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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SRT8
Maybe some can help or has an idea of what is going on...

Brief history.... house began foreclosure back in 2007... we hired attorney and back and forth battle has gone on now for almost 2 years.

Anyway, the judge in our case granted the bank a final summary judgment for foreclosure last month (April) and a sale date was set for July.

Today I checked the details on the court's website and it showed that the bank (plaintiff) filed a Motion to Vacate final judgment and cancellation of sale/auction date.   They did this earlier this week.  The case docket also shows that it was 'reopened'.

I have contacted our attorney, but she was out for the day and I have not had a return call.  I just wanted to see if I can get any opinion as to why the bank would do this?    This case is in Florida.

Thanks in advance


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Hmmm
You have my attention.......
Please keep us posted.
This sounds like it could get interesting.

I am in Florida as well.

Tom #2
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I sure will.  I am dying to understand why the bank did this, especially since they were granted the foreclosure.

Tom #2 wrote:
Hmmm
You have my attention.......
Please keep us posted.
This sounds like it could get interesting.

I am in Florida as well.

Tom #2
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I know you probably will have to wait all weekend to find out,
but heres the only thing i can think it would be.

A "bank walkaway"
Google it < with the quotes >

The bank declining to take possession of the property at the end of the foreclosure process, most often because the cost of the ordeal exceeding the diminishing value of the real estate.

Tom #2
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In other words....
The banks are cherry-picking their way through the orchard.
They have no investment in any of the properties but they are successfully bluffing their way through foreclosure as if they were the lender.
Then when it comes  to taking title or possession, they decide between the most profitable and least profitable properties to grab.
The rest?
They just walk away.

Your lawyer can discuss the next steps, but apparently it's a growing phenomenon.

Tom #2


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I've also heard that they walk away when they can't get clear title or the Note. Just food for thought.

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Everyone in Florida should read the MERS transcript on homepage of this site and judge Gordon's decision. MS. "Nye" and Pew are me on pages 15 to 25 or so. Read this and then contact me!
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This ain't nothing new in Dayton Ohio. Here, there's been a "shaming program", sponsored by the City of Dayton, trying to get the mortgage companies to put the title's into their names for over 2 years. They just ignore it so they won't have to handle any of the expense of having the Deed in their own names... like property tax's and upkeep.

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   If the mortgage is held by Fannie or Freddie Mac, or if its an FHA or VA
insured loan, it could be that the new guidelines on foreclosure make it
not worthwhile to continue the foreclosure, but rather to do a "loan mod"
which would reduce the principal and interest down to a point where you
could keep the property. The banks today really don't want anymore property
and the government is covering their equity loss on the loan by way of the
TARP funding.
   This is just a theory, I'd call the lenders attorney and get the info as soon
as possible. A big change was made April 28, 2009 but the details are not
yet clear. It appears the banks will be "writting down" the principal to 97.5%
of market value and modifying the loans so the borrower will have equity
again. (It's called a partial claim on mortgage insurance which allows the
borrower to keep the property.) This is exactly what we've been asking for
and it appears the April 15 protests are bearing fruit!
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SFLSRT8

No, the mortgage on this house is not held by Fannie or Freddie Mac and its not FHA or VA.    Deutschebank is the plaintiff in this matter...

So, question is, if bank is walking away, then what happens to the mortgage?  Seems really bad that the banks can drag me thru legal crap for 2 years where I have paid $$ in legal fees, be awarded the judgment for foreclosure and then can just drop everything and walk away?   Seems odd....


I have a gut feeling there is more to this....



Mike H wrote:
   If the mortgage is held by Fannie or Freddie Mac, or if its an FHA or VA
insured loan, it could be that the new guidelines on foreclosure make it
not worthwhile to continue the foreclosure, but rather to do a "loan mod"
which would reduce the principal and interest down to a point where you
could keep the property. The banks today really don't want anymore property
and the government is covering their equity loss on the loan by way of the
TARP funding.
   This is just a theory, I'd call the lenders attorney and get the info as soon
as possible. A big change was made April 28, 2009 but the details are not
yet clear. It appears the banks will be "writting down" the principal to 97.5%
of market value and modifying the loans so the borrower will have equity
again. (It's called a partial claim on mortgage insurance which allows the
borrower to keep the property.) This is exactly what we've been asking for
and it appears the April 15 protests are bearing fruit!


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Moose
SRT8 wrote:
Maybe some can help or has an idea of what is going on...

Brief history.... house began foreclosure back in 2007... we hired attorney and back and forth battle has gone on now for almost 2 years...

anyway, the judge in our case granted the bank a final summary judgment for foreclosure last month (april) and a sale date was set for July.

today I check the details with the court's website and it showed that the bank (plaintiff) filed a motion to vacate final judgment and cancellation of sale/auction date.   they did this earlier this week.  The case docket also shows that it was 'reopened'.


Without seeing the actual motion it's anybody's guess. The judge will have to determine the outcome again if he or she grants the motion.

One guess is the plaintiff has been sued by the investors in the pool your mortgage is in and may be subject to an order from another court barring the sale of the asset.



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If its Deutsche bank, and in Florida, I would be especially interested in the case.
I have a Deutsche Securitized note, and I'm in Florida.
What's the security's serial number?

Tom #2
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I believe if you'll look through some of April Charney's posts she makes reference to Mortgage Companies doing just his thing and that after 5 years, in Florida, she can then file some sort of paper that dismisses the mortgage in it's entirety.
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I'm noticing that you all are focused on they why and not the how or if.  I guess what I'm sayhing is that I was over in the Where's the Justice For All group and they some discussion about vacating a judgement.

I remember a bunch of them saying its like a act of God to get judgement vacated.  You gotta show something about how it would be unfair (legally and financially) for the person asking for the vacating.

Just a thought.

Kirk

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SFLSRT8
Kirk,

I understand your point and agree that getting a judgment vacated is next to near impossible, but it is not me (defendant) that is requesting this motion, but rather the bank..AFTER they were awarded the foreclosure and the sale date was set.

The question again is... why would the bank submit a motion to vacate the judgment and reopen the case.  I mean .. they won..right?   They got the judgment granting them the foreclosure and the sale date was set.   The house was technically theirs.

I am not understanding why the bank would do this sort of thing and this is why I feel something is probably wrong with their case.  Possibly something "spooked" them?

None the less, this should be interesting and looking forward to hearing from my attorney.


Kirk wrote:
I'm noticing that you all are focused on they why and not the how or if.  I guess what I'm sayhing is that I was over in the Where's the Justice For All group and they some discussion about vacating a judgement.

I remember a bunch of them saying its like a act of God to get judgement vacated.  You gotta show something about how it would be unfair (legally and financially) for the person asking for the vacating.

Just a thought.

Kirk

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Ya, feel your anxst.   I'm kinda of thinking you haven't heard from attorney cause they don't have anything to tell ya so they will when they got something.

But I still go back to I think their reason has to be about they found something after the judgment that would be harm to them so they're asking the court to let them turn the clock back to before the filing of the summary judgment. 

You know in the other group theres this gal and she got a judgment vacated cause she found out that the property had a boat load of unpaid tax liens from the other person that she would have to pay as the new owner.  So the court agreed he attorney didn't do his job of pulling a title report before doing a settlement agreement.  She told the group her attorney had to argue that justice would not be served unless the judgement is vacated.

You shoujld be able to go to your county web  site and looking at the motion on line.


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Billy
Pardon me for asking, but the only group I see here is the one we're in.
Is there a full forum on this site somewhere?
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SFLSRT8,
 
If I were you, I'd go back and look at their original complaint. They may be asking for vacation because they didn't have a clean chain of assignments naming them as the owner and holder of the note and/or mortgage when they filed the case. Maybe MERS or some other entity is listed as the owner or nominee on the assignment of mortgage, indorsement of note, or allonge. I've seen this many times in my state and it creates a basis for an appeal in which you can overturn the courts decision.
 
In any case, there is probably an opening for appeal and they want to cure the defect so you have no appeal. Look at the paperwork of the case closely.
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Soory about that.  Talking abuot support group for fraud victims - WJFA.  Real helpful for people having to be their attorney.  Lots of folks with real estate fraud lawsuit experience.  


Billy wrote:
Pardon me for asking, but the only group I see here is the one we're in.
Is there a full forum on this site somewhere?
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With the little I know of this case I'll still render an opinion.

Plaintiff has dropped the ball in some way. They are asking for the vacation because they don't want you to have grounds to win on appeal. An appelate win for you would in essence be "writing new law" in your jurisdiction. It would create grounds for appeal in any case in which plaintiff had acted similarly. It would also set precedent for new cases.

Roper and I talked over a case last year in Manhattan where the same thing happened. Plaintiff won and the sale was set. They then took a voluntary dismissal. Post judgment Defendant had introduced evidence similar to that used in support of some of the other New York justices that had been ruling in favor of defendants. We figured they dismissed so the case wouldn't provide precedent in the Manhattan jurisdiction.

Beyond the voluntary dismissal I don't know what ultimately happened in that case.

This is, of course, just speculation.
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O -

How is Mr. Roper? He did a lot to help find this note thing.

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The Equitable One
Not very available. Last contact with him was a couple of weeks ago. He still walks the earth, LOL.
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