MFI-Miami and MFI-Mod Squad announced today that it’s calling on state and federal agencies to investigate closing agents and closing attorneys. These agents and attorneys have been charging homeowners for copies of mortgage documents.
Stephen Dibert, President of MFI-Miami, says: “The very people who are supposed to help homeowners are showing excessive greed, especially attorneys who took an oath.”
Homeowners need their mortgage documents when trying to obtain a loan modification or when hiring legal counsel for a foreclosure defense. Though these documents are supposed to be given to homeowners at the closing, they are often not supplied.
After doing hundreds of document examinations, MFI-Miami has discovered that many title agencies and title attorneys overcharged homeowners for title insurance and other fees by thousands of dollars. Now that homeowners are desperately trying to get financial relief and avoid foreclosure, these same agencies and attorneys are charging homeowners hundreds of dollars for copies of documents that should have been supplied at closing.
“Closing agents are essentially holding mortgage files for ransom if homeowners don’t agree to pay a fee,” says Stephen Dibert. “These agents and attorneys got used to the easy life during the gilded age of mortgage lending. Unfortunately, they’re now clinging to that lifestyle at the expense of homeowners.”