AgentMortgage

Borrower recourse a hot issue in mortgage transactions

Homeowners take lenders, loan servicers to task

Q: What question are you asked most frequently? A: I don't have to think twice about that. The question that appears most frequently is some variant of "What is my recourse?" The question is posed by borrowers who feel they have been treated unfairly, deceptively, untruthfully, or fraudulently by a mortgage broker, lender or servicing agent. Or, occasionally, an ex-spouse. This is also among the questions I most dislike, because my ability to help is so limited. The question is essentially a legal one, and I am not a lawyer. That wouldn't stop me from giving advice, since I think that the fact that I am not paid would protect me against charges of practicing law without a license. But I seldom have any useful advice to give. Even if I knew all the law, borrowers who ask about recourse rarely provide the facts needed to make a judgment about the best course of action. If I ask for the facts, which I do occasionally when the case has some possible broader implications that interest me, I...

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