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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Margaret
Just wanted to stop in to say hello to Mike H, Ann, Sara and all the others that have helped me along the way.

Still no papers served on me yet....Attorney has me on watch list & I sent him a HUGE envelope with information. Have not paid him a dime yet to him. Though I have been saving up diligently to assure I have the money ready once the time comes. Not easy now that my husband is out of work & no money is coming in....well except my income. Hoping to get my Real Estate Lincense this year so I can make a decent wage; I'm now just an assistant now. Thank God for Attorney Graham.

I keep getting calls from IndyMac and paperwork asking me to fill out for a modification, but that has already been done and they would not do it. Not sure why they continue to send it to me. Guess they just cannot keep track of who is who anymore.

Still living with the dread of hearing the knock on the door from the sheriff, but feel better now that I have Attorney Graham on my side. I actually have some hope now 

Hope everyone is doing good. Still pop in here to read the posts. Peace!!


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You may want to read the front page story in the WSJ today, about loan doc's, mods and paperwork, that is not being supplied by applicants.

Good Luck!
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Margaret
Well thanks for the reference of the article, but I have already applied for a loan mod. The bank does not own my loan, therefore they cannot modify it and more than you can.

I think people are wasting their time with loan modification attempts personally, I am sure many would agree with me on this issue. Especially people who have been there done that and no the way the banks work.

They are not there to help....it is all a front so they can continue collecting bail out money.
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    The main reason loan mods and short sales can't happen, is because the
the loan servicer has no authority to do them. They only have authority to
foreclose.
     The reason for this is that the Note was sold to a trust and once that
happens, it can not be modified. It (the Note) is pooled together with thousands of other Notes in a CDO, collateralized debt obligation. The certificate holders (investors) have no authority to modify the Notes in
the Pool, because no one investor can say he/she owns any specific Note.
All the investors own small pieces of each Note in the Trust. This is why
Mr. O"Bama's plan, although well intentioned, can not work in practice.
     Luckily, for many people in foreclosure, The Note was never sold to the
Trust, for one reason or another, so it remains the property of the original
lender. Very often, the original lender went out of business without assigning
the Note and the Mortgage. When you look at the Note, it will never have
been endorsed nor assigned to any other entity. In spite of this, the servicer
will claim it owns the Note (even though it doesn't) and try to foreclose on
the borrower.THIS IS UNLAWFUL, BECAUSE THE SERVICER HAS NO EQUITY
IN THE PROPERTY AND NO STANDING TO FILE SUIT IN EQUITY OR AT LAW!
In essence, the borrower has won the "death gamble" and owns their property free and clear because there no longer exists anyone/thing to whom
the debt is owed!
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You are correct, mortgage servicer are being held to the law in many foreclosure cases, they do not own the note, can not find the note and can not produce it in a court of law and are not being allowed to foreclose on properties.

They can not modify a loan they do not own, and can not foreclose on a property that they have no finical ownership of. Also most of the employees working for these servicers are unqualified academically  to understand MBS's and are just paper pushers for the foreclosure mill law firms.

The scary thing about the WSJ article is that it states that the "Treasury is going to look for guidance from the Mortgage Servicer's"!!!!


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