Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Can anyone offer any guidance or proper channeling in regard to foreclosure.
I live here in Md, refinanced my home in 2005 and now we are in the process of losing our home.
Our credit scores were respectfully 635 but traditional lending was not possible because ofour debt to income ratio.
We were contacted by Argent who seemed pretty straight forward terms but it went south at closing.
I noticed inaccuracies on the papers at closing like the taxes were not stated properly, my husbands income had been inflated for starters and signatures had been xeroxed.
We did not sign anthing and went home to call our broker, well the three major people we had talked to apparently had been fired or quit the very day of closing.
A manager told us these things would be fixed and closing would happen a few days later.
We closed and within two months our payment went up almost 100.00 because the taxes were never corrected through the title search even though I faxed alll the proper documentation.  My dad & grandmother both passed away within two months, neither having any assets and no other family and life quickly took a turn for the worse with this company.  All we needed was a one month forbearence and they refused. For the last year they have essentially strong armed us, refusing to take payments at 30 days late.  Now we are three months behind, the payment has now doubled and we just do not have the income to support the payments.
This loan was supposed to be a positive thing for our family.
They refuse to take any payments, and the repayment plan is outrageous.
I have raised 5 children in this home, lived here for 14 years and was never once late till we took up with this company.
Citiresidential has the same tactics.

There is so much more to this story but these are the highlights.
I have contacted the fbi, attorney generals office, wrote to several delegates, homeowner preservation agency and numberous other and everything to date is slow progressing with no solid leads.

If anyone out there can offer any suggestions it would be most appreciated.
We truely will be homeless if we lose our home.
thank you kindly
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You might want to use the search engine in this forum, using the word ameriquest.
Search click here
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Some of what you relate appears all too familiar to experienced participants of this message board.  Other aspects of what you relate do NOT make sense. 

You mention being 1 month behind and then becoming three months behind.  And you indicate that the mortgage servicer REFUSED to accept your payments.

This has many characteristics of MS Fraud.  But generally the scam is to push you into a technical default.  Then they apply late payments, attorneys' fees, various other "trash fees", but encourage you to keep sending money but then apply it to these various invented fees.

Your best strategy depends HEAVILY on your NET BORROWER EQUITY (the actual realizable market value of your home MINUS the total outstanding mortgage balance) and your overall financial circumstances.  If the mortgage amount equals or exceeds what you OWE on the house and you have few other financial resources, WALKING AWAY from this property may turn out to be the best strategy.  By contrast, if you have significant equity (value) in the property, then it is usually far better to SELL the property -- even at a distress price -- recovering that equity rather than losing the house in foreclosure.

If you have ZERO or NEGATIVE net borrower equity, the mortgage investor and servicer may be MORE LIKELY to consent to a meaningful workout.  If they can recover their alleged balance through foreclosure, they are probably just going to push the property into a total foreclosure and steal your equity.  In that instance, they will HOLD OUT THE PROSPECT of a workout or forebearance and will continue to encourage you to PAY, but they will never actually AGREE to such a workout and will instead proceed to foreclosure.

Part of the strategy in EITHER CASE is to BLEED YOU FINANCIALLY as much as they can to ASSURE that you CANNOT AFFORD A LAWYER and are UNABLE to effectively resist the foreclosure.

Forebearance and loan workouts will ALWAYS be based upon what is BEST FOR THE MORTGAGE INVESTOR and/or MORTGAGE SERVICER.  They are NEVER going to enter an arrangement merely because it is GOOD FOR YOU.  This is NOT to say that there may not be instances where your interests coincide with the mortgage investor / servicer.  But these tend to be FEW.


Various strategies include finding sources of cash to cure your default, giving up the property, selling the property, and filing for bankruptcy.  This is NOT an exhaustive list, but rather is exemplary of some of the strategies available to you.

You that you are ALREADY IN DEFAULT, you need to be aware that ABSENT A WRITTEN FOREBEARANCE PLAN any amounts you pay to the borrower CAN BE ACCEPTED by the servicer and APPLIED by the servicer to the various BS invented fees and charges, HOWEVER, there is NO ASSURANCE WHATSOEVER that your servicer will NOT foreclose!

YOU NEED A CAPABLE AND HONEST LAWYER!  Depending upon your precise circumstances, your local legal aid society may be a place to look.  Generally, lawyers specializing in consumer debt collection issues and bankruptcy tend to already be the very best schooled in this area of the law. 

You do NOT want to simply run and give the money to the first attorney you meet or find in the Yellow Pages.  Such an attorney will TAKE YOUR MONEY and begin to study the problem.  AFTER taking your money, that attorney will explain to you that the mortgage investor WILL FORECLOSE if you fail to make your payments (which you presumably already KNOW).

Since you are ALREADY IN DEFAULT, I would actually think it is possbly in your BEST INTEREST to STOP MAKING ANY FURTHER PAYMENTS AT ALL, UNLESS there is a LOT of equity in the house and selling it to realize equity is a serious possibility.  Every dollar that you SAVE in NOT paying is money that you will later be able to apply to a DEPOSIT to RENT another house.

But DO NOT RUSH away from the house too quickly.  FORECLOSURES TAKE TIME.  It is very likely that you can continue to live in your home for several or even MANY MONTHS while the foreclosure proceeds.

This is a BAD STRATEGY for people with significant other RESOURCES and especially those residing in states which lack anti-deficiency judgment statutes.  That is to say that when faced with a foreclosure, the LONGER and the MORE EXPENSIVE the foreclosure is, the LARGER the judgment which the mortgage investor may obtain against you!  This is BAD when you have a lot of money in the bank or other property.  If you lack resources to pay a judgment or live in a state with an anti-deficiency judgment statute -- a statute which limits the mortgage investor to EITHER recovery under the note or under the mortgage -- the higher foreclosure costs really may never be effectively assessed against you.  OR these costs could be DISCHARGED in a bankruptcy proceeding.

If you continue to make monthly payments on this defaulted mortgage WITHOUT a written forebearance plan, the mortgage servicer/investor WILL just take every last nickle and when you have NO MORE to pay, they will evict you anyway.    
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Foreclosure Timelines
For a better appreciation of foreclosure timelines by STATE, please see my Reply post of 12/18/07 at 08:36 PM on the discussion thread "What is the timeline/process of a foreclosure? (posted by April)" at:

There you find that the Freddie Mac expectation is a foreclosure in Maryland about 85 days after filing.  That is relatively FAST.  But that is from the initiation of a foreclosure action.  If the mortgage servicer has NOT filed yet, it may take somewhat LONGER.

Bankruptcy can be more than a small SPEEDBUMP in the foreclosure process.

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