My friend has a reverse mortgage. The alleged new mortgage servicer, Champion Mortgage, incorrectly gave her a vacancy notice. When I called them, I was told that she should immediately write them telling them to "RESCIND HER LOAN". In my legal opinion, rescinding her loan will have the effect of allowing an immediate foreclosure by the holder of her reverse mortgage.
I tried calling FHA so that they could STOP THIS FRAUD. Naive me thought that someone at the FHA should order Champion Mortgage to STOP giving out the advice that seniors should rescind their loans.
Of course, thanks to the Tea Party, FHA has subcontracted out all supervision of the mortgage industry. I was told I could send an email complaint, but that I could not actually speak with anyone regarding a possible ongoing fraud against vulnerable seniors. I was quite clear that I am an attorney, but if you do not hire professionals with judgment, they have no idea how serious a problem is.
Champion Mortgage has other problems. My first phone call did not get through as I was told that I called outside of office hours. The person who answered my second phone call told me that their computers were down and I should call back in a few hours. The third phone call resulted in the HORRIFICALLY INCORRECT LEGAL ADVICE repeated several times by a temporary employee who told me that he was carefully repeating what he had been trained to say.
I tried checking with the Santa Clara County Recorder's Office to see who now owned the reverse mortgage. I was unable to find a deed of trust on the property.
Correct paperwork is the backbone of the mortgage industry. Correct paperwork can NOT be processed by untrained, low paid workers.
The Fonz would say, "WE ARE CRUISING FOR ANOTHER BRUISING."
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