AARP has joined a class action lawsuit about unlawful practices in adding unjust fees to elderly homeowner’s reverse mortgages. These unjust fees by reverse mortgage servicers can be costly and lead to foreclosure.
Unlawful reverse mortgage practices can be a major concern. If you think you or a loved one may be experiencing illegal reverse mortgage practices and being charged unjust fees, you should contact an attorney.
Joshua Denbeaux is an experienced New Jersey attorney. Contact Denbeaux Law today to learn more about how we may be able to help you.
What Is The Class Action Suit?
This class action lawsuit is against Compu-Link (Celink), the largest reserve mortgage servicer in the United States, and Reverse Mortgage Funding (RMF) formerly the largest mortgage servicer in the United States.
The suit alleges that these mortgage servicing companies added unlawful fees that violate reverse mortgage contracts and federal and state laws. An example of unlawful fees can be fees for appraisals, inspections, property preservation, and attorney fees or costs.
The class action suit also claims that these mortgage servicers didn’t give proper notice before filing for foreclosure. In these cases, the foreclosures were dismissed, but the foreclosure fees stayed on their mortgage balance, and companies continue to charge unlawful fees each month based on an inflated loan balance.
What Can You Do?
If you believe that the terms of this class action lawsuit may apply to you, you should contact an attorney. In order to be able to be added to the class action lawsuit you will have to meet certain criteria.
To be part of this class action lawsuit homeowners must have a HUD-approved reverse mortgage that’s been acquired by Celink or RMF. An attorney can help you determine if your situation is applicable to this case.
Contact Denbeaux Law today to learn more about the class action lawsuit and if it applies to you.
