During a loan modification negotiations for a client we were shocked to discover that the employees of Collection Dept at the Tampa based Quantum Servicing were paid commissions to collect as much money as possible. Well, this might sound like good company policy; but it reminds me of how Sears Auto Shops were paying commissions to their mechanics on part sales.
There is no other way to look at this except Foreclosure Fraud that servicing companies play when they are convinced no one is watching.
Allow me to explain why this led to fraud and damaged our client’s credit specially since the recent news stories prove that these kind of practices are industry wide and need to be stopped. We had discovered a bogus charge of $6,500 added to our client’s principal loan balance and the collection reps at Quantum Servicing refused to give us any reasonable explanation. Their storied varied widely on who answered the phone. One time they told us that the $6,500 was for the cost of the Broker Price Opinion (BPO) that the bank had ordered as part of our loan modification?
Later they claimed it was for the property taxes despite our own payment proof of the taxes! One claimed it was for property insurance.
When we offered to pay the Principal & Interest payment to keep the account from going delinquent while they investigated this charge; they refused!! And I had no interest in being bulled to pay a bogus charge either, so the resulting late payments damaged our credit.
To make matters worse, when we notified our Congressman Honda’s office to seek help regarding this fraud more than 3 months ago; they completely ignored our request for help. They even ignored the subsequent follow up calls to get status updates on anything they might be considering.
Well, last time I voted for Congressman Honda, I felt I had good reason.
But this time, we might vote differently and we suspect we are not alone since the folks we have been sending to Washington for in the past 20 years have done nothing but create grid lock and uncertainty about the future of this country all in the name of re-elections.
For my vote, it’s time to expect much more from our elected officials and I have vowed to make sure my vote is not wasted on dead-beats who are in bed with bankers and lobbyist and won’t do anything to help the average person who voted them into the office in the 1st place. But before you decide your sell your home find out your home value. In most cases your home is worth more than what you.