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What is the Respa

What is the Respa

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Published by Foreclosementor

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Categories:Types, Business/Law
Published by: Foreclosementor on Feb 08, 2009
Copyright:Attribution Non-commercial

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05/10/2014

 
WHAT IS THE “REAL ESTATE SETTLEMENT ACT” OR RESPA?IT IS A FEDERAL LAW THAT RULES ALL MORTGAGE TRANSACTIONS IN THEUNITED STATES.THE LAW REQUIRES LENDERS OF MORTGAGES WHETHER A BANK, SAVINGS& LOAN, THRIFT, OR MORTGAGE BANKERS/BROKERS TO ACCOUNT FOR AND REPORT IN DETAIL TO THE CURRENT HOLDER OF THE MORTGAGE ALLASPECTS OF THE FEES AND CHARGES LEVIED AGAINST YOU THEBORROWER OR WHETHER THE INTEREST WAS CALCULATED PROPERLYAND COLLECTED FROM YOU.THE REQUEST DEMANDS ABSOLUTE FIRST HAND EVIDENCE AND THAT INORDER FOR YOU TO CONDUCT A COMPLETE EXAM, REVIEW, ANDACCOUNTING OF YOUR MORTGAGE ACCOUNT FROM ITS INCEPTIONTHROUGH TO THE PRESENT DATE. THE DEMAND ALSO INSTRUCTS THELENDER 
NOT
TO REPORT ANY NEGATIVE CREDIT INFORMATION UNTIL THELENDER RESPONDS TO EACH OF THE REQUESTS.POTENTIAL ABUSES BY YOUR CURRENT LENDER/SERVICER OR PREVIOUSSERVICERS COULD HAVE DECEPTIVELY, WRONGFULLY, UNLAWFULLY,AND/OR ILLEGALLY:Increased the amounts of monthly payments;Increased the principal balance I owe;Increased escrow payments;Increased the amounts applied and attributed toward interest on this account;Decreased the proper amounts applied and attributed toward principal on this account;And/or assessed, charged and/or collected fees, expenses and misc. charges you are notlegally obligated to pay under this mortgage, note and/or deed of trust.THE “QUALIFIED WRITTEN REQUEST” INQUIRES ABOUT:
ACCOUNT ACCOUNTING & SERVICING SYSTEMS-
ASKS FOR IDENTIFICATION OF EACH AND EVERY ACCOUNTING AND SERVICINGSYSTEM USED BY CURRENT/PREVIOUS LENDER/SERVICER(S);
DEBITS & CREDITS-
ASKS FOR EACH AND EVERY CREDIT
 
AND
 
DEBIT ANDTHE DATE OF POSTING TO THIS ACCOUNT;
MORTGAGE & ASSIGNMENTS-
ASKS FOR EACH SALE, TRANSFER OR ASSIGNMENT OF THIS MORTGAGE, MONETARY INSTRUMENT, DEED OFTRUST OR OTHER INSTRUMENT EXECUTED BY YOU;
ATTORNEY FEES – 
ASKS FOR ATTORNEY FEES/LEGAL FEES ASSESSED TOTHIS ACCOUNT FROM THE INCEPTION TO THE PRESENT DATE;
SUSPENSE/UNAPPLIED ACCOUNTS – 
ASKS IF THERE IS A SUSPENSEACCOUNT OR UNAPPLIED ACCOUNT TO THIS ACCOUNT FROM THEINCEPTION TO THE PRESENT DATE;
 
LATE FEES – 
ASKS IF THERE HAVE BEEN “LATE FEES/LATE CHARGES”ADDED TO THIS ACCOUNT FROM THE INCEPTION TO THE PRESENT DATE;
PROPERTY INSPECTIONS – 
ASKS IF THERE HAVE BEEN ANY PROPERTYINSPECTIONS CONDUCTED FROM THE INCEPTION TO THE PRESENT DATE.IF “YES” THEN REQUEST THE DATE OF EACH SUCH PROPERTY INSPECTION,THE FEES CHARGED BY EACH COMPANY PERFORMING AND CHARGINGFOR EACH SUCH INSPECTION;
BROKER PRICE OPINION FEES – 
ASKS IF ANY BPO(S) HAVE BEENCONDUCTED ON YOUR PROPERTY, THE DATE OF EACH SUCH BPO, AMOUNTOF ANY FEES CHARGED, WHO CONDUCTED THE BPO AND WHY;
FORCED-PLACED INSURANCE – 
ASKS IF ANY FORCED-PLACEDINSURANCE POLICIES HAVE BEEN ORDERED, THE DATE OF SAID ORDER,WHY SAID ORDER WAS PLACED, THE PREMIUMS FOR EACH POLICY, HOW ISANY SUCH POLICY OF BENEFIT TO YOU, WHETHER SUCH POLICY(S) HAVEBEEN ASSESSED TO THIS ACCOUNT;
SERVICING RELATED QUESTIONS – 
ASKS WHETHER THE ORIGINATOR OR PREVIOUS SERVICER(S) HAVE ANY FINANCING AGREEMENTS OR CONTRACTS WITH THIS LENDER/SERVICER OR AN AFFILIATE OF SUCHCOMPANY; ASKS WHERE THE ORIGINAL(S) OF THIS ENTIRE ACCOUNT ARECURRENTLY LOCATED, HOW STORED, KEPT AND PROTECTED AND MANYSIMILAR INQUIRIES;
Default Provision(s) under this QUALIFIED WRITTEN RESPA REQUEST – 
ASKS WHETHER THIS LENDER/SERVICER OR ANY AGENTS, TRANSFERS,ASSIGN(S) OMMISSION(S)
 
OF OR AGREEMENT BY SILENCE TO THIS RESPAREQUEST VIA CERTIFIED REBUTTAL OF ANY AND ALL POINTS AGREES ANDCONSENTS TO INCLUDING BUT NOT LIMITED BY ANY VIOLATION(S) OFLAW WAIVES ANY AND ALL RIGHT, TITLE AND INTEREST, LIEN(S), ALLIMMUNITIES OR DEFENSES IN CLAIMS AND OR VIOLATION(S) AGREED TOIN THIS RESPA REQUEST;
Power of Attorney: -
WHEN LENDER/SERVICER FAILS BY NOT REBUTTING TOANY PART OF THIS RESPA REQUEST THAT COMPANY
 AGREES 
WITH THEGRANTING OF AN UNLIMITED “
POWER OF ATTORNEY”
TO YOU UNTILYOU HAVE BEEN PAID YOUR DAMAGES UNDER THE FEDERAL LAW;COPIES OF THE QUALIFIED WRITTEN REQUEST ARE SENT BY YOU TO THEFOLLOWING FEDERAL AGENCIES THAT HAVE JURISDICTION OVER YOUR REQUEST.1. Federal Trade Commission600 Pennsylvania Avenue NW,Washington, DC. 205802. Office of Housing Enterprise Oversight (OFHEO )1700 G Street, NW, Fourth Floor,Washington, DC 20552.

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