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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Jimbo2014
If a loan is modified under CEMA what if anything does the servicer need to do in most PSA, I don't see any reference to a modification.

I thought it needed to be recorded if the amount increased etc.

Does the servicer need authorization to do a mod?
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iknow
CEMA is not a modification, it's a new loan that combines the old mortage/note into a new mortgage/note.

http://www.thejordangroup.net/documents/CEMA_Loans.pdf
"Between two evils, I always pick the one I never tried before."

-Mae West
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Jimbo2014
So if it's new loan what if anything does the servicer need to do in most PSA, I don't see any reference to a new loan.

I thought it needed to be recorded if the amount increased etc.

Does the servicer need authorization to do a Cema or new loan?
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iknow
If you get a new loan, your mortgage will not be part of any trust and you will owe money to the lending bank.  There is nothing that needs to be done with the PSA because it won't apply.  This of course does not mean your new loan won't be sold into a different trust or a different banking organization (which happens most of the time).
"Between two evils, I always pick the one I never tried before."

-Mae West
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George Burns
Who is going to issue the Satisfaction of Loan for the loan related to the PSA?

It seems that this person will be liable for 2 loans.
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iknow
George Burns wrote:
Who is going to issue the Satisfaction of Loan for the loan related to the PSA?

It seems that this person will be liable for 2 loans.


That will be part of the closing.  As a condition to making the new loan they are going to have to pay off the old loan so that the new lender has a clear first mortgage or they won't make the loan. 

This is exactly the same as a refinance.
"Between two evils, I always pick the one I never tried before."

-Mae West
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Jimbo2014
the new loan was done by the same servicing agent on behalf of the same trust???????????????
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iknow
You have to be careful, just because someone calls something a CEMA does not make it so. While it is possible, I've NEVER seen a servicer lend money to a homeowner, and unless they are registered in NY as a lender, it may be illegal for them to do so.

It appears that this may just be some kind of "in house" modification rather than a CEMA.
"Between two evils, I always pick the one I never tried before."

-Mae West
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Jimbo2014
Looking at this again;

this loan mod converts your loan to a balloon loan.......

between me, and AHMSI as servicer, modifies 1, the mortgage, dated Nov 10, 2004 (just as an aside the correct date of that mortgage was Nov 4th)
and 2, the note bearing the same (wrong) date.

Also says

Loan servicer has the authority to enter into this agreement on behalf of the Note holder.

the note holder is not named any place in these papers.
This was never recorded at the clerks office.

They increased the amount of the Note and extended the term.
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