News By Tag
News By Location
CIBC may be intentionally causing foreclosures.
Canada Credit Fix investigates CIBC Mortgage for "manufacturing foreclosures" and discovers that the national mortgage lender may be purposely causing huge losses. Canada Credit Fix states that it is grossly irresponsible not to mitigate damages.
ECP has demanded that the mortgage be restored and that CIBC continue taking payments as per the mortgage contract. Lawyers for CIBC inferred that the national institution would prefer the mortgage be foreclosed on as opposed to restoring the financing. Empire estimates that there will be a deficiency loss of over $130,000 in the event that this home gets repossessed. That said Canada Credit Fix has determined that this mortgage is insured with Genworth and CIBC may stand to possibly profit from the foreclosure notwithstanding the deficiency. Essentially, CIBC may intentionally cause the foreclosure by refusing to settle and restore the mortgage despite the customer having the financial capacity, ability and wishes to mitigate the situation. ECP states "I have made three offers to pay the full amount of the arrears and they are refusing to take my money".
ECP is ranked as one of the strongest private local corporations in its field of property management and development and has an estimated net worth in excess of over 22 million. Canada Credit Fix explains that CIBC's failure to mitigate the situation properly with a willing, financially capable client demonstrates that the mortgage company is essentially intentional causing its own damages. Typically, the next steps after the foreclosure, CIBC will issue what may be a “frivolous”
Empire Citi has been in contact with Genworth and awaits comments as to their position on voiding CIBC’s future claim. Despite the fact that Genworth claims to have a loss mitigation program so far they may have done virtually nothing more than stand back and spectator their preferred lender actions. ECP may find itself caught in the middle of an incestuous relationship as Genworth needs the business of CIBC and other mortgage lenders and vice versa, so it may very well be a matter of which way the envelope gets pushed. Canada Credit Fix has launched a program that will assist mortgage insurers like Genworth and CMHC with loss prevention by offering real financial solutions to distressed homeowners.
The low cost program is aimed at eliminating frivolous and false claims by mortgage lenders by offering assistance and options to the distressed homeowner.
When a purchaser buys a home the lender requires an appraisal to prove value and protect themselves from over mortgaging property; that said the lender may not be doing enough to prevent losses should the mortgage fall into distress. Foreclosures are at an all time high and losses are bigger than ever and that is a fact. Canada Credit Fix offers a 3rd party mitigation report that the will verify that the lender and homeowner have made realistic and valid attempts to avoid foreclosure and various available services to remediate the home owner’s distress were offered by the lender. Genworth and CMHC would then require this report as part of the proof of loss prior to funding the claim in the event the foreclosure could not be avoided. Canada Credit Fix states that it is our duty to insure that banks and mortgage lenders do their best to avoid foreclosures as opposed to “Harvesting”
Empire Citi Properties states that in the event that matters are not resolved in the next week they plan on filing a civil action against both CIBC and Genworth for damages and costs. ECP is also one of Calgary's premier foreclosure specialist and vows to contact all CIBC foreclosed homeowners over the last 2 years and petition a class action suit against the lender. In the event that ECP is successful CIBC may be forced to repay millions of dollars in losses, future profits, and damages to the corporate reputation and image that stem from the premature repossession of the property. ECP acknowledges that while average person in financial distress may not have the ability to fund a massive litigation against a national bank, ECP has 2 in house litigators as well as 3 others on retainer. CIBC may have simply dropped gloves to the wrong opponent this time and the bruises and scars from this battle will hopefully earmark needed changes to wrongful Bank behaviour in a frail economy. Lenders should not be able to act grossly irresponsible and expect to not have consequences says ECP.
Canada Credit Fix is also investigating almost 250 recent cases where CIBC had approved and funded high ratio mortgages to investors based on false information. It is alleged CIBC may have also participated in identity theft seeing that some of the investors are claiming to have not signed any of the documents let alone purchased the said homes. CIBC is claiming they had no idea that the mortgages were for bogus buyers however almost all of these files were handled and processed by their own in house brokers, internal underwriting, and administered by their own funding department. It should also be stated that many of the “straw buyers” were actually members of the local Police force. If a bank has employees, lawyers or policies that result in making bad business decisions then it is the banks responsibility to either make the changes or suffer from the damages as a result. “We didn’t know” just is not good enough anymore. Canada Credit Fix will be contacting Genworth and CMHC for comment on these upcoming claims.
Canada Credit Fix is looking to speak with other people that feel they have been victimized by unfair foreclosure practices. Please feel free to contact us anonymously. 1-866-
# # #
Canada Credit Fix - Canada's #1 Credit Repair Specialist Equifax Credit Report Correction
(Canada Credit Fix Inc.)
Canada Credit Fix has announced the launch of 140 new Credit Repair Business licenses across Canada. Currently, Canada Credit Fix has Reps and Agents in all provinces. The aggressive plans for office expansion were based on the overwhelming demand brought on by the down turned economy. President Sheldon Wolf says that when the economy is bad we simply grow faster.
Calgary, AB (PRWEB) March 22, 2010 -- Credit Repair in America is a booming business. In fact you can pretty much go into any Taco Bell and order 2 enchiladas and a side of credit repair to go with it.
They used to say... "The only thing that is certain in life is Death and taxes" Now it is death, taxes and credit! Good or Bad...All Canadians have to deal with credit! Canada Credit Fix has created several programs that should quickly become a standard in every adult life.
Credit Repair -