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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I didn't have the money, mental capacity or means to have my foreclosure put off with Long Beach Mtg. co (on the hud1 as who the mortg was with first) 

Washington Mutual who we made our payments to and Deutsche Bank (listed as trustee on the foreclosure papers), and as some of you know I was never notified that the payments would not go to Long Beach mtg. co., but to WAMU.

A.C.O.R.N. contacted WAMU this morning in an attempt to assist in the foreclosure not happening after getting all the doc's in place to them on this past friday,...WAMU told them without additional income the foreclosure would take place, GUESS WHAT MY FRIENDS no one came to the auction to bid! so the foreclosure took place with no third party,

So A.C.O.R.N. said to me that in an attempt for me to keep my home even after this foreclosure she asked WAMU what I could do next, and WAMU answer was they were not sure whether they owned the house or not??? but that I could send them any updated documents or additional proof of income in case they still own the house/mortgage and we could possibly modify.

Thanks in advance for your thoughts.....
Rick

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Moose
Rick, this isn't legal advice but from what you posted, I believe this is one of the more likely scenarios:

The person at WAMU (the servicer) is apparently unsure about what the terms and conditions of the Pooling and Servicing Agreement (PSA) say about the disposition of a foreclosed property that doesn't sell at auction.

It is possible that WAMU isn't going to be the owner; the PSA may specifiy another entity to take over in that event or there may be insurance issues for the pool or WAMU has reached some threshold of REO properties.

I would suggest that if you want to stay in the house and can actually afford to keep up with some modified level of the payments, do what you can to provide the information they need.

What you may have just seen here is an example of a servicer (WAMU) who got bad market information and thought the property would sell at auction. Most of the real predators are much more savvy and some have buyers lined up in advance of the foreclosure, let alone the auction.

Moose


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Quote:
Originally Posted By Rick
GUESS WHAT MY FRIENDS no one came to the auction to bid! so the foreclosure took place with no third party


I am a little UNSURE what you mean by this post.  In MANY, if not MOST instances, there is NOT a "third party" at a foreclosure sale.  Rather, there is only the mortgage investor's representative making a bid for the mortgage amount on teh mortgage investor's behalf.

Are you saying that NO ONE, including the mortgage investor, bid?  Or are you saying the the mortgage investor was the ONLY bidder?

I find it UNSURPRISING that the mortgage servicer would NOT know the identity of the winning bidder the same day.  There ARE cases (in better markets) where folks are bidding upon and buying distressed properties at foreclosure sales.  So the mortgage servicer's uncertainty may have simply reflected the fact that they didn't know for sure whether the mortgage investor had the winning bid of whether someone else purchased the property at auction.

Be CAREFUL what you send to the mortgage servicer.  Even though I once ran a mortgage business in Massachusetts (two decades ago), I do NOT know whether Massachusetts currently has an anti-deficiency judgment statute.  I think that it DOES NOT.  ABSENT the protection of an anti-deficiency judgment statute, YOU MAY BE HELD LIABLE FOR ANY AMOUNTS BY WHICH THE AMOUNT REALIZED AT SALE FAIL TO COVER THE ALLEGED OUTSTANDING BALANCE.  So ANY information you furnish MIGHT be simply giving the mortgage servicer and mortgage investor a ROADMAP to further DEVASTATING your finances.  BE CAREFUL!! 
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Once again,
thank you for the advise,
Rick

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WAIT .............
RICK ,   


      wait a moment , what time did you arrive there .?   most of these auctions takes place before there scheduled times .  they tell you , it will happen at 12 noon , and quess what , it takes place at   9 am  .   go figure .   double check before you say nobody bid on it .     
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Rick:

Who was the law firm that handled the foreclosure action?

Who was the auction house that handled the auction?
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Rick:

http://www.boston.com/bostonglobe/magazine/articles/2007/12/30/guarding_the_house/?page=full
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Mike,

Stanton and Davis were the law firm representing the auction (ie notification of auction date via certified mail) and Deutche Bank were listed on said paper work as Trustee.....

As for Bruce and NACA, when I first called them last spring, joined their group ($50) i think, attented necessary work shops and followed all of their guidelines for a fixed rate loan of under 6 percent if they could not work out a modification with WAMU, not only did i not get a modification with them i was told from the begining stages of our application that we were victims of predatory lending and that if they could not get the loan modified we would then get one of their low interest refi's which never happend, we were told 6 months after hundreds of emails and several meetings with their never ending mortgage consultants staff that we DID NOT QUALIFY for their program!  Why I ask, were we  told six months later that we did not qualify and not on the initial meeting?  I was even asked by Mr. Marks to assist in their fight against Countrywide as that bank raped us of $31,000 in a prepayment penalty, I'm sorry to say that I cannot recommend this group based on my dealings with them.  I see all the good they have done for some folks but it seems to me that they are a select group of people, that receive the 10 billion they claim to help victims such as myself with....

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Wow, I'm sorry to hear that about NACA, Rick. I was hoping that there was something there for you. I wonder what the $1 billion is being used for if not helping as many homeowners as possible?

How about Hale & Dorr?
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Mike,

Back to NACA for a moment, losing my home yesterday after trying to save it for nearly 10 months really leaves a bad taste in my mouth about NACA.  Again, my wife and I after gathering all of our documents and taking time off from work to attend the one on one with their mortgage consultant to discuss if we qualify, why were we told that we did? we certainly would not have taken more time off of work to attend the necessary workshop which we did, and all the countless hours of faxing documents and making phone calls/emails etc.  FYI, that particular m/officer quit naca sometime during my efforts to save my home.  Check out their website today, had they followed through with what they claimed I'd have a 4.8 fixed rate mortgage today and still own my home for an affordable payment.  I've heard of other complaints about NACA because of "micro management" on Bruce's behalf, I assume that means trying to do all the work your self? well if we didn't get screwed enough from the predatory lenders we REALLY got screwed when we were finally told we did not qualify for their low fixed rate refi.
Rick

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WaMu purchased Long beach mortgage from Roland Arnall of Ameriquest in 1999 the Deutsche bank as a trustee is typical.

The stupid act is intentional and while there are many good people at Acorn
I would not trust them as Citi, J.P. morgan and formerly Ameriquest work with them.

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