In Atty Peltz's words, here is how the bank scheme works. “The banks run many scams to take money out of the pockets of struggling depositors. Some scams are simple and straight forward like their obscene overdraft fees whereas others are a little more sophisticated and sneakier.”
“The tricky scam that some banks have been accused of, is charging homeowners twice for taxes and insurance.Just suppose you are a homeowner who is combining your tax and insurance payment every month with your mortgage payment.. You are paying everything in one lump sum. But then when you fall behind in your mortgage payments the lender asks you to pay the back mortgage payments and they also charge you the second time for escrow items like taxes and insurance”, thus states Jeffrey Peltz.
When the lenders are able to collect twice for taxes and insurance and only pay those expenses once, they are able to “pocket” the difference. Some investigators believe this scam can rob its average victim of about $2,000. The homeowner who gets taken in by this can expect to lose about $2,000.
Attorney Peltz continues, “This bank scam is close to a perfect crime because it is difficult to prove that it's an intentional and planned strategy. But a bright lawyer can discover this rip off and force the lender into returning your money. Just be careful if you happen to fall behind in your mortgage because this could provide an opportunity for your lender or its attorney to help themselves to extra money that doesn't belong to them”.
“This alleged problem has been discovered in loans from Wells Fargo and GMAC Mortgage. But there is evidence that it seems to be an even more wide spread problem. I truly hope this activity is totally investigated but I don't advise clients to wait for government action. I suggest you and your attorney do your own investigation and review your escrow statements for signs of errors or outright theft”, stated NY bankruptcy attorney Jeff Peltz, and remember, big banks aren't always your friend”.
To learn more about New York bankruptcy or to schedule a free consultation, visit the Law Office of Jeffrey B. Peltz online click here for more information.
About the Law Office of Jeffrey B. Peltz
Jeffrey Peltz is a New York bankruptcy lawyer and a member of the Brooklyn Bar Association,
New York State Bar Association and American Bar Association. In addition to being admitted to practice law in New York and New Jersey, Mr. Peltz is admitted to practice law in the Federal Court of New Jersey, as well the Eastern , Southern and Northern District Courts of New York.
Since the establishment of the law firm of Jeffrey B. Peltz, P.C. has helped more than 20,000 clients in the areas of Bankruptcy, Divorce, Family Law, Immigration and Real Estate.
Located at 26 Court Street, #2707, Brooklyn, NY 11242. (718) 625-080. Hours 9:00 am – 5:00 pm
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