Illinois Foreclosure Attorney Andy Miofsky
Helping You Stay In Your Home
Foreclosure Info
Understanding the Mortgage Abuse Problem
Stuff the mortgage industry does not want you to know.

What in the heck is wrong with the mortgage industry and why is it the topic of daily news reports, why are home prices falling, why are contractors going out of business and why are people getting laid off work?  These are very good questions, but the main question on millions of borrowers minds is why can't I afford my mortgage payment?  Here are three subject areas that will provide you with a superior understanding of the mortgage mess.
 
Who owns my mortgage?

In 2004 my mentor O. Max Gardner explained the ownership and servicing process to me in an email that predicted what would happen if sub prime mortgage loans failed.  I saved that email and I want you to read it to get a basic understanding about the players who are involved in a typical mortgage loan.  Click on this link to read his email, then return to this page to learn the truth about loan modifications.

Why won't someone refinance my loan to lower my payments?

You've heard about the new programs politicians are creating to fix the mortgage mess.  Now you want to know why no one will let you refinance your loan.  University of Iowa College of Law Professor Katie Porter wrote a blog, Negotiating with the Mortgage Company, about loan modifications for the www.CreditSlips.org consumer information webblog.  Read my analysis of her article here, Wake Up America and Smell the Coffee, then return to this page to read about an actual mortgage servicer abuse case.
 
What does the mortgage company do with my money?

Lets look at what Louisiana Bankruptcy Judge Elizabeth Magner found when she looked into the operation of a Wells Fargo mortgage.  Click on this link to read an actual bankruptcy court decision where Judge Magner found Wells Fargo misapplied payments and charged illegal fees to an account.

                                    ANDY MIOFSKY 618/931-1313

Be sure to return to this site for more information.
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