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Re: [tips_and_tricks] Bank changing amount of priciple due on a mortgage

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  • Julian Shelton
    Start with reading both your loan docs & your trust deed or mortgage instrument very carefully to see if there s a clause authorizing such a transfer. If there
    Message 1 of 5 , Dec 1 5:14 AM
      Start with reading both your loan docs & your trust deed or mortgage instrument very carefully to see if there's a clause authorizing such a transfer.  If there is and you signed the document you agreed to it, unknowingly, if it was not clearly disclosed to you at the loan closing when you signed docs.  If it was disclosed to you at that time you may be stuck with it.  If it wasn't clearly disclosed to you at the loan closing, however, you can probably file a Regulation Z disclosure violation against the lender.  I don't have personal experience doing this & don't have specific information on how to go about it but you can more than likely find infoprmation by doing a google search on Regulation  Z.  Regulation Z violations by lenders are serious matters for them.  You may be able to negotiate with them to voluntarily drop it if you were not provided with clear disclosure at the loan closing prior to signing the doc that authorized the transfer.  No lender wants to have a Reg Z violation complaint filed against them because of the seriousness of the penalties for the violation.

      -----Original Message-----
      From: susanne waid
      Sent: Nov 30, 2006 8:58 PM
      To: tips_and_tricks@yahoogroups.com
      Subject: [tips_and_tricks] Bank changing amount of priciple due on a mortgage

      My mortgage lender has changed the principle amount due on my mortgage loan by transferring a ┬ôrecoverable corporate advance┬ö, which I have disputed, to the principle amount due.  In spite of searching on the net for over an hour and a half under every category that I could think of, I cannot find any statutes governing this situation.    Does any forum member have a suggestion as to where I might search?  I would greatly appreciate your input.  Susanne Waid

    • donmadmary
      Susanne....First start researching Mortage Loans , you will discover that banks and mortgage companies DO NOT make loans. There is a neat little federal
      Message 2 of 5 , Dec 1 6:27 AM
        Susanne....First start researching "Mortage Loans", you will discover
        that banks and mortgage companies DO NOT make loans. There is a neat
        little federal statute that bars them from loaning out depositors
        money. Somewhere on your mortgage papers (in very small print)you
        will find the words "Pay to the order of." What you signed was a
        Promissory Note and you were told that it was a loan. Pure Fraud by
        the bank as it is called "Non-full-disclosure" of the contract and is
        illegal. I do not know what a "recoverable corp advance" is.
        You will also discover that a Promissory Note is money that you
        created and was deposited into the banks assets. The bank took your
        Promissory Note and put it with other notes and traded them for Gov
        Securties, then sold the Securties for FRN. They then creates an
        account in your name from which they issued a check also in your name
        to the person that you purchased the house from, then told you that
        you had to repay the money that you deposited into the bank as a loan
        with interest.

        Don



        --- In tips_and_tricks@yahoogroups.com, "susanne waid" <susannew@...>
        wrote:
        >
        > My mortgage lender has changed the principle amount due on my
        mortgage loan
        > by transferring a "recoverable corporate advance", which I have
        disputed, to
        > the principle amount due. In spite of searching on the net for
        over an hour
        > and a half under every category that I could think of, I cannot
        find any
        > statutes governing this situation. Does any forum member have a
        > suggestion as to where I might search? I would greatly appreciate
        your
        > input. Susanne Waid
        >
      • gary
        I would think that it is not a matter of statute, rather a matter of contract. Some banks have a clause in their various account agreements that says if you
        Message 3 of 5 , Dec 1 8:00 AM
          I would think that it is not a matter of statute, rather a matter of
          contract. Some banks have a clause in their various account agreements that
          says if you owe on one thing they can combine it with something else and
          sometimes (this happened to someone I know) they can take money from any
          accounts you have with them (checking, savings, etc.) to pay anything that
          is not current. You need to carefully read your mortgage contract, credit
          card agreements, etc.

          Gary

          ----- Original Message -----
          From: susanne waid
          To: tips_and_tricks@yahoogroups.com
          Sent: Thursday, November 30, 2006 10:58 PM
          Subject: [tips_and_tricks] Bank changing amount of priciple due on a
          mortgage


          My mortgage lender has changed the principle amount due on my mortgage loan
          by transferring a "recoverable corporate advance", which I have disputed, to
          the principle amount due. In spite of searching on the net for over an hour
          and a half under every category that I could think of, I cannot find any
          statutes governing this situation. Does any forum member have a
          suggestion as to where I might search? I would greatly appreciate your
          input. Susanne Waid
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