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Q: Can Lexington Law Delete Green Tree Servicing?
A: Yes (see pic below). For a FREE consultation, call toll free: 1-877-935-4219
Q: What Is Mortgage Fraud?
Every year, there are hundreds of cases of mortgage fraud. But what is this, and why is it such a big problem for people? In short, mortgage fraud is when someone applies for a mortgage, but deliberately gives misinformation to a mortgage company (or a financial institution, like Green Tree Servicing) in order to make it so that they can get a larger loan or a lower interest rate, on the property that they are purchasing. There are a variety cases of mortgage fraud that can occur.
First, many people who are looking to buy properties to rent or lease out will lie about their intention, when they apply for the mortgage for such properties. They will say that they are actually going to live on the property, when in fact they will not. Why do they do this?
Because the interest rates are usually lower for those who are purchasing their own residence, as opposed to purchasing a residence where they are going to rent it out. The difference in interest is often quite significant, so people will try and get away with this for their own gain.
Other types of mortgage fraud are related to the income of the person who is applying for the
mortgage. In some cases (so that they can get more money out of the financial institution for the loan), they will overstate how much they are paid per year in income. The more that they are paid in yearly income, the more that they can get, thus allowing them to get a larger home or whatever else that they are looking to purchase. This is called income fraud, and, usually, it only happens with loans that don’t require any sort of income verification, on the part of the borrower. If the person had been honest, they may not have qualified for the loan in question, which is why it is considered a form of fraud.
There are also various types of fraud that are related to homes that people are looking to sell. Some people will get an appraisal of their home that is higher or lower than the actual value of the home. Sellers commit mortgage fraud by overstating a home’s market value. thus try to get more money out of the home that they’re selling. People who are looking to buy homes may deliberately get an appraisal that is much lower than the home’s value, in order to save money on low monthly mortgage payments and flip the house for its actual cost. These happen with the help of a dishonest appraiser or another professional.
There are other frauds that can happen with mortgages as well; some of them involve the mortgage company, where they work with their customers to cheat the lenders out of cash. Others involve shotgunning and working the gap, both are dishonest ways of getting multiple loans or multiple deeds for the same property, thus resulting in harming the lenders and putting the borrowers in a good position.
Q: How Can The Fair Credit Reporting Act Delete Green Tree Servicing?
As you likely know, there are a variety of different laws in place that protect consumers who are dealing with debt. One of the laws that is in place to help consumers in debt is the Fair Credit
Reporting Act, better known as the FCRA. This Federal Law
is important, because it protects the information of consumers in terms of their demographics, their private information, and their credit information.
The FCRA does a lot to make sure that creditors treat their consumers fairly; credit bureaus have to give consumers the information that they request about in their credit; if the consumer’s info is inaccurate, it has to be removed & they cannot put the negative information back into their credit reports, after it has been taken out (unless the consumer has been notified); and they can’t keep information for a long period of time (past 3 or 4 years, for most credit items). There are some things that can stay on the report a bit longer (bankruptcies, being the primary example – they can stick around for 7 to 10 years).
The FCRA also makes sure that creditors are giving appropriate information to the credit reporting companies. They cannot give false information, in hopes of ruining the name of the person who they are dealing with. They also have to make sure that, if anything on the person’s credit report is disputed by the consumer, then they have to deal with it and investigate it as soon as possible (30 day limit). If there is any negative information on a person’s credit report, the consumer has to be notified as soon as possible, as well – so that they can take the necessary steps to resolve matters.
The FCRA also played a crucial role in helping people to be able to get their credit score and
information for free, once a year, so that they could deal with any potential issues going on, on their credit report. Consumers can get that information through any of the three major companies (Equifax, Experian, Transunion) that offer credit reports, and the government has a website that you can use in order to check that out. These companies are highly regulated by the FTC – so, you can feel confident about the way in which your credit information is handled & provided to you.
Employers are allowed to use the credit reports when looking at potential employees, but there are special forms that have to be used, and only certain types of information can be disseminated to potential employers. The employers also have to be able to prove that they need the information that they are seeking.
Credit bureaus are held liable, in the event of committing an FCRA violation. If credit bureaus do not comply with certain federal guidelines that were put into place, they can be fined or charged with a credit repair lawsuit – and the consumer can receive damages from the creditor/credit bureau. There are a lot of ins and outs (about the Fair Credit Reporting Act) that you should know about, whether as an individual or a business; mainly because they can help you to determine the best way to go about your future credit endeavors, and assist you with keeping your information as accurate as possible!
If you’re not sure what Green Tree Servicing LLC is, or if you were involved in a mortgage, loan or short sale that involved their service – you can file your complaints or reviews at your local better business bureau; or you could login to their website at greentreeservicing.com & get their address & phone number (they are located in Miami, Florida).
Call Lexington Law for a FREE consultation & learn how to delete debt. Toll free: 1-877-935-4219
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