Category: Insurance

Mortgage Service in Los Angeles-Insights

When homeowners fall behind in their payments, it is often the mortgage servicing company that initiates the foreclosure proceedings. While some borrowers have been successful defending their home due to the servicer or lender being unable to prove it holds the original note, not many people at all are aware of the fact that there are often three servicing companies involved in a foreclosure action.

The first servicer is called the master servicer, and homeowners may never know who it is or have much contact with the company. However, its role is to oversee all of the other servicing operations and companies that will be involved in the mortgage or any foreclosure proceedings.

It is the subservicer that the homeowners will have the most contact with during the time they are making payments on the mortgage. The subservicing company is the institution that collects payments from borrowers and maintains the escrow accounts for paying property taxes and homeowners insurance. If the subservicer does not take care of some of these services in-house, they may contract with tax service professionals and insurance companies, among other.Visit our website to get free information about Mortgage Service in Los Angeles, California.

The third type of servicer is called a special servicer and is typically involved only when homeowners fall behind. After sixty days of late payments, the special servicer may begin loss mitigation attempts or just begin the foreclosure process. Again, this servicing company may contract out some of its functions, including loss mitigation, property inspection, or hiring local attorneys to foreclose on the house.

With all of the allegations of mortgage servicing fraud over the years, including misplacing on time payments, forced placed insurance, underfunding escrow accounts, making late property tax payments, and lying in court to cover up such activities, can anyone really trust these companies? They act like glorified collection agencies in harassing borrowers and actually make more money from defaulted loans.

Mortgage servicing companies are generally paid a flat fee based on the borrowers’ monthly payments, usually 0.5% of all payments collected. But they are given a huge incentive to take advantage of unsuspecting homeowners because they retain 100% of any late payment charges or other fees. So the servicer has no incentive to help homeowners and make sure they pay on time or keep accurate records.

However, the companies have every incentive to “lose” payments and tack on a late fee. They have every incentive to put forced insurance on a home through an affiliated company, raise the monthly payment, and charge fees. They have every incentive to underfund escrow accounts, take money from the regular monthly payment to make up the shortfall at tax time, and then slap on a late charge to the account.Servicing companies can provide a valuable service in the mortgage market by making it easier for lenders to engage in other business than collecting payments and administering accounts. But when these companies are given huge incentives to treat homeowners like deadbeats or turn them into foreclosure victims, one has to wonder what side the banks that hire these companies and agree to these terms are on.

Car Accident Lawsuit-Described

Everyday more then one hundred car accident lawsuits are reported. Every ten minutes there is a car accident. Well as we see that people being less careful on the road and more abrasive by not paying attention the laws of the road. There is more than likely a car accident waiting to happen. By people being less responsible on the road, this makes it dangerous for any unsuspecting driver to get into a car accident and having to file a car accident lawsuit. Lawyers are used to having people coming in and having them file car accident lawsuits, which in turn makes any lawyer a profit. None the less in case of a car accident has entailed one must be prepared for filling a car accident lawsuit. Here are some tips on preparing yourself for dealing with a car accident lawsuit.Have a look at car accident lawsuit for more info on this.

First look for a qualified lawyer who has experienced in dealing with car accident lawsuits, make sure the lawyer is certified and has impeccable stature. When given forms to fill out, make sure you understand all information on the sheets. Do not be afraid to ask questions. Ask them to give you a detailed answer on your question.

Take your time on filling out the forms; make sure you look over everything thoroughly. Also, read the fine print, do not just over look it. Ask about the process of your car accident lawsuit, ask how long will it take, what are the steps you have to take, and any other valid questions you might have. Make sure you know your rights when it comes to car accident lawsuits. Make sure the lawyer always keeps you updated on any new processed events of your case. Also, make sure you keep copies of everything that has entailed between you and the lawyer and any other paper work that is related to your car accident lawsuit case.

Most car accidents can easily be in the works for years. All car accident lawsuits filed are dealt depending on the severity of the accident. In most cases and in most car accidents, victims before this have not been in a car accident before. Therefore, they are more than likely to be naive about the law system and the courts when it comes to filling car accident lawsuits. That is why it is important to get a well established lawyer is understanding and can answer all your questions and full fill your needs when it comes to car accident lawsuits.