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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MARC B
Can anyone maybe shed light on this subject. My home was foreclosed on and sold to Mtglq on 03/28/07. I feel that I wasn't given a fair opportunity to work with the lender(who is now out of business of course) and to save my home. Any information would be helpful.

Marc Bethely
916-752-1757
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Inside Wall Street
Go figure. The Jews and Arabs working together are who they are. take a look at these links and google em



http://www.manta.com/coms2/dnbcompany_gkxgd2

http://sec.edgar-online.com/2005/11/04/0000892569-05-000964/Section30.asp

Then search for em
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William A. Roper, Jr.
Marc:

In what state was the subject property located?  Was the foreclosure by judicial or non-judicial foreclosure?  Did you oppose or participate in the foreclosure??
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Ohio
Marc,

What state are you in? Can you briefly describe what happened when you tried to work with them?

For example: refused payments, misapplied payments, purposely posted them late...

If yours was a judicial foreclosure there are certain rules of court that dictate if a person has the ability to bring a claim once judgment has been entered. Not knowing what state/county limits any answers anyone can give.


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Ohio
There is an echo in here!

LOL...don't you hate when that happens!
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William A. Roper, Jr.

There is an echo in here!

LOL...don't you hate when that happens!

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Marc

It was in California. I moved out of the house and my ex moved in. She told me that she had worked everything out with the mortgage company and was on track. A couple of week later she said MTGlQ bought the house. I am in the mortgage business and I had a lot on my plate last year. The house has been empty for almost a year. I just feel that there should be a way to work it out or get it back. They bought it for $766,000. The price now is $575,000. It's been on the market for over 200 days. I spoke to a rep on the condition of anonimity and they said I may be able to work something out with them. I just located them today (thanks for the info sir). I am just praying and believing I can get another chance with this beautiful home.

Click image for larger version - Name: myhouse2.jpg, Views: 35, Size: 16.68 KB
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greg collins
Marc it doesn't appear you any legal recourse unless your ex cut some kind of unlawful deal with them,  she was the victim of fraud or there is some type of fraud in the origination or transfer.

You may want to see if for some reason there is a clouded title that would be a strong bargaining chip, but at this point there does not appear to be any fraud or other legal grounds to regain possesion other than to hope they will transfer it back to you to avoid further costs.
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Marc

Thanks Greg..i didn't expect to be able to coerce them into giving me the house back. Now that I've located them maybe I can lay out a picture to getting it back. I appreciate the info though!!

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William A. Roper, Jr.
Marc:

I am inclined to COMPLETELY DISAGREE with the response just posted by Greg COLLINS.  But you really need to look to California law and the unique circumstances of YOUR PARTICULAR CASE.

I am ASSUMING from your posts that you were (a) the maker of the promissory note and (b) the grantor of the deed of trust.  I believe that California is a non-judicial foreclosure state.

One would therefore expect that you were probably DUE some notice of intent to accelerate, notice of acceleration, and/or notice of sale under the deed of trust and California law.  READ YOUR PROMISSORY NOTE AND DEED OF TRUST.

Now you may have contracually WAIVED some or all of these notices.  And the contractual provisions MAY HAVE provided that the notices were to go to the property address.  BUT IF YOU HAD NO NOTICE OF THE ACCELERATION AND TRUSTEE SALE, I WOULD THINK THAT YOU MIGHT GET SOME TRACTION.

Whether this is the case is FAR FROM CERTAIN.  If you were going through a judicial foreclosure, it seems inconceivable that you could have been subject to a decree of foreclosure without having been served with citation of a suit.  Non-judicial foreclosure is clearly DIFFERENT and you have FEWER RIGHTS.  But many states have statutes or case law mandating minimum requisite notice.

*

All of this having been said, I am TOTALLY BAFFLED why you would WANT TO disturb the foreclosure sale!  You state that the property sold at the trustee's sale for $766,000, which was presumably proximate to the outstanding mortgage balance, plus attorneys fees and expenses of sale.  You assert that the property is now on the market for $575,000.

At one time, California had an anti-deficiency judgment statute.  While I do NOT know whether this is still the case, IF THE ANTI-DEFICIENCY JUDGMENT statute survives, the mortgage investor CANNOT come after you for the deficiency between the outstanding balance on the mortgage and the amount at which the property sold at auction.  (But the mortgage investor probably BID the mortgage amount plus costs anywy.)

So you are asking us how you can be REINSTATED to ownership of a house and LIABILITY for a mortgage of ~$766,000 on a house that cannot seem to SELL when priced at $575,000.

*

Now you folks living out on the LEFT COAST have been mightily CONFUSED for YEARS about actual housing VALUES.  Housing prices in the California marketplace have been the subject of an unsustainable bubble for YEARS.  Do you REALLY think that 3 bedroom houses in middle class neighborhoods are worth $1 million?  Californis is GROUND ZERO for housing mispricing for more than a decade.

NOW CALIFORNIA HOUSING PRICES ARE FALLING.  SO WHY WOULD YOU WANT TO BUY THIS HOUSE BACK WHILE ITS PRICE IS FALLING AND THE FALL IN HOUSING PRICES IS CONTINUING TO ACCELERATE?

Perhaps some real estate nut cases have persuaded you that prices have hit bottom.  But it is time to wake up and smell the coffee. 

Within six months, I would expect that ratings downgrades of the primary mortgage insurers will be so severe that NONE can write new primary mortgage insurance.  Within eighteen to twenty four months, I would expect ALL of the primary mortgage insurers to be in receivership.

Within three months, I would expect that ALL of the major bond insurers will be subject to ratings downgrades so severe that NO BOND INSURANCE will be available AT ALL for private conduit MBS or CDO issues.  Within six months, I would expect all of the major bond insurers to be in receivership.  Without INSURANCE and AAA ratings, global capital markets will NOT BUY further US mortgage backed debt.

Failure of the primary morgage insurers and the bond insurers will force major depository financial institutions to RECOGNIZE further MBS and CDO losses.  These losses will come not only from sub-prime but also massive losses with respect to prime mortgages.  Over $1 TRILLION in value will be extinguished and many commercial banks will FAIL.

While I certainly think that it is a GOOD IDEA to understand the specific law and facts as they pertain to YOUR legal situation, I would think that a very good personal strategy would be to LOWER YOUR COST STRUCTURE, to conserve your cash and then to try to buy this home back for under $200,000 in about 18 months!  The IDEA that you want to find a way to get reinstated into a $766,000 mortgage on a house that is currently priced at $575,000, but probably really worth less than $200,000 is dismaying to me!

Why dont you offer to RENT IT from them for $100 per month while the price continues to FALL?   
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Marc
Wow..William..thanks for your insight. I didn't actually want to buy the house back at $766k. I couldn't do that even if I wanted to. And since it's being offered now at $575..why would I? It may get down to $500,000 which is the price I bought it for in 2004.

I wish the house would be available for $200,000. I don't know where you live but that is a 1985 price for Sacramento. I did want to talk to them about renting or leasing it. I don't know why I want it back, I moved out over a year ago..but recently i have been drawn back.

As a mortgage consultant for 11 years, I expect to see prices rebound this year. It a trend that happens ever 5 years or so. The only difference this year is the option arms and adjustables caught everyone off guard.

Thanks again.
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Curious

Marc, are you a broker by chance?

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Marc

I work for a broker.

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William A. Roper, Jr.
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As a mortgage consultant for 11 years, I expect to see prices rebound this year. It a trend that happens ever 5 years or so. The only difference this year is the option arms and adjustables caught everyone off guard.


Marc, I understand that you have developed price expectations based upon your observations over the last couple of decades.  I went to the Wharton School and worked as the president of a mortgage company.

You completely FAIL to understand the underlying dynamics of the chaos within the financial marketplace today.  The housing price speculative bubble of the past two decades in California is OVER.  And it is contributing to the COLLAPSE of the global financial system.

The bubble was fueled in large part by FOREIGN CAPITAL.  The foreign capital was generally available due to sustained, ongoing massive balance of payments defecits.  This created large pools of unused or otherwise underemployed dollar denominated liquid capital overseas.  Through a process called disintermediation, the global financial system finds ways to move capital from capital surplus areas to capital defecit areas.  Large pools of foreign capital reentered the United States through the sale of mortgage backed securities and other collateralized mortgage and debt obligations.  This FULED the UNSUSTAINABLE SPECULATIVE BUBBLE.

The sub-prime crisis represents the culmination of this speculative bubble!

IT IS OVER MARC!  IT IS TIME FOR CALIFORNIANS TO GET REAL JOBS DOING SOMETHING PRODUCTIVE.  FOLKS ON THE LEFT COAST CAN NO LONGER LIVE OFF THE REFINANCES OF OVERPRICED PROPERTIES AS THEY SPIRAL EVER HIGHER.  THIS WAS NO MORE SUSTAINABLE THAN THE TULIP BULB BUBBLE (1636–37) OR THE SOUTH SEA BUBBLE (1720).  [See for example, http://en.wikipedia.org/wiki/Tulip_mania and  http://en.wikipedia.org/wiki/South_sea_bubble ]

This is NOT a new phenomenon.  Try reading Extraordinary Popular Delusions and the Madness of Crowds (1843), by Charles Mackay.

Did you ever stop to wonder about the sustainability of price inflation which would have priced even Bill GATES and Warren BUFFETT out of the market for a 3-bedroom California home by the end of the century?? 

Californians collaborating with Wall Street have brought about global economic collamity.  But this is a SLOW MOTION train wreck!

You will continue to see this play out daily on the financial pages.  See for example, YESTERDAY's new insight on Bloomsberg: "Bond Insurers May Lose AAA Ratings Before a Bailout"(January 29, 2008) at http://www.bloomberg.com/apps/news?pid=20601203&sid=ajygNY3Jw0UM&refer=insurance .  Or take a look at TODAY's financial news:

UBS Reports Record Loss After $14 Billion Writedown

http://www.bloomberg.com/apps/news?pid=20601087&sid=abmkbN0PseIc&refer=home

 

Merrill to Exit CDO, Structured Credit Businesses, Thain Says

http://www.bloomberg.com/apps/news?pid=20601087&sid=aXpKZuHdAJgo&refer=home

 
ALL OF THE EXISTING MORTGAGE BANKING INSTITUTIONAL PLAYERS WHICH HAVE FACILITATED THE REPATRIATION OF GLOBAL CAPITAL AND ITS INVESTMENT IN CALIFORNIA REAL ESTATE ARE COLLAPSING, MARC.
 
THE PARTY IS OVER!
 
Now it is time to go and get a REAL JOB doing something PRODUCTIVE!  There WILL be a chance to repurchase real estate at its REAL UNDERLYING value in three to six years.  The really GREAT NEWS is that our children and grandchildren will once again be able to afford to live in California without having to go into drug sales. 
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Mike H
Dear Marc,
     I was almost going to shed a tear for you when suddenly I realized
that whoever foreclosed on it is probably getting killed by California
taxes. May be they're not even paying them! Maybe they're just going
to let it go at a tax sale and salvage all the equity they can without
investing another penny in it.
     I just had another idea, maybe you and your ex could get back to-
gether and bid at the tax auction! Wouldn't that be a lovely valentine
day story for your kids and grand kids!
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Sara
MTGLQ Investors foreclosed on my house today.  I didn't even know they had a assignment of mortgage until I went to court.  I told the judge "I don't know who to pay!  My loan has flipped around so many times since I was served with the Lis Pendens."

You guys should have seen the look on their attorney's face when I asked him for him to produce the original, unaltered, "wet ink" copy of the note.  His eyes started to bulge.  LOL!!  And I didn't stop there... I continued with "why not?", "looks like you've got LOTS of paper in that file", "why don't you just check to make sure".  He was starting to sweat to the point, he was wiping his face when the judge put an end to our little "lovefest".

Well, I still lost the case.  At least I put up a fight!  Most people didn't even show up.

good luck to the rest of you peeps

Sara
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ALICE LAWRENCE
MY HOME WAS FORCLOSED ON SEPT. 24TH, MTGLQ  ASUMMED IT I DIDNTG EVEN KNOW TILL TODAY...





JACOB LAWRENCE III 
3609 RICHMOND AVE.
ANCHORAGE ALASKA


907-230-2894
907-770-0222

jakeman11@yahoo.com


any and all help greatly apreciated
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aprioremailer
Here are some posts from this Forum for resources which may be able to assist you:

https://forum.msfraud.org/post/pro-bono-lawyers-by-state-9764917?pid=1304488569
http://probonolawyers.org/?state=AK


https://forum.msfraud.org/post/national-lawyers-guild-law-school-chapters-9758454?pid=1304423453

https://forum.msfraud.org/post/naca-home-save-9681194?pid=1304158431

https://forum.msfraud.org/post/find-legal-aid-in-your-state-9728055?pid=1304076259

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