Lenders Charge Homeowners Questionable Servicing Fees to Add to Bankruptcy Burden

Loan servicers tack on all kinds of bogus fees and charges to consumers going through Chapter 13 bankruptcy and whose homes are being foreclosed upon, according to an article in today’s New York Times. Bankruptcy specialists say lenders and loan servicers often do not comply with even the most basic legal requirements, like correctly computing the amount a borrower owes on a foreclosed loan or providing proof of holding the mortgage note in question. The article suggests that when housing sales are down and the loan originating side of the lender is originating fewer mortgages, the loan servicing side makes...

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