Finally you have an attorney who knows the ins and outs of big banks on your side!

Finally you have an attorney who knows the ins and outs of big banks on your side! Ayodeji Badaki is an Maryland Foreclosure Defense attorney with a degree in securities and financial regulation from Georgetown Law. Having previously worked with banks and other financial institutions, Ayodeji has a unique understanding of the banking and financial rules and regulations that can make all the difference in your Maryland foreclosure defense, credit card, or other consumer finance related proceeding. He has been able to utilize this knowledge with his extensive litigation skills and experience to help homeowners and businesspeople keep their homes and protect their assets. Contact us today.

Has Your Servicer Responded to Your QWR?

A review of many of the foreclosure related sites on the internet reveals that there are many misunderstandings with respect to how to utilize QWRs in the foreclosure process. Contrary to popular belief, you cannot simply ask for everything under the sun and expect results with a QWR. Your best bet when requesting information from a servicer is to ensure that the requests are specific and reasonably related to the servicing of the loan.

Under the Real Estate Settlement Procedures Act (RESPA), Servicers are required to respond to “qualified written requests”and take necessary steps to correct highlighted errors to the homeowner’s account in a timely fashion. If a servicer fails to provide a written response acknowledging receipt of the qualified written request no later than 5 days after receipt of the QWR, fails to make appropriate corrections to the Homeowner’s account in response to the QWR, including the crediting of any late charges or penalties, and/or fails to transmit written notice of such corrections to the Homeowner no later than 30 days after receipt of the Homeowner’s QWR, the servicer may be liable  for RESPA violations. A servicer can further be found to violate RESPA, by failing to provide the Homeowner with the information and documentation requested, or an explanation why the information sought was unavailable, no later than 30 days after receipt of the Homeowner’s QWR or by refusing to cease its collection efforts and foreclosure proceedings during the period while it is making the investigation required by the QWR. 

RESPA violations are significant. They may assist in the defense of a pending foreclosure action against the homeowner although it is important to note that a RESPA violation all by itself will typically not defeat a foreclosure case in Maryland. More importantly RESPA violations can entitle the homeowner to bring an action for damages against the servicer. Such actions could result in the award of actual damages, statutory damages of up to $2000 per violation as well as costs and attorneys fees.

If you are considering sending your servicer a QWR or if your servicer has not replied to your requests for information, you should speak to a qualified attorney to explore your options. QWRs are an excellent tool, they just have to be used properly.