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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A Common Sense Mortgage Solution From An Arkansas Attorney

My friend Kathy Cruz is one of the smartest bankruptcy and consumer law attorneys I know. If this country ever needed a female lawyer from Hot Springs Arkansas as its president, I recommend Kathy for the job. Kathy was telling me a story about a lawyer who was having a hard time trying to convince a Pennsylvania Judge that mortgage companies prefer to foreclose on property rather than rework a loan, because the Judge believed it would cost the mortgage company more money to foreclose than it would to make the loan affordable and productive. [In banking terms, a loan that receives timely payments is said to be productive.]

Federal Reserve Chairman Bernanke echoed similar comments when he suggested banks should write down the principal loan balance of default loans to encourage borrowers to continue making payments rather than walking away from the loan and the property. The Chairman, like the Judge, believes banks stand to lose more money tying up a loan in foreclosure and ultimately selling the land at a loss than they would had they simply rewrote the loan while someone still lived in the house and wanted to make affordable payments.

Kathy pointed out why banks don’t deal in the same sense so common to the Judge and the Chairman. Because the loan is securitized and the investors who bought into bits and pieces of the money stream are not experienced nor set up to service the loan in a default situation. Let me translate. There is no money to be made in working out the problem. Kathy says the trusts that own the mortgages hired mortgage servicers to attend to the day to day collection of payments, and when those payments stop coming in on a regular basis, the loan transfers to a special form of mortgage servicer called a default servicer. Default servicers have the incentive to foreclose on the property, because that is how they get paid – to close out the deal. They are not paid to rework the loan. These default servicers hire foreclosure mill attorneys who handle hundreds of cases and no one takes a particular interest in the borrower, the property or the economy. The days of the friendly local banker down the street holding the title to the homes in the neighborhood are long gone.

Common sense supports Kathy’s conclusions. One need only look at the numerous proposals announced by the White House and Secretary Paulson to fix the mortgage mess, and the many fed fund overnight interest rate cuts, yet so far none have stemmed the tide of foreclosure and the economic downturn. We have identified the problem. Now it is time to use common sense and rewrite these loans. And since the banks will not listen to Chairman Bernanke and do it voluntarily, Congress should listen to the Chairman and pass a law letting Judges fix the problem.

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   My research in Tampa, Fl (which I admit has not been exhaustive) seems
to indicate that "equity" is the determining factor in wether or not a Trustee
pursues foreclosure or tries a "work-out" . If there is lots of "equity" they
don't want to work it out. They want to steal the "equity". If there is no
equity, they don't try very hard to foreclose and they are open to making
a deal. However, in these situations, the owners generally just "walk away"
and let them have the property.

   I believe most Judges are afraid of "big corporations", either they fear
for their physical safety or they fear the "corporation" will look in their
closet and find something embarrassing. For this reason, they will not
take any action to help the homeowner with "equity" unless forced to
do so by a pro se who is knowledgable. Most defense lawyers are totally
corrupt and being paid off by the plaintiff to let the most outrageous
mistakes go by unchallenged (such as "no Note").
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Nye Lavalle
You are 1000000000000000000000000000000000%%%%%%%% RIGHT!!!

Also, you don't factor in pool. NIMS, and PMI insurance and if the house is vandalized, the insurance they get from the homeowners policies. It's called "net liquidation proceeds" in Wall St speak [do google exact phrase search on term] or simply Robber Barons "equity stripping!"
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1000% on target, that's why companies, like LITTON LOAN WERE PURCHASED BY CBASS TO to buy High equity to loan ratio property and foreclose on the equity!!!!! ( CHERRY PICKING) they started that in the late 90's.  No secret to those of us here and dealt with them.
The problem is they have to continue to foreclose, to keep the cash flow going, and now its caving in, no one knows what notes have been foreclosed on and sold out of the Pools!!!!  That's why no one gets their "Original Notes" back!    They are still performing.  Ask Larry Litton, and CBASS, they know they have Stripped tens of millions in equity, and have hid behind lawyers. Well now it's all coming down around them!

Lawyers too!  The lawyers for Litton Loan are growing very concerned about legal exposure to potential Class Action Suits being discussed right now against them!!!   There will be no peace until they also feel the pain they have caused!  
Lawyers Like Adam Wolf in CA have a lot to lose!!, and face incredible legal exposure.  If a lawyer works for Litton Loan they now have to worry about their legal exposure.  Some of you may recall what I said months ago about the General Counsels of Litton Loan, CBASS and MGIC!  It's coming! maybe sooner than later now.

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I know of at least one ATTORNEY , who I have researched here in the past month that has not provided good legal representation , and has several filed complaints against him and his law office  : Law of fice of EKONOMIDES , now I have come up with several more , which I'm waiting for the clients to contact me back regarding the representation of the lawyers from these law offices , which these lawyers have railroaded these client's by looking the other way and not providing the right legal representation on their filed court cases.
more news to follow .

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Ekonomides SUCKS!

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 to all those with special interest , it has just come to my attention , there is another complaint being filed with the bar against a certain attorney. as the world turns , it disgust me to find that another victim has been dun in by his attorney , who is suppose to be providing legal comprehensive representation that will provide a positive outcome for the client. not an out come for the attorney to stuff his pockets with blood money from the scum defendants . so many crooked attorneys
here comes the TROJAN HORSE !
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good idea should always have the defendant pay your attorneys fees
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EKONOM :   WELL HE'S OUT TO LUNCH .........................
                        WON'T HAVE A LICENSE TO PRACTICE ANY MORE .
                THE END OF 2008 . HE'S IN HIDING .........
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good to see your response , ekonomides

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hey moderator
Hey  George Soroka going after the same attorney becuase everyone settled and got money out of Ameriqeust except you??  theis boord shouldnt be about this guys personal problems. What happend to him is his problelm.  Delete this crap......
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O -
Nick is still hurting people by not doing his job and delaying cases, People need to know about the lawyers that are not doing what they should be. I hear he had more then 80 clients. I think there are six of us here that have had to deal with him.

Why are you here defending this crappy attorney?
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The point trying to be made is that this is some personal thing with you and George and Markanan. Im sure you all talk to each other because of this board. If he really does have 80 clients he doesn't need or have time for people that won't listen and want to do their own thing. You really think any attorney is going to help you if you just accuse all the time? Maybe its true.  Maybe George did steal those files to get a payoff from Ameriquest Those files had peoples credit reports in them!

Let me know if you find an attorney who is defending you in foreclosure and actually WANTS to speed that up for you a little.I'll find someone else thanks.......
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info ALERT
From what I've seen and have read , there are only a few victims that may have gotten something out of ameriquest . Most judgements against ameriquest have been appelled , and ameriquest has tied up , and not releasing any moneys that have been awarded . just look at the  $ 325  million that should have been paid out last year to victims that put in for the small compensation that was awarded to these victims .   wheres this money  ?   still sitting in the criminals pocket.
I personally won't back up any attorney , I think that they are really the scumm of the earth.. they know just how to manipulate the system . they ruin it for the good people that are really victims.
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The big picture is important but you can't fight the whole subprime system. We need to work together to beat them by sharing information and using rescources one case at a time. Don't alienate people on this board buddy. Many are working with an attorney to save their home against a big powerful monster. That's how we got those cases in Ohio where the judge threw out foreclosure actions!

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i don't think people are here to ruin this board , but i was a victim with a mortgage lender and they foreclosed on my family and me , we got thrown out of the house and my attorney did not even fight hard enough . how are we to trust the legal system when these big corporate attorneys and so called plaintiff attorneys join together behind close doors and find ways to fatten their greedy pockets . so many victims have been thrown out on the a$$'s , yes there has been some good news from  OHIO .  attorneys take an oath to uphold the laws of the land and perform the duties of an officer of the courts. from what i've been reading , victims become more damaged by the incompetent , irresponsible , attorneys negligence to perform

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something fishy
Upon doing some digging into Florida bar complaints, I could not help to show something fishy.  Here you have a client who hires an attorney, provides evidence to support the case that is filed, The attorney on the other hand, has something going on with Ameriquest according to the attorney's statements in the police report. 

In another document, the client attempts numerous times to retrieve his evidence, but the attorney keeps it. This is very unethical. The way I see it , Florida and its attorneys are very screwed up.  No wonder Florida and the mortgage crisis is in the toilet, and the water is very brown.

Oh bye the way, this attorney is still practicing law today. maybe the Florida bar doesn't take the complaints of victims very seriously . SOMETHING VERY FISHY
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O -
I was invited to a meeting at Ekonomides office that was canceled close to that date in July 2005.
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Ekonomides is the scum of the earth.

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So you got those documents for the big payoff and the legal process got in your way. The police too.Your one of those young punks that tried to make a million off screwed borrowers by stealing loan files. Happenned in Georgia. Police took the docs. Good! Get lost. 

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Freak show
 Jimbob I know all about this freak George Soroka. Had a limo company in Florida. Drove around all those crook Ameriquest brokers and made a deal to get some loan files so he could make a million by scaring Ameriquest. George Sorokavich.
Ameriquest wasnt giving away greenbacks so he got an attorney. Docs went to the judge, he got foreclosed on, he got another attorney for that and lost his house and moved out of state to hide.
Just your average joe blow with a get rich quick scheme. Sounds like blackmail or the crook calling the criminal bad or something. Keep hiding George
Stay clear of this guy and be glad he didn't get your loan file, income docs and credit report!!!
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Big Mac

Nick tried to keep my files. I don't trust the Tien law firm either, He is friends with Nick and recommended him as an attorney.

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Ya right George.
Good ol Limo George unbelievable. Judge has your files. Go file a bar complaint against the judge while your at it.
I personally won't back up any attorney , I think that they are really the scumm of the earth.. they know just how to manipulate the system . they ruin it for the good people that are really victims
Victim!! Scam man Soroka couldn't get ameriquest to pay money for stolen goods.
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brian fitchner got nothing else to talk about , but really knows how to kiss ekonomides' a$$

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Big Mac
Big Mac George Soroka tried to use the Tien law firm in Texas to file a class action against Ameriquest and told Nick about them. Best part is Nick settled cases all over and George went to another attorney and got zip.
    You don't want to touch George with a 10 foot pole. Guys an illiterate fool and so stupid he's dangerous.
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Take this crappola out of our site.

Personally, I am tired of reading about Ekonomides v Soroka.

This is not the place to settle your differences.

Please go away, again.

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