While transferring student loans is a pretty common practice, it can be a speed bump
for unsuspecting borrowers who are trying repay their loans.
Those extra pages included blank bank forms, power of attorney declarations, and other legal instruments that allowed scammers to seize homes and bank accounts
from unsuspecting borrowers.
The waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to
unsuspecting borrowers.
Adjustments to the payment can be extremely expensive for
the unsuspecting borrower.
The requirement that the loans come from the federal government is one of the stipulations that can ruin
an unsuspecting borrower's chances of loan forgiveness.
Not only is it highly unfair to
the unsuspecting borrowers in the national mortgage marketplace, it exposes lenders and servicers to substantial liability.
Unfortunately, the lender can make this excessive purchase without any forewarning and / or explanation to
the unsuspecting borrower.