PHH Mortgage Corporation Loan Flipping and Packing Investigation
Shub & Johns launches investigation into PHH Mortgage Corporation after some consumers have reported issues with the mortgage and loan company. PHH may be engaging in deceptive practices that encourage consumers to refinance or reinstate their loan under predatory terms that can lead to loan packing or loan flipping.
Mortgage companies can attempt to influence consumers into renegotiating their loan by adding additional money to their loans. It could be that the company is not providing you with more money but adding “junk fees” and other miscellaneous charges that aim to increase the amount you can owe on your loan or to increase the interest rate on your mortgage. Consumers may feel deceived by this because they anticipate getting more money from a loan when what might actually be happening is the loan provider may be tacking undisclosed or unnecessary services to loan, adding extra costs or fees to the borrowers payment.
When a mortgage company or a lender encourages borrowers to refinance, offering better terms or lower interest rates, it can be hard for the borrower to turn down. Some companies may rely on this predatory practice to add additional costs to loan payments or extend loan terms in order to have consumers pay more in the long run. This can also lead consumers towards increased financial burden after incurring too many fees and expenses from the loan flipping practice.
Do you have loans or mortgages with PHH Mortgage Corporation? Have you dealt with similar issues? Let us know! Fill out the attached form and join the Shub & Johns investigation today.