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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ceilingmark
I am happy to have found your forum. I have been in a foreclosure battle with Aurora Loans for over 3 years. I have a motion to dismiss filed to be heard in October. Now as of 7/1 the servicing rights have been sold to Nationstar. Is anyone else in this situation? Do you think Aurora will continue on or will Nationstar file an appearence? I am working pro-se. 
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Texas
ceilingmark

Who at Nationstar signed what documents?
Be careful of what you post in the open world.

j.mcguire@trilliondollarfubar.com
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ceilingmark wrote:
I am happy to have found your forum. I have been in a foreclosure battle with Aurora Loans for over 3 years. I have a motion to dismiss filed to be heard in October. Now as of 7/1 the servicing rights have been sold to Nationstar. Is anyone else in this situation? Do you think Aurora will continue on or will Nationstar file an appearence? I am working pro-se. 


You should really be reading WAR's post on personal knowledge, affidavits, and business records, these changes can cause problems for the Plaintiff in SJ and trial.

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*377 "Problems may arise when one business organization seeks to introduce records in its possession but actually prepared by another. It seems evident that mere possession or `custody' of records under these circumstances does not qualify employees of the possessing party to lay the requisite foundation...."

McCormick, Evidence Section 312 (Cleary ed. 1984).

 



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I ran across this interesting decision that shows the problems that occur when a change of servicer takes place.  

http://www.4dca.org/opinions/Sept%202011/09-07-11/4D10-1372.op.pdf

Mr. Roper posted many in-depth threads about personal knowledge and the failure of poor attorneys to challenge these affidavits of amount due.  

This is a winning argument at SJ and can be a winning argument at trial if the witness doesn't have personal knowledge of the facts they are testifying about.


  
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jlcam37
New change in servicer, maybe the SOL statute of limitations is close to running out on collecting the debt that is why they switched to new payee that purchased default debt. State statutes tell u when promissory notes, and contracts expire and cannot be collected on.
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ceilingmark
Aurora Loans has sold all of their servicing rights to Nationstar. I don't know if this was caused by the Lehman BK or the AGs agreement this past spring. Nationstar seems to be buying servicing rights from other banks as well. I must keep a low profile now but when it's over I'll have a great story to tell.
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FnDoomed
NationStar is the latest wall street darling. Taken from a recent MSN article at: http://money.msn.com/top-stocks/post.aspx?post=7766b69b-e9b2-4a9b-9a58-3da239b34627

A rising star

Overall, it hasn’t been a pretty year for the IPO market, but Nationstar Mortgage Holdings (NSM -2.05%) has been a notable exception. The stock has more than doubled from its March 8 IPO price of $14 and is trading near all-time highs.



Before discussing what has been driving the stock, here is a little background on the company. NSM is a non-bank residential mortgage servicing company -- although it does originate and then sell some mortgages -- that is majority owned by Fortress Investment Group. It services loans as the owner of mortgage servicing rights (MSRs), which it refers to as "primary servicing," and it also services loans on behalf of other mortgage owners, referred to as "subservicing."



Now with the nuts and bolts taken care of, let’s take a look at the catalysts. First, the underlying trends occurring in the industry are very favorable for NSM and other mortgage servicers. For instance, in the aftermath of the financial crisis, major banks have been looking to reduce or eliminate their exposure to mortgage servicing due to greater regulatory, legal, earnings volatility, and headline risks. Companies like NSM have been able to scoop up these assets on favorable terms, and this is expected to continue for a long time.



In fact, during its second-quarter conference call on Aug. 14 (it beat on both top and bottom lines) management commented that it sees $300 billion in bulk-servicing opportunities, and that this figure continues to increase monthly. It said that as large banks continue to transfer these assets to outside sources that the runway for growth is very considerable with as much as $2 trillion in transfers projected over the next several years.



From a technical standpoint, there is no resistance to speak of since shares are trading near post-IPO highs. But, with the stock looking parabolic on a weekly chart, it may behoove traders to wait for it to consolidate and cool-off before entering a trade.
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Barbara J.
I don't know if most are aware of this, but Nationstar IS actually an off shoot of AIG and so is Centrex, MorEquity, Fortress, Aurora (possibly) on and on...the only change names when they get caught doing something or who knows what other reasons - but they're ALL parts of AIG and should be questioned on every level (they have no real documents, make things up on the phone, have you go in circles for facts, won't send balances, post payment when they feel like it, and hide behind MERS). In other words they should be shut down and / or sued instead of being touted as some magic wonder company in the propaganda owned news.

.... wrote:
ceilingmark wrote:
I am happy to have found your forum. I have been in a foreclosure battle with Aurora Loans for over 3 years. I have a motion to dismiss filed to be heard in October. Now as of 7/1 the servicing rights have been sold to Nationstar. Is anyone else in this situation? Do you think Aurora will continue on or will Nationstar file an appearence? I am working pro-se. 
You should really be reading WAR's post on personal knowledge, affidavits, and business records, these changes can cause problems for the Plaintiff in SJ and trial.
Quote:
*377  "Problems may arise when one business organization seeks to introduce records in its possession but actually prepared by another. It seems evident that mere possession or `custody' of records under these circumstances does not qualify employees of the possessing party to lay the requisite foundation...." McCormick,  Evidence  Section 312 (Cleary ed. 1984).
 
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jlcam37
Didn't Aurora get shut down by the FDIC or file bancruptcy? I would check. Once AGAIN, depending on the timeline that has past, 3 yrs promissory note, 4 yrs written contract the normal (check your state statutes) for statute of limitations has passed to collect the debt that is why they sold to a new servicer , dont make a pmt or u start the SOL all over again and have to wait 6 yrs until they can no longer file suit. Bet they will foreclose right away if reset. Selling to a new servicer means they purchased default debt and debt is now unsecured. They held it as long as they could before the state statute term of yrs to collect expired. New Servicers are only debt buyers of default mortgage debt!! Dont resign anything dont get in a modification they are unable to foreclose. Do your homwork!!
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