inc.
  • Chase Manhattan Mortgage Corporation
  • Netco, Inc.
  • Option One Mortgage Corporation
  • Irwin Mortgage Corporation
  • Wells Fargo Home Mortgage Inc.
  • CIT Group Consumer Finance Inc.
  • Wachovia Mortgage Corporation successor by merger to the Money Sore
  • Homecomings Financial Network, Inc.
  • Market Street Mortgage Corporation
  • Alliance Mortgage Company
  • Citi Bank F.S.B
  • Countrywide Home Loans, Inc.
  • Delta Funding Corporation
  • U.S. Bank National Association, successor by merger to Firstar Bank, N.A.
  • Fifth Third Mortgage Company
  • Accredited Home Lenders Inc.
  • CBSK Financial Group, Inc., d/b/a American Home Loans
  • Household Financial Services, Inc.

Mortgage - related litigation:

If you are like a lot of people, you may have purchased a home, or refinanced a mortgage, within the past 10 years. You expect the lender or title company to treat you fairly in the transaction. In fact, the lender and title company do tell you that they will charge for loan origination fees, processing fees and the like. But, sometimes the lender or title company secretly hides additional profits into smaller charges without disclosing to you this deceptive practice.

Marked up third-party (junk) fees: Were you charged more than $10.00 for fax fees, wire fees, copy (photocopy) fees, expedite fees, credit report fees, energy rating report fees, flood certification fees, inspection fees, recording fees, tax service (research) (procurement) fees, document preparation fees, underwriting fees, survey fees and courier (freight) fees?

Loan Discount Fees (LDF): Were you charged a Load Discount Fee (LDF)? If so, was your loan interest rate actually reduced in exchange for payment of that fee?

Hostage fees: At the time you re-financed your home, or at the time you sold your home, were you charged a "fax fee" or "expedite fee" in order to receive your Payoff Statement? Were you required to pay this fee in order to secure a release of the mortgage held by your lender?

Per diem (Daily) Interest Charges: At the time you re-financed your home, or at the time you sold your home, did your lender charge you for a full month's interest even though you fully paid your loan before the end of the month?

Check the real estate "Settlement Statement" (HUD-1 form) and/or your "Payoff Statement" that you received at the time of your "closing" or refinancing. While the information is not always readily obtainable from your HUD-1 or Payoff Statement, many times these documents are helpful in determining whether you have been a victim of a deceptive business practice by a mortgage broker or lender.