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Mortgage Litigation Attorneys
The Cochran Firm, With Offices Located Nationwide
In the News
In the last 24 months or so the words mortgage, foreclosure, sub-prime, and eviction have become quite common in conversations. Millions of Americans are unable to make the mortgage payments they were once able to without problem due to the sub-prime market collapse. Heads of households are finding themselves unable to pay their bills and take care of their families, and to compound an already-bad situation, the unemployment rate is breaking records.
For a few years now, people have been given adjustable rate mortgage (ARM) loans to buy homes, with the caveat that the monthly payments may go up in the future. The problem is that the monthly payments for these loans have skyrocketed in many cases, going as high as double, triple, or even quadruple what the loan originated at the time of purchase. Needless to say, most families simply cannot afford to pay double, let alone triple, what their house payment was months ago. Families are finding themselves homeless or living in crowded conditions with kind family members willing to take them in while they figure out a solution to the terrifying problem of not being able to own a home.
For most young families, buying a home is an exciting and memorable experience. Closing on your first home can be an exhilarating yet overwhelming event. But it should not be the start of a horrifying experience for you and your loved ones. What makes it all so horrifying is finding out that some mortgage companies are taking advantage of young, eager couples by duping them into buying something they really cannot afford. Lawsuits accusing mortgage companies of improper charges and overpriced insurance policies were once rare, but now, these suits have become quite common due to rampant fraud such as:
- Escrow account improprieties
- Private mortgage insurance fraud
- Settlement charges
- Document fees
- Pre-payment penalties
Escrow Account Fraud
The mortgage litigators at The Cochran Firm (with offices nationwide) realize that the language associated with mortgage fraud is complex. Lets try to explain escrow account fraud. Escrow accounts are created by the mortgage companies as a way to help homeowners pay their taxes and homeowners insurance. Homeowners will add money to the escrow account and the mortgage company uses the money to pay bills. The balance of the escrow account is supposed to be reduced; however, the company often fails to reduce the amount and begins to hold too much of the homeowners money that he cannot use.
Recently, homeowners have also filed lawsuits over excessive pre-payment penalties. If you have been a victim of fraudulent mortgage transactions, there is legal help available to you. Please don't feel as though there is nowhere to turn. The experienced mortgage liability attorneys at The Cochran Firm, with offices nationwide have helped thousands of families and we can help yours, too.
Mortgage lending abuse must stop. The Cochran Firm attorneys fully understand the abusive tactics that predatory lenders use when dealing with sub-prime loans. Innocent borrowers have been subjected to aggressive sales practices to coerce them into re-financing when they should not.
The Cochran Firm wants to fight to get you the compensation and justice you deserve following this traumatic time in your life. Please contact one of our numerous offices today at a location near you to schedule your confidential consultation.
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