Excessive Mortgage Default Fee Claims Under Investigation

(LegalLaw247.com, August 18, 2012 ) New York, NY – The attorneys working with ClassAction.org are looking to hear from borrowers who defaulted on their mortgage and suspect they were charged excessive fees by their lender for default-related services, such as property inspections and appraisals. It has been alleged that some banks and mortgage servicers are marking up the fees charged for these services, typically performed by third-party vendors, to profit from already-struggling borrowers. These charges are believed to be listed on the borrower’s mortgage statements as the following: delinquency expenses; miscellaneous fees; corporate advances; advances; other fees; and other charges. If you noticed any of these fees on your mortgage statement after having your account enter default or delinquent status, you may have been charged excessively or for unnecessary services. To find out if you can make a claim to seek compensation for these charges, visit http://www.classaction.org/excessive-mortgage-default-fees.html and fill out the “Report a Complaint” form on the right for a free evaluation of your claim.

When a borrower is late on their mortgage payments and goes into ‘default,’ their lender will assess fees on their accounts for services needed as a result of the default, including property inspection fees, attorney fees, appraisal costs and property preservation costs. While banks and mortgage services are permitted to assess these fees, purported to protect their interest in the property, they are not allowed to profit from the default by marking-up fees or assessing fees for services which are not necessary. It has been alleged, however, that some lenders may be engaging in these unfair and questionable practices, marking up fees charged by vendors by 100% or more or using systems which automatically order and assess fees for property inspections after the borrower’s account has been delinquent for a certain number of days - regardless of whether the inspection is actually necessary. Allegedly, some borrowers have been driven into foreclosure as a result of excessive default fees or incurred damage to their credit scores.

Consumers who were charged excessive mortgage default fees or fees for unnecessary services may be able to make a legal claim for compensation in light of claims that some lenders are trying to quietly profit at the expense of their borrowers. To learn more about your potential legal rights as a borrower who defaulted on their loan, please visit http://www.classaction.org/excessive-mortgage-default-fees.html today. The attorneys working with the site are offering a free, no obligation case review to help determine whether you were overcharged.

About Class Action.org

Class Action.org is dedicated to protecting consumers and investors in class actions and complex litigation throughout the United States. Class Action.org keeps consumers informed about product alerts, recalls, and emerging litigation and helps them take action against the manufacturers of defective products, drugs, and medical devices. Information about consumer fraud issues and environmental hazards is also available on the site. Visit http://www.classaction.org today for a no cost, no obligation case evaluation and information about your consumer rights.

ClassAction.org
Hannah Armstrong
800-449-1970
pressrelease@lawyercentral.com

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