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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CWW Show full post »
ka

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Simple question. I have a jumbo loan initiated by Countrywide. How do I find out if it was securitized?
 

 

ALL of Countrywide's loans were securitized.  Only depository institutions hold loans for portfolio and most of those even securitized the loans and then retained the mortgage securities (solely as a liquidity mechanism) when they wanted to be invested in the loan as an asset funded by deposits.

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texas
ka, precision of facts would only suggest you are partially correct.
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cww
  Thank you for the answer at the end of page one.  It sounds like it would at least be a defective foreclosure sale.   Also that it would prob. have to be redone, and started over.   What I want is to be able to get back to making the payments and keep the house.  Leaving and hoping to reclaim in four years or so, if by chance it is vacant , makes no sense at all.    Got behind on payments because of  a temporary reduction of income from an on the job injury that required surgery and was in an industry that was hugely affected by the financial crisis.    Now almost back to previous income and can make the payments.  I submitted the paper work for a Hamp modification to the servicer and just need extra time to hold off the  foreclosure sale.  If i can get the info. to the right people that this would be a defective foreclosure sale and it would have to be redone ( which takes about five months of so in our state ) then i would have enough time to work on the modification and get back to making the payments.  There are no meetings at all that go on in a non-judicial foreclosure in our state.  Can anyone tell me who i would get the information about a defective foreclosure sale to, to cause it to be stopped ?
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ka

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Can anyone tell me who i would get the information about a defective foreclosure sale to, to cause it to be stopped ?
 

 

You seem NOT to understand.  The Lender has already accelerated your loan balance.  And they have at least announced the private sale of the subject property.

 

The Lenders usually have very little interest in reinstating the loan UNLESS it is in their financial interest to do so.

 

When there is existing equity in your property, they WANT TO PROCEED TO FORECLOSURE so that they can STEAL YOUR EQUITY. 

 

When there is serious net negative equity and they cannot possibly recover the full loan amount, then they might be interested in a modification that keeps you PAYING on a loan amount that could never be realized through foreclosure.  They will let you keep paying in that instance for a while until you finally come to your senses and realize that you are buying a $100,000 house for $200,000 PLUS interest, etc.

 

In such an instance the Lender will probably do an in house modification soaking you with additional fees and legal charges if you are stupid enough to sign up for it.  You will also have to sign a modification agreement that will waive all of the fraud as well as any possible defenses.  This will make the next foreclosure even speedier.  Modifications are NOT intended to rescue the situation or keep the borrower in the property.  Rather, these are intended as a tactical maneuver to obtain waivers and confessions from the borrower, obtain new financial information, and to ease foreclosure in a future action. 

 

The first thing you need to do is ascertain what the property is worth, compare this with the loan amount, and see whether you have any real equity to salvage.  If you DO have equity, then you need to take steps to protect it.

 

Usually the most assured way to protect real equity in a non-judicial state is to find a really capable consumer debt/bankruptcy attorney and file a Chapter 13 bankruptcy.  This is NOT for everyone, but can help to reorganize your debts and GET YOU ON A PAYMENT PLAN to keep your loan payments current if your circumstances make you a good candidate for bankruptcy.

 

If you WAIT TO DO THIS until AFTER they conduct a successful sale, IT WILL BE TOO LATE.  IF YOU TEACH THE LENDER OR FORECLOSURE MILL ABOUT ALL OF THE DEFECTS IN THE SALE, THEY WILL JUST CORRECT AND DO A NEW SALE.

 

If you think that you are dealing with some group of compassionate people who care about you, you are out of your mind!

 

The servicer's personnel will TALK TO YOU right through your ejectment if you are foolish enough to fall for this.

 

YOU NEED TO GO AND FIND A REALLY CAPABLE ATTORNEY EXPERIENCED IN CONSUMER DEBT/BANKRUPTCY MATTERS RIGHT AWAY.  YOU ARE ALREADY IN WAY OVER YOUR HEAD!  

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texas
ka said:
"Usually the most assured way to protect real equity in a non-judicial state is to find a really capable consumer debt/bankruptcy attorney and file a Chapter 13 bankruptcy."

That statement really concerns me.

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ka

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ka said:
"Usually the most assured way to protect real equity in a non-judicial state is to find a really capable consumer debt/bankruptcy attorney and file a Chapter 13 bankruptcy."

That statement really concerns me.
 

 

Texas, what would you identify as the better path forward?  

 

Please note that I am distinguishing the case where a borrower (a) has significant equity in a property that might be salvaged through a sale or workout and/or (b) has the cash flow to make ongoing post-petition payments.

 

The borrower able to make post-petition payments can usually avoid foreclosure throughout a chapter 13 proceeding.

 

For a borrower with ZERO or negative equity and an inability to make post-petition payments, then the advisability of bankruptcy is going to be typically controlled by a variety of other factors.

 

Even so, generally a bankruptcy proceeding puts the purported creditor in the position of coming into court (a) to make its claim and (b) to seek relief from the automatic stay.

 

I cannot emphasize enough, though, that bankruptcy can be a very treacherous area and that a borrower needs to consult with an experienced attorney sooner rather than later in the process.  The precise timing of the bankruptcy is of the utmost strategic importance, because while bankruptcy can be used to obstruct or delay a foreclosure, there are also definitely circumstances and jurisdictions where it is also probably far better to allow a foreclosure to run to completion and then file a bankruptcy petition AFTERWARDS.

 

Perhaps it would be better to say as a general rule that those in judicial foreclosure states ought to be looking very carefully at the bankruptcy statutes as well as their own unique circumstances to identify a tailored strategy that best preserves their options and furthers their strategic objectives!

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texas
ka asked of Texas:
"Texas, what would you identify as the better path forward? "

The path each would take is determinant upon the facts.
Each need to know the facts, know the statutes that apply and how they apply, and follow thru with the appropriately.

Telling someone what to do or how, if not an attorney representing such, there maybe issues. Choose Wisely

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CWW

IN A NON-JUDICIAL FORECLOSURE WHERE THERE ARE NO MEETINGS HELD, WHERE THE LENDER ( AND I USE THAT TERM LOOSELY) DOES FORECLOSURE BY ADVERTISEMENT AND NOTICES,   WHO HAS THE AUTHORITY TO STOP A DEFECTIVE FORECLOSURE SALE ?    JUST ASKING FOR FACTS , NOT FEELINGS , THOUGHTS OR ADVICE.   SO NOBODY COULD GET IN ANY TROUBLE.

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KA

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IN A NON-JUDICIAL FORECLOSURE WHERE THERE ARE NO MEETINGS HELD, WHERE THE LENDER ( AND I USE THAT TERM LOOSELY) DOES FORECLOSURE BY ADVERTISEMENT AND NOTICES, WHO HAS THE AUTHORITY TO STOP A DEFECTIVE FORECLOSURE SALE ? JUST ASKING FOR FACTS , NOT FEELINGS , THOUGHTS OR ADVICE. SO NOBODY COULD GET IN ANY TROUBLE.

 

 

You still seem NOT to be getting it.

 

If the sales process is fatally defective, the sale is simply VOID and need not be "stopped".

 

If the sale is being properly, but unjustly, conducted in accordance with the statutes and the provisions of the deed of trust, there are essentially three avenues to stop such a sale (other than voluntarily by the Lender).  The borrower can file suit in state court on some legal theory of wrongful foreclosure seeking a temporary restraining order (TRO) and injunction.  The borrower can file suit on these same theories in U.S. District Court based upon diversity of citizenship and amount in dispute.  The borrower can also file a petition in U.S. Bankruptcy Court with which will come an automatic stay of all otter civil litigation.

 

None of these is easy.  It is exceptionally difficult for any person who is unfamiliar with the law to school themselves up in time to get the pleadings, filings and/or evidence lined up correctly in time to stop a scheduled sale without the assistance of an attorney.

 

Prospects even with an attorney are far from assured.

 

CONSULT AN ATTORNEY!  

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CWW

 I HAVE BEEN CONSULTING AN ATTORNEY AND HAVE PAID HIM TO DO WHAT I ASK.  ON HIS RECEIPT HE NOTED THAT HE WILL FILE AN INJUNCTION IF NEEDED BUT NOW WILL NOT DO SO.   I WAS SIMPLY TRYING TO FIND OUT IF THERE IS ANY OTHER AVENUE TO STOP THE SALE THAN BK OR AN INJUNCTION.    KA , DO NOT BOTHER ANSWERING ANY MORE.  I UNDERSTAND EVERY WORD THAT HAS BEEN TYPED HERE.    YOU INSIST ON STARTING WITH COMMENTS LIKE, YOU DO NOT SEEM TO UNDERSTAND OR WHAT ARE YOU SMOKING.  YET TEXAS HAS TO SET YOU STRAIGHT AT TIMES.  YOU NEED TO KEEP YOUR EXTRA COMMENTS TO YOURSELF.

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Unregistered

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I HAVE BEEN CONSULTING AN ATTORNEY AND HAVE PAID HIM TO DO WHAT I ASK. ON HIS RECEIPT HE NOTED THAT HE WILL FILE AN INJUNCTION IF NEEDED BUT NOW WILL NOT DO SO. I WAS SIMPLY TRYING TO FIND OUT IF THERE IS ANY OTHER AVENUE TO STOP THE SALE THAN BK OR AN INJUNCTION. KA , DO NOT BOTHER ANSWERING ANY MORE. I UNDERSTAND EVERY WORD THAT HAS BEEN TYPED HERE. YOU INSIST ON STARTING WITH COMMENTS LIKE, YOU DO NOT SEEM TO UNDERSTAND OR WHAT ARE YOU SMOKING. YET TEXAS HAS TO SET YOU STRAIGHT AT TIMES. YOU NEED TO KEEP YOUR EXTRA COMMENTS TO YOURSELF.
 

 

You need to learn how to take the CAPS LOCK OFF!  You really do seem to be an idiot!

 

Ka and others have taken the time to thoughtfully answer your questions.  ANd you seem to be both discouteous and ungrateful.  I would encourage all Forum participants to simply IGNORE any future posts by you.

 

Focus on working with your attorney.  When you discover that your attorney KNOWS LESS than the seniors at this Forum, enjoy your homelessness! 

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CWW

UNREGISTERED,  THE CAPS LOCK WHERE LEFT ON FOR SARCASM AND DISCUST YOU DUMB A.     IF IT REALLY BOTHERS YOU THEN YOU NEED TO GET A LIFE, I'M TRYING TO DEAL WITH SERIOUS ISSUES AND YOUR WORRIED ABOUT JUNIOR HIGH  GOTCHA B.S.

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Unregistered
CWW ~ sometimes a person sez that "You still seem NOT to be getting it." and then provides a pretty detailed explanation, offering advice etc, you just might want to step back and rethink your own stubborness [I HAVE PAID HIM TO DO WHAT I ASK] ~ as your stubbornness not to listen or even consider what is being 'offered', at your request, just might be your down fall. 

If you don't agree with that that is being offered then simply say so, give the rationale for your position, and await a further response ~ it just might answer your question, and, save your home.
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texas
caps on or caps off, if the message gets out, I don't care

speak softly carry a big stick or speak loudly so everyone hears, matter of choice

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Unregistered

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UNREGISTERED, THE CAPS LOCK WHERE LEFT ON FOR SARCASM AND DISCUST YOU DUMB A. IF IT REALLY BOTHERS YOU THEN YOU NEED TO GET A LIFE, I'M TRYING TO DEAL WITH SERIOUS ISSUES AND YOUR WORRIED ABOUT JUNIOR HIGH GOTCHA B.S.
 

 

And yet that "Dumb A" is one of the very sharpest participants at the Forum and has avoided foreclosure for more than five years without being represented by an attorney.  But you have shown yourself to be an ungrateful person who is certainly unworthy of any further help!

 

Ask your attorney how many of his clients are still in their homes after five years in a non-judicial foreclosure state without filing Bankruptcy.  He will not have any!  ALL of his clients will be homeless over that time horizon!  Good luck!

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texas
What does drive me insane, all the unregistered people, no not know who's who.

Not like a parrot, feet don't fit a perch.



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texas
For all you Unregistered, try being Unregistered A B or C.

Then it might all make more sense.

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Unregistered Who Respects

I am the [Unregistered] who thinks that CWW errs in calling ka a "Dumb A"!

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texas
Unregistered Who Respects

That works
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John Lewis

Texas, ur correct, unregistered who posted "CWW ~ sometimes a person sez that "You still seem NOT to be getting it."  is me John Lewis

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CWW

 I apologize for some of the things.   I very much thank those who tried to help.      ka  especially.   I will not bother you again.

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John Lewis
"CWW: I will not bother you [ka] again."
 
CWW, YOU ARE NOT 'BOTHERING..' anyone on this forum, this is what the forum is all about ~ listening to people in distress, listening to people who are up against the biggest 'fraudsters' in US history stealing peoples homes ~ so have at it ~ WE ARE ONE ~ an ur are one of the ones...PERIOD!
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ka

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I apologize for some of the things. I very much thank those who tried to help. ka especially. I will not bother you again.
 

 

Apology accepted.

 

Best of success to you!

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