Excessive Late Fee Lawsuit: Claims Against Mortgage Lenders

Class Action Lawsuit: Mortgage Lenders Excessive Late Fee Lawsuit.

Steigerwalt and Associates is working aggressively to pursue claims against Mortgage lenders in a potential class action lawsuit. The lawsuit arises from lenders charging excessive late fees for late mortgage payments.

Explanation: Lets say you only paid $500 of your $1000 mortgage payment last month. Instead of applying the $500 towards your payment, they held it in a separate account (SUSPENSE ACCOUNT) and charged late payments based on the full $1000.

Generally a late payment is charged 15 days after the due date and is 5% of your payment. On a $1000 payment the penalty would be $50. If they applied the $500 as the mortgage/deed of trust contractually obligates them to, the penalty would have been less. The $500 would have all been applied to interest. Leaving $200 in interest due, $200 in principal reduction due and $100 to your escrow accounts. The late charge in this scenario would have been $25.

Mortgages/Deeds of Trusts are documents that can be confusing and are hardly read by borrowers.

Questions to ask ask yourself: Do you feel like you have paid excessive late fees on your mortgage? Have you made a partial mortgage payment or a late mortgage payment? Are you not sure if you should call us? If you are unsure, call us today, especially if you have paid excessive late fees on your mortgage.

The basic information we will need to determine whether you have an Excessive late fee lawsuit includes:

1. Name of original lender?
2. Date of mortgage or deed of trust?
3. Name of subsequent servicers/?
4. Were mortgage payments held in suspense? When? How do you know?
5. What does the mortgage or deed of trust say about application of payments? This information usually appears in paragraph 3 of the mortgage or deed of trust.

The following defines the separation between the defendant and plaintiffs of these Mortgage Lender lawsuits. Potential Plaintiffs for an excessive late fee mortgage lawsuit: In these cases we will be pursing justice for the common person that is working hard everyday to make their mortgage payments while pursuing the American Dream of owning their own home. We represent the common person, not the lenders like 1st Colonial Mortgage, Ace Mortgage Funding, Allied Mortgage Group, American Equity Group, American Mortgage Funding, Ameriquest, Amerisave, Ameristar, Argent Mortgage, Bank of America Mortgage, Blackstone Mortgage, California Mortgage Solutions, CalPacific Mortgage, Carnegie Financial Group, Chase Financial Group, Chase Home Finance, Chicago Brokers, Chicago Home Mortgage, Chicagoland Home Mortgage, Citizens, City Center, City Fund, Clements Banking, Colonial National, Comfort Mortgage, Countrywide, CTX, Davis Mortgage, EPM Loans, Equity Capital, Fannie Mae, Fieldstone, First Magnus, Freddie Mac, GE Capital, GMAC, Golden Mortgage, Golden State Loans, Gumowitz Milton, Home Loan Consultants, HSH, HT, IMPAC, Infinite, Lancaster, Lending Tree, Liberty, M & T, Manhattan, Midwest Bank & Trust, Missouri Loans, Mortgage Services Illinois, New Jersey, New York and Ocean Midwest Mortgages, Pacific Capital, Paragon Equity, Paramount Equity, Quicken Loans, Residence Mortgage, Right Choice, Silver Hill, Smart, Southwood, Stanley Capitol, Statewide Bancorp, Wachovia, Washington Mutual, Wells Fargo, and Winter & Company.

Defendants for an excessive late fee mortgage lawsuit: For the sake of this lawsuit, we will be pursuing lenders withholding entire or partial mortgage payments in suspense causing unnecessary late fees.

Updated 6/23/06

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