MAGNES
7th June 2011, 09:20 PM
Man Forecloses On Bank - And Wins
http://dailybail.com/home/man-forecloses-on-bank-and-wins.html
Yes, we said 'foreclosed.' How did he do it?
He utilized a RESPA letter, which we have included below.
A RESPA letter - This letter is also referred to as a "Qualified Written Request, Dispute of Debt, Validation of Debt, TILA letter." The RESPA letter is a specific demand from the borrower to the mortgage lender or mortgage servicing company to produce evidence of the validity of the debt, and is very detailed and specific. Under the Real Estate Settlement Procedures Act (RESPA), the Truth In Lending Act (TILA), Regulation X, and the Gramm Leach Belley Act, the lender must acknowledge the receipt of the letter within 20 days, and must correct or provide clarification regarding the disputed debt, within 60 days of receiving the letter from the consumer. During the 60 days, the mortgage lender may not report any overdue payment amounts to consumer reporting agencies.
It's worth watching, the guy looks " eccentric " . lol
http://www.youtube.com/watch?v=Yqx9sUz36Zo
http://dailybail.com/home/man-forecloses-on-bank-and-wins.html
Yes, we said 'foreclosed.' How did he do it?
He utilized a RESPA letter, which we have included below.
A RESPA letter - This letter is also referred to as a "Qualified Written Request, Dispute of Debt, Validation of Debt, TILA letter." The RESPA letter is a specific demand from the borrower to the mortgage lender or mortgage servicing company to produce evidence of the validity of the debt, and is very detailed and specific. Under the Real Estate Settlement Procedures Act (RESPA), the Truth In Lending Act (TILA), Regulation X, and the Gramm Leach Belley Act, the lender must acknowledge the receipt of the letter within 20 days, and must correct or provide clarification regarding the disputed debt, within 60 days of receiving the letter from the consumer. During the 60 days, the mortgage lender may not report any overdue payment amounts to consumer reporting agencies.
It's worth watching, the guy looks " eccentric " . lol
http://www.youtube.com/watch?v=Yqx9sUz36Zo