BUSTED: Most Mortgage Servicers Are Unable To Prove How Much Homeowners Actually Owe On Their Mortgages
Most people just assume most mortgage servicers have calculated their payoff or balance correctly.
The finance world also requires you to be good at math. So, at a minimum, you would also think most mortgage servicers would be able to do basic fifth-grade math, right?
Believe it or not, they don’t and unfortunately, it only becomes painfully obvious after the homeowner is put into foreclosure.
Lenders and their attorneys need to accomplish two things in order to successfully foreclose on a homeowner. They need to prove they have legal standing to bring a foreclosure action. They also need to be able to validate the dollar amount of the debt that is owed.
Mortgage servicers cannot prove one and not the other. They have to prove both.