I fully agree with reading the documents. But for us it boiled down to the fact that our mortgage/property was converted into a mortgage backed security. It is true that there is a Prospectus. And each Prospectus has a section referred to as a Pooling Servicing Agreement (PSA) which outlined the rules/regulations of the securities. Here where it gets interesting for the homeowner of the property turned into the MBS. According to the PSA a mortgage must have certain issues in place to be entered in a pool:
a) the seller must transfer or assign all its rights, title and interest in the mortgage loan and related documents, this must be completed within the timeline provided by the PSA, usually within 90 days of your closing date
b) the mortgage must be free of any liens
c) the mortgage must comply with the state and federal predatory lending laws
d) the trustee must have the original loan documents in their possession
e) and the trustee must have evidence of endorsements as proof of funds provided by the financial institution
Unfortunately, all these rules/regulations only protect the shareholders of those securities. So far from what we have seen the property owners of those converted MBA’s do not seem to be covered by the PSA. If someone can show us how the homeowner can benefit, then please do so. Because each one of the issues I mentioned occurred on our loan. We have reported this to numerous government departments. We have even been told fraud was committed against us and no one has lifted a hand to help us.
a) Our closing date on our property was June 15, 2005 and the transfer of the title and all rights occurred on November 8, 2013.
b) Countrywide or the underwriter, the Royal Bank of Scotland had 90 days to ensure there were no liens on the property. Yet at closing there existed three liens on the property and the final lien was released in May of 2006.
c) We were informed two weeks before our closing date that we needed more money at closing than originally told. The agent we were working with informed us he knew someone at Washington Mutual (WAMU) who could help. At closing, after hours of reviewing all the documents for main loan on the property, we were quickly rushed through the WAMU loan. We only recently discovered the loan was dated two days prior to closing and the property listed on the equity line of credit was the property we were trying to purchase. So obviously we had no equity in this property and had no rights or authority on the property. Because we didn’t own it yet. There is no way the underwriter was not aware of this considering these were the remaining funds that secured our 20% down payment for the property. Without these funds the larger loan could not take place.
d) The trustee does not have our original note/loan. We have a letter from the current financial institution managing the account, that they cannot locate the original documents.
e) And finally, the last and most insulting. We sent numerous complaints to Consumer Financial Protection Bureau (CFPB) and Bank of America’s response was to send, again and again and again etc. copies of the note from the title company which had a certified stamp on the first page of the note stating, “The undersigned certifies this to be a true and correct copy of the original”. And yet, not even one of the copies had any endorsements whatsoever. It was only in May of 2016 when Bank of America mailed us a response letter which included copies once again from the title company which also had the same certified stamp on top of the first page of the note. Only this time a blank endorsement had been inserted and two robo-stamped signatures had been added to the signature page. We hired a certified forensic loan auditor who discovered evidence that, the employee who signed the blank endorsement they inserted, was not even an employee for the lender supplying the loan, at the time of closing. Also, we had a certified handwriting expert review the two signatures and he stated they were definitely added, after the fact.
What’s even more interesting is the information we came across recently. We discovered that the courts are fully aware of the deception of these financial institutions. For example, the Royal Bank of Scotland or better known as RBS, trained employees on how to forge signatures. Please read this article titled; Royal Bank of Scotland Trained Employees on How to Forge Signatures:
Posted by Neil Garfield | February 19, 2018
Located at: http://www.certifiedforensicloanauditors.com/articles/02.18/royal-bank-of-scotland-forges-customer-signatures.html#ixzz5Bjd6i6Mb Also, there is additional information at http://www.liquidclaims.com/harborview-mbs-settlement/We have some additional court documents which are quite large, which addresses the individuals involved in the forgery and additional deceptive acts. For those who are interested just email mail and I will send them to your drop box. The issues I mentioned above we have been fighting for years. It seems the courts do not recognize the homeowners who work hard to pay for their homes, thinking it to be their property. Yet, the homeowners who have invested just as much money as the shareholders, if not more, are not protected. Only the shareholders rights seem to be protected.