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This message is for all Americans, especially minorities, who feel that the system has fail them via Predatory Lending Practices. My story will illustrate how deviasting Predatory Lending can be and how it can destroy a family and a nation. I am an African American widow who resides in New Jersey. First, my home was refinanced by Delta Funding, Woodbury, New York in the amount of $52,000.00; of that amount I received $700.00. Second, immediately, Delta transferred/flipped my mortgage to an attorney, who alledged to have represented an alledged purchaser of my home. I never met or seen this attorney, nor the alledged purchaser. Third, Ocean County Recording Office, revealed that Chase Manhattan was the actual receiver of the property. Fourth, Chase transferred/flipped the property to several assignee/companies on record, but further investigation revealed that Chase remained in possession. Then, Chase sold the property in the amount of $100,000.00. The grantees/buyers immediately sold the property for the sum of $200,000.00. Next, the property was mortgaged in the amount of $200,000.00, in addition to a construction loan, in the amount of $200,000.00. Then, the home was reconstructed to a two family home and the address was changed from 39 East 13th Street, to 139 East 13th Street, Lakewood, New Jersey. All the numbers on that block are below the number 45. Information received revealed that the home is funded by Section 8/ a Hud Government Program. In conclusion, the owners, gave their attorney, "Power of Attorney" to sell or dispose of the property as to his discretion. This was via word of mouth, that the property was obtained fraudulently. These accounts of what has occurred with this property has been filed and recorded at the Ocean County Courthouse, Toms River, New Jersey, on Lot 4 Block 148. I have reported this illegal transfer to the Governor's Office, under Governor Whitman, DiFrancisco, and McGreevey, yet it has not been resolved. My family and I were evicted from our home of 28 years on the assumption of an alledged foreclosure. A foreclosure action or proceedings never commenced. I was not behind on my mortgage payments to Delta, and never indebted to Chase Manhattan on a loan. Therefore, Chase had no legal or lawful authority via an eviction. They had no legal rights to possession of my property and no legal rights or possession to sell the property. Also, I never receive compensation for the home. Within my neighborhood, caucasians whose homes were taken illegally, were paid the value of their homes; but blacks who have endured the same, were not. Delta, Chase, the attorneys, and other unscrupulous lenders, who are involved in the scam of taking property from hard-working people, who have struggled for years just to own their homes, should be "Ordered" by the government to compensate their victims for the loss of their homes via their illegal and deceptive practices.
Please feel free to comment, or e-mail me about a story that you know of or have experience with Predatory Lending. Remember, Predatory Lending, occurs in higher rates on credit cards, Equity loans, Reverse Mortgages, and many financial transactions. Also be aware, that there is now a law against Predatory Lending, of which came into effect only months ago, but people who have loss their homes to this practices should be compensated. You are welcome to write with your imput. I look forward to hearing from you.
This Web Page is to inform Americans, especially African Americans, about "Predatory Lending Disease" |
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