A widow is suing her mortgage servicer, claiming harassing debt collection calls exaggerated her husband's heart problems, added to his level of stress and eventually led to his death.
A recent CNN story (view below) details the circumstances that led to the suit.
Dianne McLeod's husband had a heart condition and was airlifted to a hospital after having a heart attack. He went on disability. The McLeods fell three months behind on payments. The harassing phone calls added up, sometimes 10 times a day, until Stanley McLeod's death in 2005.
Now Dianne wants the servicer, Green Tree Servicing LLC, to take responsibility for her husband's wrongful death. But the servicer denies any connection between its collection practices and Stanley's death.
"The collection activity did not lead to his death," Brian Corey, senior vice president/genereal counsel of Green Tree, told CNN. "The claim is meritless. We deny that the content, the number, or the timing of the calls, had anything to do with him dying in 2005."
But CNN uncovered other cases of threatening, mafia-style calls like, "When I see you, I'm going to f**** you up. I want my money and I want it now."
Write toDiana Golobay.
The appraisal industry is in the midst of huge disruption as automated valuation models and hybrid appraisal products gain favor with regulators and investors. What does the future hold for appraisers and appraisal companies as they adjust to the new realities of automation?
As Millennials grapple with paying off student loans, their opportunity to buy a home gets pushed further and further into the future. That delay has consequences far beyond individual students — the growing student debt crisis impacts every part of the economy.
There has been a conscious and rapid shift to broaden the use of alternative valuation products for origination. Not every decision needs a $500, full-blown 1004 interior appraisal. And in some markets where appraisers are short in number, the turn times can stretch from days to weeks. What these new alternative — some would say disruptive — valuation products do is enable lenders and servicers to better match the product to the risk by harnessing big data and technology.