Foreclosure fee investigation grows to 5 banks

5 Trends in Consumer Financial Protection. servicing process,” including charging unauthorized fees, failing to timely and accurately apply payments, deceiving consumers about the foreclosure.

Proof of Ongoing Foreclosure Fraud and Mortgage Document Fabrication, in Five Emails. They paid $1.6 million in restitution and civil penalties. The company, specializing in servicing delinquent loans and based in Fort Worth, Texas, only has $95 million in total assets.

Feds investigating banks over foreclosure expenses. The bulk of those costs are eaten up by legal fees. Two of the banks under investigation, MetLife and PNC, said in regulatory filings that.

With foreclosure, a bank takes possession of the house, then resells it at a mortgage auction to the highest bidder. If a bank receives an offer that is close to market value, it may be more likely to accept that offer instead of foreclosing.After foreclosure, if the bank wants to sell the home, it is unlikely to receive a higher offer than the short sale offer on the table.

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Additional Costs to Buying a Foreclosure or Bank Owned Home Posted by Paula Henry on Tuesday, November 15, 2011 at 11:20 AM By Paula Henry / November 15, 2011 comment foreclosure, HUD and bank owned homes can be a great value for Indianapolis homebuyers.

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US probes possible overcharging by banks on foreclosure fees. seek information about banks’ foreclosure-related expenses, which generally include court filings and posting or mailing legal.

Say, for example, the bank wants to sell the foreclosure for $250,000. The bank might price that home at $240,000, hoping that buyers will easily see the home is priced far less than it is worth and be drawn like moths to a flame. Underpricing is one way a bank can get multiple offers for a foreclosure home.

Nationstar, another growing firm, is under investigation. believed banks were modifying their loans only to learn that the bank quietly had begun foreclosure proceedings, the deal permitted banks.

Three more banks are being investigated, bringing the official list to: PNC Financial Services, PHH Corp., Santander Holdings, Citizens Financial Group, a unit of Royal Bank of Scotland and MetLife.