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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Robert P.
In Washington there are laws against equity skimming, that I recently discovered. Remember I am new to all this info. some that is confusing to me. My example I have had 2 modifications of my ARM in 2008 from 13.65% to 9.1% and 2009 9.1% to 8.265%. In 2008 I was current(barely) on my mortgage I was told I needed to be at least 90 days behind to get a modification on my first mortgage. So I abliged and recieved a default notice they set a sales date whole works and then sent me my mod deal. I argued the deal because the payment was still very high for my income, they told me it was either this deal or we foreclose. So obviously I signed, my before mod. loan balance was $106,000 after mod. balance $120,000. Eventually I fell behind again because of the still very high payment and agreed to modify again my Balance now is $132,000 with an $28,000 second. My original purchase price $140,000 and now I owe $160,000 with a house that has a market value of $112,000. Is that a good descriptiopn of equity skimming?
The intresting thing is that I saw the sale price they were asking for in 2009 foreclosure sale on the NW trustees web site $106,000 the amount I owed before my first modification.
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Moose
Robert P. wrote:
In Washington there are laws against equity skimming, that I recently discovered. Remember I am new to all this info. some that is confusing to me. My example I have had 2 modifications of my ARM in 2008 from 13.65% to 9.1% and 2009 9.1% to 8.265%. In 2008 I was current(barely) on my mortgage I was told I needed to be at least 90 days behind to get a modification on my first mortgage. So I abliged and recieved a default notice they set a sales date whole works and then sent me my mod deal. I argued the deal because the payment was still very high for my income, they told me it was either this deal or we foreclose. So obviously I signed, my before mod. loan balance was $106,000 after mod. balance $120,000. Eventually I fell behind again because of the still very high payment and agreed to modify again my Balance now is $132,000 with an $28,000 second. My original purchase price $140,000 and now I owe $160,000 with a house that has a market value of $112,000. Is that a good descriptiopn of equity skimming?


Not really. The term is more commonly associated with loans designed to fail that allow the servicer to foreclose and capture the homeowner's equity after manufacturing a default.

Robert P. wrote:

The intresting thing is that I saw the sale price they were asking for in 2009 foreclosure sale on the NW trustees web site $106,000 the amount I owed before my first modification.

These kinds of situations are so convoluted and have had so many hands on the keyboards that without first-hand access to the numbers in the servicer's computer, you cannot predict an outcome.

Moose



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