StopBankFraud.com
WHAT THE MORTGAGE RELEASE PROCESS IS
When we receive all of the paperwork from the marketer and his client, we start our process. First we have the accounting department account for the funds received. Then a file folder is prepared for the paperwork. Pertinent data is put into the data base for document preparation. Research is done on the loan and the property that relates to our process. A welcome letter is prepared welcoming the new client to our process. They are given a web address along with their user name and password, so they can track the progress of the case at their leisure. If there are unresolved issues with their paperwork, it is addressed at this time. They are also sent a limited power of attorney that is specific to their state requirements. This power of attorney needs to be returned very quickly so the process can proceed immediately. We experience frequent delays at this point because of no power of attorney.
Our next step is to send out the first negotiation letter. The requirement is to give them 30 days to respond. If they do not respond or the response does not show a willingness to negotiate, then we proceed to file for a hearing in federal court to obtain depositions on key accounting personnel. Once we have the depositions, we go back into a negotiation stance. This is where the cat and mouse game starts. Sometimes the lending institution negotiates quickly, sometimes not. We continue until we get favorable results. If, on the other hand, they decide not to work with us, then we actually file a formal complaint in the federal court, with the many counts of fraud that we have evidence of. Actually going to court is not the usual step. Normally the lending institutions negotiate before this step takes place.
During the final steps of the negotiations, we make sure that the paperwork is completed properly. Filings at the county recorders are made. Letters are prepared for the credit bureaus. All loose ends are taken care of at this point.
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