Mortgage Fraud and Foreclosure Attempts
In recent years, mortgage fraud has been on the rise. Mortgage companies team up with banks to try to get as much money as possible from each loan. When homeowners pay their mortgage on time, banks and mortgage companies only make a small amount of money from the interest that the homeowners pay. In an attempt to increase their profits, some companies have gone so far as to delve into fraudulent practices.
One of the most common ways that mortgage companies attempt to gain more money from the homeowner is to add on new fees throughout the mortgage. These hidden fees can be large and can result in severe additional penalties if not paid on time, even though in a lot of cases homeowners are not rightfully informed of the new fees. This extra cost can in turn force many families into foreclosure, particularly if someone in the household loses their job or is suddenly facing high health care costs.
At first these fees may start small and may even go unnoticed for many months. Over time, the fees may grow to outrageous amounts. A lender may think that the mortgage company has simply made an error on calculating the amount owed. If you start to notice discrepancies on your mortgage bill, contact a foreclosure defense lawyer immediately. Your mortgage company may be trying to swindle you out of thousands of dollars or even trying to push you into foreclosure.
Don’t let your family home be lost in a scam. A foreclosure defense attorney will protect your interests against fraudulent practices and fight to defend your right to your home. Contact the experienced Milwaukee foreclosure defense lawyers of the DeLadurantey Law Office, LLC today at 414-377-0518.